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11 Cost Reduction Strategies in Procurement

Obobo

Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing. Leverage technology solutions to automate procurement procedures , improve compliance, and reduce costs. Procurement teams can also use technology to manage purchasing more efficiently.

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What is zero-based budgeting?

IBM Business Partners

Enhanced Efficiency: ZBB encourages resource reallocation towards high-impact activities. By evaluating expenses based on their value and alignment with strategic objectives, ZBB ensures that resources are allocated to areas that generate the highest return on investment.