• jlancaster86
• April 11, 2023
• Savings Management
• 0 Comments

When it comes to controlling costs, the terms “cost saving” and “cost avoidance” are often used interchangeably. But, there is a distinct difference between these two cost-reduction strategies. Cost savings is the practice of reducing expenses; whereas cost avoidance seeks to reduce future or potential expenses. In this article, we will explore the definitions of both, calculations, and highlight a …

• jlancaster86
• April 4, 2023
• Savings Management
• 0 Comments

Every business wants to increase their profits, but how do you get there? Cost reduction in procurement is a great way to increase profit margins and give your bottom line a boost. In this guide, we will discuss why it’s important to reduce procurement costs, and the various strategies businesses can employ to make that happen. With the right approach, …

• jlancaster86
• March 30, 2023
• Savings Management
• 0 Comments

If you’re responsible for a procurement team, reducing costs is probably one of the main goals you care about. In fact, cutting costs is the primary KPI for most purchasing organizations. But what’s the best way to measure and report those cost savings? In this guide, we’ll cover how to measure and report cost savings from procurement activities and explain …

• jlancaster86
• March 28, 2023
• Savings Management
• 0 Comments

One of the key strategies for lean organizations is getting an accurate read on the return on investment (ROI) that their operations are generating. Understanding which activities are generating hard savings and which ones are driving soft savings is a crucial part of this process. In this article, we’ll look at the main differences between hard savings and soft savings …

• jlancaster86
• March 23, 2023
• Savings Management
• 0 Comments

For companies looking to reduce costs, procurement is often one of the first places they look. Cost reduction during procurement processes can be accomplished through various strategies that range from the short-term to medium and long-term goals. In this blog post, we are going to examine 11 effective cost reduction strategies in procurement. We will discuss tactics for short-term wins, …

• jlancaster86
• March 21, 2023
• Savings Management
• 0 Comments

Everyone wants to get more while paying less. Procurement and Finance teams are no different – they’re passionate about cutting costs and creating value for the company. But how do they know what savings to look for, and how do they calculate it? In this article, we’ll look at what Procurement teams need to understand about savings so that they …

• jlancaster86
• March 16, 2023
• Savings Management
• 0 Comments

Savings tracking is at the heart of effective procurement. Achieving and reporting on measurable savings requires a continuous process to monitor, measure, and report on your procurement team’s results By following this guide, you’ll be able to directly monitor the savings that your company realize from various cost management initiatives and drive forward progress in procurement operations. You’ll also learn …

• jlancaster86
• February 21, 2023
• Savings Management
• 0 Comments

Strategies to Generate Procurement Cost Savings Introduction All businesses have their own unique ways of managing their procurement process, but one thing remains consistent: the need for cost savings. Without proper management and optimization of procurement costs, even the most successful companies can struggle to stay profitable. That’s why it’s so important to know how to generate those savings in …

• jlancaster86
• February 16, 2023
• Savings Management
• 0 Comments

Cost Reduction- The Ultimate Guide Introduction If there’s one thing all businesses have in common, it’s the need to better control and reduce costs to improve profit margins But it can be difficult to identify and implement cost-saving strategies that don’t negatively impact your bottom line. That’s why we’ve put together this comprehensive guide on cost reduction for businesses of all …

• jlancaster86
• February 14, 2023
• Savings Management
• 0 Comments

Cost Avoidance in Procurement- The Ultimate Guide It’s no secret that cost can play a huge factor in the success of any business, and procurement is no exception. Procurement managers have always been looking for ways to save money, but with the current landscape of global competition and fluctuating prices, it can be hard to know how to optimize savings. …

• jlancaster86
• January 31, 2023
• Savings Management
• 0 Comments

Procurement Savings – The Ultimate Guide and Strategies Introduction to procurement savings Procurement savings can be defined as the difference in cost between what a company pays for goods or services and what it would have paid if it had purchased those same goods or services at the lowest possible price. In other words, procurement savings are the amount of …

• The oboloo Team
• December 1, 2022
• Savings Management
• 0 Comments

5 Steps to Maximise Procurement Savings   Procurement is a necessary part of any business – no matter the size. But it’s also an area where businesses can make huge savings by cutting costs and maximising efficiency. With this in mind, this ultimate guide will provide you with all the tips, tricks and advice that you need to effectively manage …

• The oboloo Team
• November 29, 2022
• Savings Management
• 0 Comments

What is Strategic Cost Reduction in Procurement? Strategic cost reduction is a powerful tool in any business’ procurement process. It involves the careful analysis and optimization of costs, leading to improved efficiency and effectiveness. Strategic cost reduction can be used to identify areas of waste and quickly reduce costs through better buying practices. But what exactly is strategic cost reduction? In …

• The oboloo Team
• November 24, 2022
• Savings Management
• 0 Comments

How do companies make procurement savings? Any business, regardless of size, can benefit from making smart procurement savings. But how do companies go about achieving them? This article will explore the various methods that organizations use to make cost-savings on the procurement and supply side. From streamlining operations to negotiating better contracts and more, these tips and tricks are sure to help you maximize …

• The oboloo Team
• October 18, 2022
• Savings Management
• 0 Comments

Procurement Cost Savings: 19 Strategies That Work Procurement is one of the most important functions in any business and one of its main responsibilities is to achieve cost savings. It’s responsible for bringing in the necessary supplies and materials to keep your business running smoothly. However, with so many companies trying to do it all themselves, procurement can quickly become a …

• The oboloo Team
• April 5, 2022
• Savings Management
• 0 Comments

How Do You Measure Procurement Savings? Procurement savings are key as each company prepares their annual accounts that summarize its financial performance, and over time, comparing them is a measure of how well it is doing relative to previous years. There is a limited amount of detail in these accounts, and they are a top-level summary of the numbers that can be …

• The oboloo Team
• February 15, 2022
• Savings Management
• 0 Comments

Cost Avoidance Vs Cost Reduction: What’s The Difference? When it comes to business, cutting any costs and avoiding any unnecessary expenditures is obviously key to improving profitability. Your profits will be higher if you can maintain a higher level of revenue and cash flow. Employees are often required by their employers to classify the financial benefits of capital investments or organisational initiatives as cost reduction or cost avoidance measures. This …

• The oboloo Team
• January 25, 2022
• Savings Management
• 0 Comments

What is The Procurement Savings Tracking Process? In the same way that companies track the revenue generated by their sales and marketing departments, they can also track the cost savings delivered by the finance and procurement departments. Although cost savings may appear to be much smaller than sales revenue over the same period, they can have an equally powerful impact on company’s profitability. The best way to illustrate this is …

• The oboloo Team
• December 17, 2021
• Savings Management
• 0 Comments

How To Calculate Procurement Savings No matter what industry a business is in, it requires several items to operate. Materials, equipment, and primary products are all required. As well as repairs, training, and other services, companies sometimes require a wide range of services to maintain them. Such costs can accumulate, especially if they are not properly managed. A top priority for every business …

• The oboloo Team
• June 4, 2021
• Savings Management
• 0 Comments

How To Track Procurement Savings Just as every company tracks the revenue generated by their sales and marketing departments so they can also track the procurement savings delivered by their finance and procurement departments. Although any cost savings delivered may look to be significantly less than the sales revenues generated over a similar period, they can have an equally powerful impact on a company’s profitability. This …

• The oboloo Team
• May 7, 2021
• Savings Management
• 0 Comments

Do You Measure Procurement Savings? Every company prepares annual accounts that summarise its financial health and over time comparing them is a measure of how well its doing relative to previous years. These accounts are a top-level summary of the numbers, may be viewed externally and are limited in the amount of detail that they show. As the influential thinker on management, Peter Drucker, …