Savings Management

AP Workflow Evolution: From Tedious Tasks to Time and Cost Savings Introduction to AP (Accounts Payable) Workflow When it comes to managing your company’s financials, few things are more time-consuming and tedious than the accounts payable (AP) process. From manual data entry to endless paperwork, traditional AP workflows have long been a burden for businesses […]

Unlocking Savings: How Spend Analysis Forecasts Cost Savings Introduction to Spend Analysis In the quest for cost optimization, organizations turn to various strategies and tools to unlock hidden opportunities. One such tool that has gained immense popularity is spend analysis. But what exactly is spend analysis? And how does it forecast cost savings? The Importance […]

Strategic Cost Management: Embracing Zero-Based Budgeting Introduction to Strategic Cost Management In today’s fiercely competitive business landscape, effective cost management is more crucial than ever. Companies need to find innovative ways to optimize their expenses without compromising on quality or growth potential. That’s where strategic cost management comes into play – a proactive approach that […]

Cost Savings vs Cost Avoidance: What’s the Difference? 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 […]

Cost Reduction 101 – Comprehensive Guide to Procurement Cost Reduction 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, […]

Procurement Cost Savings – measure, report and increase cost savings 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 […]

Hard Savings vs Soft Savings—What’s The Difference? 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, […]

Cost Reduction Strategies in Procurement 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 […]

Everything You Need To Know About Procurement Savings 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 […]

Savings Tracking 101 – Comprehensive Guide to Procurement Savings Tracking 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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]