Cost Savings

The Science Behind Cost Savings

Posted: 09/15/2020 - 21:36
Cost savings is always measured against a set of expectations, and these expectations are only made possible by quantitative analysis.

Quantitative and scientific approaches to cost estimation have existed for decades and are increasingly accessible to procurement teams via technologies that automate data analysis. 

In many cases, these new capabilities simply accelerate the manual work that procurement professionals were doing using pivot tables and advanced Excel functions (e.g., show only rows with less than five days lead time) that effectively filter large numbers of line items in seconds. 

How Energy Performance Contracting Eliminates Wasteful Spending

Posted: 09/08/2020 - 22:05
Through the Energy Performance Contracting Program and ongoing preventive maintenance of the new facility equipment, Turner County officials will be able to realize these savings, while benefitting from enhanced infrastructure, for years to come.

When municipal and county governments need significant facility and infrastructure updates, but don’t have the funds available, they must identify new and creative ways to cut costs.

For example, Turner County, Georgia, needed to control expenses and upgrade its facilities and infrastructure to ensure its residents receive vital services. They began by analyzing the county’s energy and operational costs.

How Automation Helps BPO Providers Thrive in All Business Climates

Posted: 09/05/2020 - 01:38
When turning to automation, it’s essential for BPOs to evaluate their goals so they can select the right technology to accomplish them.

Business process outsourcing saves companies significant time and money, enabling them to focus on their core business activities. And nowhere is this more impactful than in the document processing arena. Billions of pages of documents move between companies, their partners/suppliers and customers each year.

Tail spend goes beyond the typical 80/20 rule

Posted: 08/24/2020 - 05:27
When you think tail spend, don’t just think of the typical 80/20 rule.

Having a sound tail spend management strategy has never been more important than it is today. It’s a key differentiator – and competitive advantage – in a down economy in which cash is king and cutting costs is a high priority. Procurement teams can no longer rely on direct materials for savings—those costs have been negotiated to death.

3 Things Small Businesses Can Do to Lower Insurance Costs

Posted: 06/11/2020 - 03:24
Insurance for small businesses

Managing cash flow is at the top of people’s minds right now, and yes, there is an opportunity to lower your insurance expenses immediately. Here are three things you can do right now to make sure you don’t spend a penny more than you need to on insurance. Contact your insurance provider today, and ask them to do these things:

1. Switch to a “Pay-as-you-go” Billing Method

In my opinion, pay-as-you-go, or PayGo, is the best billing method for small business workers’ compensation policies and there are many benefits of switching to PayGo.

THE NEED FOR ONLINE COLLABORATION — NOW, MORE THAN EVER!

Posted: 05/11/2020 - 23:10
ONLINE COLLABORATION

In this two-part blog series, we’ll take a look at how to better position organizations in order to improve business continuity and resilience. Part 1 looks at the current state of collaboration between procurement and finance, and what these two teams can start doing to improve workflow, efficiency and bottom-line impact.

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