Spend Matters

OCTOBER 31, 2024

For manufacturing companies with a high mix of direct materials parts portfolio, the solution can identify duplicate parts, supplier competitive index and opportunities for SKU and supplier consolidation for sourcing efficiency.

Real-time Visibility 102

Real-time Visibility Supply Chain Efficiency Buyers Supply Chain Optimization 102

Una

JULY 26, 2022

In turn, this opens the door to huge cost savings through the identification and management of maverick spend , supplier consolidation, and the ability to spot patterns and extract insights that will lead to better purchasing decisions.

supply chain software solutions 98

supply chain software solutions Supplier consolidation Contract Purchasing 98

Supply Chain Game Changer

JUNE 30, 2022

Consolidation. Supplier consolidation is a major player in supply chain strategy. Analyzing a supplier’s performance to help rein in your business’s core suppliers helps cut down on unnecessary spending.

Agile and Lean Supply Chain 78

Agile and Lean Supply Chain Supply Chain Efficiency supply chain budgeting Supply Chain Optimization 78

Una

OCTOBER 25, 2022

Consolidate your supplier lists. There are several benefits associated with supplier consolidation. Reducing suppliers also helps mitigate risk throughout the supply chain. Once the relevant information has been collected, you’ll be able to prioritize how best to direct your resources and time.

Supply Chain Efficiency 105

Supply Chain Efficiency Procurement Purchase orders Real-time Visibility 105

Procurement Heads

JUNE 28, 2022

The key priorities are: These are all under the heading of supply chain risk, but in effect ensuring we’re proactively managing the fallout from a combination of Brexit/Covid/Ukraine including: Supply shortages of key technology components, products, and labour – addressed through better forecasting, closer collaboration, building in buffers/strengthening (..)

Chief Procurement Officer 130

Chief Procurement Officer Supply Chain Optimization supply chain budgeting Innovation 130

NLPA (Next Level Purchasing Association)

MAY 8, 2024

By examining past purchases, spend analysis helps identify high spending areas, categorize suppliers, and uncover hidden costs. This data can then be used to negotiate better deals with suppliers, consolidate purchases, and streamline procurement processes. While valuable, past trends can’t always predict the future.

Real-time Visibility 52

Real-time Visibility Supplier consolidation Suppliers Collaboration 52

Jaggaer

OCTOBER 24, 2024

It’s vital to ensure that you have the tools and technology needed to optimize your consolidated purchasing power across various centers. Consolidating Suppliers: A Pathway to Cost Reduction Supplier consolidation is another avenue procurement leaders often explore to reduce costs.

Collaboration 52

Collaboration Suppliers Supply Chain Efficiency supply chain budgeting 52

Skill Dynamics

JULY 19, 2024

Look for cost-saving initiatives such as bulk purchasing, supplier consolidation, and process optimization. Consider the Total Cost of Ownership (TCO), which includes purchase price, maintenance, and disposal costs.

Procurement strategies 90

Procurement strategies Strategy Procurement supply chain budgeting 90

Empowering CPO

JUNE 26, 2023

Spend analysis enables organizations to identify areas of cost reduction, validate supplier pricing, and negotiate favorable terms, leading to enhanced contract outcomes. Supplier Consolidation: Through spend analysis, healthcare organizations can identify opportunities for supplier consolidation.

supply chain budgeting 52

supply chain budgeting Supply Chain Optimization Supply Chain Efficiency Supplier consolidation 52

Empowering CPO

JUNE 22, 2023

Data Analysis: The final stage involves analyzing the categorized data to identify opportunities for cost reduction, supplier consolidation, procurement process improvements, and compliance issues. This helps in identifying spending patterns and areas for potential savings. Spend Analysis offers numerous benefits to businesses.

Sustainability 52

Sustainability Procurement Supplier consolidation Supply Chain Efficiency 52

Empowering CPO

JUNE 20, 2023

This might involve negotiating better pricing with suppliers, consolidating purchases to take advantage of volume discounts, or switching to alternative materials or suppliers that offer better value for money. Let’s take the example of one of our clients, a leading manufacturer in the consumer electronics industry.

Supplier consolidation 40

Supplier consolidation Negotiation Suppliers Spend management 40

Una

FEBRUARY 22, 2023

These types of quick wins – or what’s considered “low-hanging fruit” in procurement – may include: Review purchasing requirements Establishing a “no PO, no pay” policy Getting maverick spend under control Creation of procurement policies and toolkits Spend analysis Review supplier master agreements Consolidate suppliers Consolidate deliveries Create (..)

Strategy 52

Strategy Purchasing Supply Chain Efficiency Supplier consolidation 52

Una

AUGUST 17, 2022

Through proper supplier consolidation, efficiencies will be discovered which should lead to realized savings and increased productivity across the organization.” Una CEO Anthony Clervi believes organizations disregard tail spend because it’s considered non-strategic, but stresses it’s still worth a look.

Real-time Visibility 98

Real-time Visibility Spend management Procurement team Purchasing 98

HICX

JULY 13, 2023

We had no better way to share information than just an email to the suppliers.” To address these issues, Mondelez identified the need for a centralized supplier portal that would enable self-service for suppliers, consolidate data, and grant procurement teams direct access to supplier information.  “Our

Suppliers 52

Suppliers Procurement Collaboration Procurement team 52

SCMDOJO

DECEMBER 11, 2023

Through detailed analysis of procurement processes, expenditures, and supplier negotiations, organizations can identify opportunities for cost reduction. This may involve negotiating better terms with suppliers, consolidating purchasing volumes, or identifying more cost-effective alternatives, ultimately leading to significant savings.

Supply Chain Efficiency 18

Supply Chain Efficiency Purchase orders Procurement Bidding 18

Empowering CPO

JUNE 27, 2023

Benefits of utilizing spend analysis in procurement Cost Optimization: Spend analysis helps identify cost-saving opportunities by highlighting areas of excessive spending, supplier consolidation possibilities, and negotiation leverage.

Supplier relationship management 52

Supplier relationship management Suppliers Management Negotiation 52

Supply Chain Game Changer

NOVEMBER 26, 2018

Supplier Management. There have been no efforts at supplier consolidation or performance management. Having a smaller set of preferred suppliers is important. You need to be able to count on these suppliers to meet all of your delivery needs and requests.

Strategy 68

Strategy Management Real-time Visibility e2e 68

Empowering CPO

JUNE 27, 2023

By assessing factors such as pricing, delivery times, quality, and service levels, organizations can identify underperforming suppliers and negotiate better terms or consider alternative suppliers. Effective supplier relationship management supported by spend analysis can drive value beyond immediate cost reductions.

Procurement 40

Procurement Supply Chain Optimization Supplier consolidation Suppliers 40

Supply Chain Game Changer

JANUARY 30, 2019

“Relying on too few suppliers and not diversifying your sources creates a high risk of dependency, and potential further problems if one of them pulls out at the last moment” ( Schlosser 2018 ). Customer Satisfaction. As stated in the very first sentence of this post, Procurement is the link between product, stakeholders and customers.

Procurement team 56

Procurement team Procurement Sustainability Suppliers 56

Procurement Software

MAY 30, 2023

Once you have a decent spend taxonomy in place, you can easily categorise your suppliers per category. Understanding which suppliers are critical vs. which ones are not will allow your indirect category management team to develop a supplier consolidation strategy.

Procurement 52

Procurement Procurement team Purchase orders Contract 52

Empowering CPO

JUNE 20, 2023

After engaging EmpoweringCPO, we conducted a comprehensive tail spend analysis that revealed significant maverick spending and supplier performance issues. We also identified opportunities for supplier consolidation and cost savings.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Spend management Risk 40

Empowering CPO

JUNE 20, 2023

It helps businesses identify cost-saving opportunities, improve supplier relationships, enhance procurement processes, and ensure compliance with organizational policies and external regulations. It can help identify patterns of maverick spend, areas of unmanaged spend, and potential supplier consolidation opportunities.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Supply Chain Efficiency Data 40

Supply Chain Game Changer

JANUARY 9, 2019

A well-done spend profile will reveal things like the amount of money your organization spends on each category of goods and services it purchases, the amount of money spent with each supplier, changes in spend over time, and other valuable information.

Procurement 68

Procurement Purchasing Negotiation supply chain software solutions 68

Empowering CPO

JUNE 21, 2023

Suppliers: These are the businesses or individuals providing goods or services to your company. In a spend analysis, you track the money spent with each supplier to assess your reliance on them and identify opportunities for negotiation or supplier consolidation.

Purchase orders 52

Purchase orders Data Purchasing Suppliers 52

Empowering CPO

JUNE 20, 2023

Spend Analysis impacts Supply Chain Management in several significant ways: Strategic Sourcing: By providing a detailed breakdown of an organization’s spend across various suppliers, products, and services, Spend Analysis facilitates strategic sourcing decisions.

Supply chain management 40

Supply chain management Supply chain management supply chain budgeting Supply Chain Efficiency 40

World of Procurement blog

MAY 8, 2024

The plan defines activities like category analysis, supplier consolidation, technology implementation, process re-engineering, skill building etc. Developing a Strategic Procurement Plan A detailed 3-5 year strategic plan turns the strategy into an actionable roadmap. needed to deliver on the KPIs.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Planergy

MARCH 2, 2023

This can involve renegotiating contracts with suppliers, consolidating suppliers, standardizing processes, and streamlining operations. For example, a company may renegotiate contracts with suppliers to get better pricing. Or, they may consolidate suppliers to reduce the number of vendors they manage.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Real-time Visibility supply chain software solutions 52

Planergy

JANUARY 19, 2023

It’s important to remember that price negotiation isn’t always about getting a lower price; often, suppliers may be willing to offer discounts or free shipping as part of a deal, which can also help reduce expenses in other areas.

supply chain budgeting 52

supply chain budgeting Procurement Supply Chain Efficiency Supply Chain Optimization 52

TYA Suite

OCTOBER 6, 2024

It measures the reduction in costs achieved through procurement activities, such as negotiating better prices with suppliers, consolidating purchases, or optimizing procurement processes. Here are some of the most critical purchasing KPIs: Cost savings is one of the most critical KPIs for procurement teams.

Procurement 40

Procurement Purchase orders supply chain budgeting Procurement team 40

The Procuretech Podcast

OCTOBER 5, 2021

Henning talks about the opportunities that a solution such as Lhotse can leverage existing data in your system to automate or semi-automate: Lhotse can integrate system data into existing processes to give relevant supplier recommendations based on internal and external data points.

Competitive bidding 40

Competitive bidding Bidding Buyers Procurement 40

World of Procurement blog

MAY 10, 2024

Supplier consolidation, contract negotiation, and other strategic sourcing levers can be applied to categories with the greatest savings potential. AI can even detect potential duplicate payments, pricing errors, or anomalies that may indicate fraud or abuse.

Procurement team 52

Procurement team Procurement Real-time Visibility Supply Chain Efficiency 52

Empowering CPO

JUNE 25, 2023

This might include renegotiating contracts with suppliers, consolidating purchases, or eliminating maverick spending. By identifying patterns, trends, and anomalies in your procurement data, you can uncover potential savings opportunities. The potential for cost reduction through accurate spend analysis is tremendous.

Supply Chain Efficiency 52

Supply Chain Efficiency supply chain budgeting Real-time Visibility Data 52

Empowering CPO

JUNE 16, 2023

The company had a vast and fragmented supplier base, leading to inefficient spending and procurement processes. We found opportunities for supplier consolidation, which led to volume discounts and improved negotiation power.

Import 52

Import Procurement Supply Chain Efficiency Real-time Visibility 52

The Procuretech Podcast

OCTOBER 19, 2021

The obvious benefit of bringing this data into one space and having more spend under control and managed is then the possibilities it brings to drive supplier consolidation, ultimately driving more savings and value through channeling more spend through preferred vendors. Henning’s LinkedIn profile. Lhotse website. Stay in touch!

Procurement 40

Procurement Negotiation Sourcing Procurement team 40

TYA Suite

AUGUST 6, 2024

SRM can lead to significant cost savings by optimizing procurement processes and negotiating better terms with suppliers. By leveraging data and analytics, organizations can identify cost-saving opportunities, such as bulk purchasing, long-term contracts, and supplier consolidation.

Supplier relationship management 40

Supplier relationship management Suppliers Import Supply Chain Efficiency 40

Claritum

AUGUST 23, 2019

You may have many components to your strategy that could include achieving product specification improvements, packaging improvements, delivery improvements, best value pricing, reducing supply risk and supplier consolidation of volume for example.

Supply 36

Supply Agile and Lean Supply Chain Suppliers Contract 36

Claritum

AUGUST 23, 2019

You may have many components to your strategy that could include achieving product specification improvements, packaging improvements, delivery improvements, best value pricing, reducing supply risk and supplier consolidation of volume for example.

Supply 32

Supply Agile and Lean Supply Chain Suppliers Supply chain 32