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. “Doing business in the new normal has underscored the importance of accurate and strategic financial planning paired with strategic flexibility, both aligned tightly with organizational goals for business performance.” For inventory in particular, the situation is very similar to cash.
How strategicsourcing, cost management, and cost avoidance strategies can be applied to indirect spend. How To Create Savings With Better Spend Management In Procurement. All organizations, regardless of their size and type, should develop a spend management process. Download Free Copy.
Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategicsourcing. Overall, these 11 cost reduction strategies in procurement demonstrate that companies can significantly reduce costs and maintain profitability with the right procurement management practices.
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