Archives for The StrategicSource Blog

Effective vs Ineffective Spend Management Strategies – June 2021

Spend Management is really a combination of a number of key tasks in an organization including the following: Spend Analysis Spend Planning Sourcing Implementation Management Auditing All six components need to be established to have an effective spend management strategy. The benefits of an effective spend strategy are many but certainly include improved leverage, better pricing and improved profitability. List below, are the characteristics of both an Effective Spend Management strategy and Ineffective Spend Strategy. Let’s focus on the characteristics of the Effective Spend Strategies as outlined below. Characteristic Effective Spend Strategy Ineffective Spend Strategy Mission and Scope Control up to
Read More

Webinar – Reducing Costs of Services & Supplies to Drive New Profits

Doug Austin, Founder and CEO at Strategic Source to Speak at Reducing Costs of Services & Supplies to Drive New Profits The Knowledge Group, the leading producer of regulatory-focused webcasts, has announced that Doug Austin, Founder, and CEO at Strategic Source, will speak at its webcast entitled, “Reducing Costs of Services & Supplies to Drive New Profits.” This event is scheduled for June 24, 2021, from 12:00 pm to 1:00 pm (ET) Event Summary With today’s heavily challenging economic situation, businesses of all sizes have started venturing into different cost reduction initiatives to optimize profitability while ensuring market competitiveness. These
Read More

Leaders Simplify the Complex

Running a business is stressful, time consuming, and complicated; riddled with issues and challenges.  While business can be complex for the leadership team, it can also be complex for management and staff as well. When our teams run into problems, more often than not, they try to solve the problems as quickly and as effectively as they can.  Management teams may even thank their employees and encourage them to repeat that same level of initiative again. While the staff are well-intentioned, they might be inadvertently adding to the overall complexity of the business and possibly adding risk to the enterprise.
Read More

Where are the Cost Savings?

Organizations frequently embark on cost reduction initiatives across their enterprises. Some organizations handle it at the corporate level, while others have Purchasing Departments whose responsibility is to get the right product or service to the right location at the best cost. In either case, one common question always arises – where are the cost savings? Where can I see them?  Frustration can occur if visibility is not shed on the challenges inherent in this process. Most of us would assume that cost savings would be easily identified on the Profit and Loss statement generated each month, right?  Wrong! Why Don’t
Read More

Creating Cost Reductions in Uncertain Times with Centralization

Most organizations are realizing the true value of high performing purchasing functions now more than ever. When sales are strong, we have the luxury of overlooking dollars laying on the floor of our business. We can rationalize the decisions not to pursue obvious expense saving strategies because someone’s feelings might get hurt, a relationship may be challenged, or toes might get stepped on. Research says that the centralization of Purchasing will yield 25% cost savings and that research is confirmed by StrategicSource who averages a whopping 29% savings across all categories.  Can you afford to ignore that fact today, tomorrow,
Read More