Here are 5 main opportunities for cost savings within purchased services spend:
1. Reviewing the line item details on your invoices:
You need to go back to the 12-month invoice line item details to understand their pricing.
That way, you'll see details that matter for cost savings, like pricing errors or variation changes.
2. Understanding your agreement:
1-2 sentences in the contract can often make enormous financial changes.
Taking time to deeply understand these complex contract terms will help you find nuances that’d help in cost savings.
3. Getting accurate benchmarking:
You might need more than one benchmarking resource to ensure accuracy and keep prices in check.
4. Educating different departments on your agreements:
It’s important to educate people from different departments on purchase services agreements.
This way, you build internal knowledge that helps in the negotiation.
5. Opening up agreements in different departments:
These agreements sit in the department, and sometimes departments don't want to let them go.
But we really need to open those agreements up and help the departments push them to the best terms.
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