Yes you have heard it a million times already as a CIO, CFO, CEO, Procurement Manager, Product Manager etc that you need to manage costs well. But where to start? There is one place which is constantly over looked? The cost leakages in your supplier costs.
Your strategic sourcing team worked really hard over multiple months to negotiate a perfect contract but what’s the guarantee that you are reaping the benefits of it?
In our many conversations with the executives of some large organizations this comes as awakening realization that there may be money we are leaving on the table as much as 20% of an organization’s revenue. Because very few organizations have actual programs to manage that. But even that, the first intent is to place manual controls.
Standing up a Vendor Management program focusing on cost leakages will require a synergy between many internal functions first. Like Purchasing and Accounts Payable need to be able to synergize but how many times organizations think that Strategic Sourcing is that third leg of the stool that needs to be synergized?
TruPacta offers the industry first three-legged automation of your Procure to Pay process avoiding those hefty tips for suppliers. Save that for something else like a commission for your tireless workforce or your shareholders. Let TruPacta help you get there.
