Clark, NJ (PressExposure) November 26, 2009 -- One of the biggest challenges that every sourcing organization deals with is the loss of identified or negotiated savings. Negotiated savings focus on price reduction based on historical or forecasted spend and are the key output of sourcing initiatives.
Realized savings, on the other hand, are the actual reduction in expenses that impacts the P&L. In a perfect world, all negotiated savings should flow through. The reality is â it does not. Identified savings are lost through lower compliance (price, vendor, volume), delayed implementation, change of scope/requirements, and lack of category management among other things. Global eProcureâs experience shows that organizations that conduct sourcing initiatives but do not track realized savings and compliance only reap 50-70% of the sourcing benefits.
âAs a leading player in the procurement space, it is Global eProcureâs constant endeavor to help develop and share best practices developed over 10 years of helping industry leaderâs succeed,â said Global eProcureâs Director Marketing, Siddharth Hegde.
The focus on realized savings and compliance is critical to maximizing sourcing benefits. The name of the game has changed from âidentifiedâ to ârealizedâ savings â the tough economic times and the increase scrutiny on procurement organizations demands this change in approach. Join us to learn more about the success factors, case examples, and enablers for realized savings and maximized compliance. We want to help companies be more profitable!
Enablers, Success Factors: â¢ Process - Robust processes for Savings tracking and Compliance â¢ People - Category managers responsible for contract compliance and vendor performance management â¢ Technology - Dashboard reporting for tracking progress and metrics â¢ Collaboration with Organization Finance teams â¢ GePâs Blended Model which offers cost effective solution
This Webinar also features a 15 minutes Q&A session, so invite your colleagues and come prepared with questions and comments!
Please follow the link to register: [http://www.globaleprocure.com/webinar]