Purchasing teams are being challenged to deliver aggressive savings in 2024. Unfortunately, many suppliers are still battling rising costs and labor shortages, giving them little flexibility to reduce prices without degrading service. Cost savings initiatives will need to be much better planned and executed in 2024 to avoid sacrificing value to achieve reduced costs.
We discussed three key steps to improving value while delivering savings on purchased materials and services:
- Interview stakeholders to identify exactly what is needed to meet the needs of internal customers
- Engage commodity experts to identify suppliers that align with the company’s current and future needs
- Obtain cost transparency from suppliers to drive cost savings beyond the initial cost reductions
Learn the critical actions your team should take while implementing cost savings to ensure that cost reductions are achieved while improving value through better alignment.
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