Spend Management: Key Elements for Realising Cost Savings in Procurement
In this white paper we discuss spend management and the actions that enable the realisation of savings as revealed by conducting spend analysis. We describe the leading practices in use today and present a path for achieving measurable cost savings in procurement.
Successful spend management initiatives need to be aligned with the company’s business strategy and have full commitment from the top management. Thus procurement should be recognised as a bottom-line driven activity contributing through reductions in end products’ costs and finding suppliers with new innovations.