Procurement & Finance: Working Together to Achieve Efficient Cost Management
In this economic climate, prioritising bottom-line-driven procurement and supply chain initiatives is crucial.Taking an aggressive planning approach allows teams to prioritise key projects earlier. Collaboration with finance highlights impactful spending areas and allows leaders to advance key initiatives. In terms of cost management we have identified the following points:
Despite a shift in priorities, a constant need for procurement and supply chain leaders is close collaboration with colleagues in finance.
As cost pressures continue due to slowing economic growth and higher-than-normal interest rates, teams faced with limited ability to raise prices, must prioritise cost savings alongside core responsibilities.
Well-funded and strengthened procurement and supply chain teams can tackle challenges.
With resources and stability, leaders should seize the opportunity to take bigger risks and reduce costs significantly.
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e-volve marketplace services help clients transform their procurement operations. An effectively managed procurement process can deliver quantifiable cost savings while mitigating risk and providing increased visibility of an IT project through its various stages. When used consistently, the benefits of procurement can be significant for you and your team.
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