3 Ways Spend Management Can Ease Inflationary Pressures
SUMMARY
1
Get Clear Visibility into Tail Spend
Indirect spend, also known as "tail spend," is a potential area for savings that is often overlooked. Gaining visibility in this area by identifying categories with rising costs can help to negotiate better pricing and improve
terms. Sourcing tools like eAuctions can be used to obtain competitive pricing and directly engage with suppliers in real time to request new bids and track the success of submissions.
2
Seek Alternative Suppliers and Consolidation
Fewer suppliers leads to improved supply chain efficiency, lower costs, and increased negotiation power, all of which positively impact a company's bottom line.
Procurement teams can identify cost-effective alternatives for high-spend items through a Marketplace solution, which helps companies assess supplier risks and align with their objectives.
3
Utilize Strategic Sourcing Tools
Digital procurement solutions with strategic sourcing tools can help teams negotiate better contract terms and secure bids from multiple suppliers. With current economic inflationary pressures, cloud-based tools
like Simfoni's can give companies a competitive advantage. Leveraging sourcing tools such as eAuctions and RFPs creates a competitive bidding environment and better pricing.
Smart sourcing tools can help procurement leaders identify categories not yet impacted by inflationary pressures and negotiate favorable terms.
SCHEDULE A DEMO to see how Simfoni's intelligent spend management platform can give you greater visibility into your spend and an increased bottom line.