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7 Procurement Cost Reduction Ideas

  1. Renegotiate existing agreements – are you using agreements to its full effect, if you are not using them or they no longer serve a purpose terminate them.
  2. Monitor cost, use an invoice checking company to look for errors where money can be re-claimed
  3. Is the specification over engineered, do you need a rolls royce compared to a mini, are things sufficiently clear to avoid scope creep
  4. Stop maverick spending, if the intention is to consolidate then push back on new contract request or stamp out expenses
  5. Reduce wasted time, if a process can be streamlined then do it
  6. Use technology to organise data, spend your time wisely
  7. Sometimes something doesn’t have to be perfect, cut through the crap and get on with value adding activities