Siratec Rapid Spend Diagnostics
Managing company spend proficiently is fundamental to the success of every organization. Spend analysis helps companies to identify spend patterns and flag bottlenecks and risks. Our experienced professionals have the skills and knowledge to analyze your company spend relatively quickly, offering opportunities for quick wins with significant impact on the bottom line, increasing your company’s profitability.
Siratec Rapid Spend Diagnostics will help you to identify opportunities for improvement and turn diagnostic data into measurable results, bringing you one step closer to overall cost reduction and efficiency targets.
It is vital to understand how much you are spending on and with whom, as well as whether you are receiving what has been promised. Clear spend visibility helps you to answer these questions and allows you to take a strategic approach in managing your vendor base.
Organizations usually initiate a spend analysis with the main aim of achieving cost savings. Spend analysis can help you to identify the commodities with the best opportunities for cost reduction and also creates the basis for strategic sourcing projects through categorization.
Strategic consolidation of your supplier base can have a significant impact on your organization’s performance. Narrowing your supply base to a few key suppliers can help you to extract cost savings as your better buying power will give you the ability to negotiate for more cost-effective pricing. Reduced resources required to manage the supplier base will also lead to enhanced savings.
Comprehensive spend analysis helps to identify your most critical suppliers so that contract negotiations can be initiated with them. Well-negotiated and properly-managed contracts are instrumental to contract compliance and often result in improved payment terms and contract pricing, enhancing your competitive advantage.