How to Reduce Business Spend and Increase Cost Savings? A Simplified Way!

Since the pandemic has impacted the global economy, procurement cost savings have become the center focus for CFOs. Strategic sourcing managers, procurement managers and other experts are managing the projects that are focused on reducing organizational expenditure. This task is much more complicated and challenging than it sounds to be.

Strategic Sourcing project management has become a much more essential and critical activity over last few years. The primary focus here is to effectively manage the projects in such way to deliver cost savings or other procurement or supply chain improvements on time as planned. This demands a deep and thorough analysis of the spend data of every department of an organization.

The corporate world has come up with multiple digital solutions for strategic procurement that help with reducing organizational expenditures, improving cost savings and more efficient project management. Several web applications in the market have given procurement cost-saving processes a new face and structure. These digital solutions are helping organizations in several ways, and here are some of them.

Project management requires detailed data of the cost-spend of every department. The digital procurement tool lets us compile and manage the spend data in a systematic way. Hence, it becomes effortless for the finance department to analyze the spending pattern of every department.

With a convenient and intelligent cost savings project management tool, all the purchased commodities can be tracked. The finance department requires this information to track down maverick spend which can account for up to 80% of organizational spending costs in some organizations.

Etomix has come up with one of the best and the most convenient procurement Cost Savings solutions. Our web apps are developed to help organizations in saving procurement costs. With easy-to-use web apps, we have become a vital part of the finance departments of many organizations. You can check out our web apps to take a step toward digital transformation.

Check Out a Video: Get Away from using Excel for Procurement Savings Tracking

Read More: Procurement Cost Savings Planning, Tracking and Reporting: How to Implement this Successfully