Dollars and Sense

October 1st, 2019

Sometimes Saving Dollars Makes Sense.......

 

Today’s post is by Dave Wenig, Sr. Vice President of Sales and Services at SafeSourcing.

Many (most) of the topics featured on this blog focus on eProcurement and the savings generated by the use of it. Today’s blog certainly follows that theme, but with a bit of a twist. As you might have gathered from the title, I’ll dig more into when and why it makes sense to use eProcurement to achieve your savings objectives and other goals.

Timing 

When you have been doing business with a vendor for an extended period of time, typically at about three years, it is time to assess the market conditions. One of the best ways to do so is through eProcurement. Over time, vendors will very naturally work to improve their margins. eProcurement works by keeping those margins within reason based on competitive levels.

Cost Avoidance 

The day you receive that notification of an unwanted price increase is the day you should prepare to take that category to market. Often, our clients receive two benefits in this case. One, their pricing is reduced as compared to the new increase from their incumbent. Often, this pricing is even better than the old price. Two, often, new vendors will offer more favorable terms such as fixed pricing or other terms to help avoid costly increases in the future.

Quality or Supply Chain 

Another common reason for leveraging eProcurement is quality issues or issues or interruptions in your supply chain. These type of issues typically warrant a fresh look at alternate sources of supply. eProcurement will satisfy this need and take the additional step of providing compressed pricing from well vetted alternatives to your current source of supply.

There are many times when eProcurement makes good practical sense as well as financial sense. If you find that any of these examples ring true, reach out to us here at SafeSourcing and we’ll help you understand your options.

Sometimes, savings dollars just makes sense. We look forward to your comments.

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