Calculating your savings! Finding hidden gems!

May 3rd, 2012

Today’s post is by Lauren Gentry; Account Manager at SafeSourcing.

To realize savings you need to consider more than the dollars and cents of it!  Although the dollar amount you’re being charged for a good or service is certainly important and through competitive bidding you can drive great savings on the price alone, some of your savings may be better analyzed through your current contract or pricing agreement.

Often value added offerings are outlined in your current contract.  These value added offerings could be in many forms including, but not limited to, a rebate program, free shipping, no minimum purchase required, and discounts for purchase levels.  The opportunities for savings with these offerings may have greater potential than price alone. 

When looking to source any of your products or services these value added offerings can be included within the bidding event’s Terms and Conditions document and in some cases as specific line items within the eRFQ framework.  In other words, if you and your sourcing partner can identify all the aspects that you consider to bring value for your organization it can be included in the expectations for any vendor offering bids on your items.  This would allow you the confidence and comfort that the bids you compare through an eProcurement event are a true comparison with no hidden savings or potential for savings erosion!

For more information on how to source any expense related category, contact SafeSourcing to learn how we can assist you; please contact a Customer Service Representative for more information.

We look forward to and appreciate your comments.

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