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Financial Execs Expect to Cut Operating Costs by 5% according to CFO magazine poll
How will supply chain and procurement successfully contribute to the cuts?
When polled, financial executives anticipated cutting operating costs by 5% for 2009, according to 57 percent of executives who attended CFO magazine's "CFO Rising West" conference in November. The poll responders hold positions of chief financial officer, vice president and director of finance, and controller, according to CFO.com.
In a business climate where growing revenues in many industries will be very difficult, the focus of finance and operations leaders needs to be on finding ways to scale back costs. Two ways to do that are eliminating supply chain process inefficiencies and reducing cost of goods sold. In 2009, controlling spending may have the biggest positive impact on a company’s bottom line.
How does one quickly identify the most immediately achievable savings and determine the most effective way to achieve those savings? Beyond that, is there a way to do it quickly and cost effectively?
The desirable starting point is actually analyzing spend, and then determining the most efficient cost-effective way to achieve the identified savings. A Spend Analysis of your AP data will very likely uncover opportunities to save. Usually a strategic sourcing initiative is the best method to quickly achieve the targeted savings. This initiative should be scaled according to available resources and the scope of the savings opportunities identified. Even in the largest companies, Spend Analysis can be completed in a few weeks, with a rapid ROI once quick-hit savings opportunities are acted on.
| White Paper: | Approaches to spend analysis and sourcing with immediate ROI that no one told you about, until now |
Armed with spend data analysis and already-realized savings, next, look to using technology that gives the maximum flexibility in implementation and pricing to maximize savings and process improvements. Enter "Software-as-a-Service" technology from a supply chain management solutions vendor such as Enporion. Quickly and securely leverage the web and a fully integrated end-to-end e-procurement system to maximize the savings identified in the Spend Analysis to drive supply chain efficiencies. If your organization already has some of the applications that support procure-to-pay functionality, vendors like Enporion offer separate components that are easily integrated. Select only the modules you need from a flexible "buy as you need it" application suite.
Combining spend analysis with strategic sourcing, and flexible modules in a SaaS environment, your company your company can substantially reduce expenses without impacting quality or business operations.
To get started, contact Enporion, a supply chain management solutions and professional services vendor, to get started with a spend analysis and a strategy to achieve immediate savings.
