Your company starts to grow, and you need more technology to keep up with additional staff, customers and to help improve process. You are aware of the efficiencies and cost savings made possible by new technologies and are upgrading their infrastructures as a result.
But are you aware of How Purchasing more Technology can lead to Cost Creep?
Benchmarking is one of a manager’s best tools for determining whether the company is performing particular functions and activities efficiently, whether its costs are in line with those of competitors, and whether its internal activities and business processes need improvement.
Not only are most agreements written where they can be changed and modified at any time, but notification of the changes is your responsibility to keep track of. Who is responsible in your organization for keeping track of changes in provider contracts and agreements?
How can procurement and vendor management become more aligned with, and demonstrate its impact on, the main measures of business success? What impact does procurement make on a company’s sustainable shareholder value? This is a question that CPO’s face but few have been able to answer.