Companies, Organizations and Businesses can easily incur monthly expenses ranging from thousands to tens of thousands of dollars each month. Managing the financial component of vendors can be a nightmare! Looking at just telecom you have: Multiple carriers, multiple contracts, introductory offers, equipment, and different locations. Just these factors can lead to poor financial management and procurement processes.
Improper vendor management leads to duplication of accountabilities and capability gaps and overlaps, which can result in increased costs and missed business opportunities.
Organizations should clearly define sourcing, procurement and vendor management (SP&VM) roles as well as shared objectives. In doing so they unlock efficiencies and maximize the contribution of their organizations vendors.
Even the smallest increase in revenue or reduction in your expenses can have an impact on your company’s profitability. We would like to share 5 simple steps (some you may have already incorporated into your business and maybe some new ones) that improve your bottom line!
Even a slight over-charge can add up to a considerable amount over time. No matter how corporate billing is done, it’s a mistake to think that billing today is computerized and accurate.
A short time later, they started sending me reports about how much money they would be able to recover for us where we had been over-billed and overpaid cable television bills. The Cottages really pays attention to our contracts and invoices, so this certainly surprised me. But I was quickly credited over $14,000 from Comcast for just that one thing. And then they went to work on contract renewals.