LONDON--(BUSINESS WIRE)--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest article on how companies can leverage the benefits of tail spend management. The article highlights the factors affecting the cost of goods sold (COGS) and SG&A. It also gives an overview of how gaining spend visibility and identifying cost saving opportunities can contribute in effective spend management and scam prevention.
The increasing competitive pressure has forced companies to find ways to reduce costs and achieve better savings. This requires companies to manage their spend activities effectively and optimize their supply chain and procurement functions. Businesses also need to analyze various services of their business such as printing and packaging, marketing services and office products as they can impact the company's financial performance. Such needs and challenges of businesses have compelled businesses to devise tail spend management framework and mitigate business risks.
Are your spend management activities impacting the financial performance of your business. Talk to our experts and know how our tail spend management solutions can help you unlock more value from the tail spend and reduce operational costs for your organization.
Tail spend management best practices:
Review supplier base
Companies are required to have a detailed review of their suppliers at regular intervals to gain a better understanding of the procurement and supply chain processes. It can help companies save the unnecessary spend by removing any non-compliant supplier from the supply chain. This spend can further be transferred to suppliers who are compliant and have proved their efficiency.
Consolidation of suppliers
Keeping a track on the number of suppliers is essential for companies to maintain their ongoing efficiency. It helps companies with the timely optimization of their supply chain and provide them with process and cost benefits.
Tracking the performance of suppliers can help companies increase the efficiency of their business achieve better cost savings. To know how our portfolio of tail spend management solutions can help you achieve this, Request a free proposal.
Streamline processes
After gaining a consolidated list of several suppliers, companies are required to align and streamline other processes to the finance department. Also, companies need to enhance their demand management process by precisely addressing the problems in their P2P process and supply chain.
Want to employ tail spend management solutions that can rapidly deliver sustainable positive cash flow and help you achieve faster savings for your organization? Request a free demo now!
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