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Spend Assessment Sourcing IQ offers cost-reduction procurement strategy to help your business save money and perform better.
The spend assessment is the first step in our process of finding the money. Whether a company was recently acquired or is suffering from years without a structure around procurement, many of the same problems exist.
When your purchasing team lacks full visibility, inefficiencies can multiply. That’s where the spend assessment comes in.
As we find the money, we can uncover inefficiencies, unleveraged spend, lack of negotiation and other opportunities to create savings. We leave you with those opportunities and a plan for implementation without inflating numbers.
Another integral benefit of the spend assessment is the normalizing of your data. We all know these categorizations and colloquialisms can happen over time.
Just as there are a variety of words for an every day Coca-cola – pop, soda, coke… There can be infinite ways to categorize direct materials. We put your terminology into industry standard language so you can not only know what parts or materials you’re sourcing but also their lead times and where they come from.
Speaking of where things come from, we don’t just stop at where the item was purchased but trace it all the way to where it is made. This provides even more clarity and foresight for market conditions and opportunities for improvement and savings.
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Are you ready to explore where you can find savings in your business?