Speeding up Procurement Savings without the Fear of Crashing
According to Zycus' “Pulse of Procurement 2018” annual research report, 54% of procurement leaders prioritize Cost Savings as their key-focus area. In fact, Cost Savings was the number one focus area (63% of respondents) in “Pulse of Procurement 2017” as well.
Though “Cost Savings” is usually the top-most priority of procurement departments, they cannot lose sight of the risks that are associated with savings opportunities. Efforts towards accelerated savings must come with efficient risk-mitigation strategies as well.
This whitepaper addresses the concerns regarding procurement savings and the associated risks by covering the following topics in detail:
- Defining savings in procurement
- Ways to identify and capture savings
- How risks affect procurement savings
- 5 steps to mitigate risks that affect procurement savings