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SRM Perspectives on Key Industry Trends

Vendor Contracts: Identify Cost Savings Initiatives in Procurement

Posted by Michael Carter on Oct 5, 2017 1:00:00 PM

 Cost Savings Initatives in Procurement

A study conducted by the International Association of Contract and Commercial Management (IACCM) found that poor vendor contract management processes cost companies as much as nine percent of their total revenues. Although this was a cross-industry study, there is little reason to believe manufacturers, distributors, or retailers fare any better or that the picture has improved since 2015. With so much money being left on the table and the drumbeat for cost efficiencies sounding as loudly as ever, manufacturers are seeking new ways to make this area easier to manage more effectively.

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Topics: Manufacturing, Vendors & Contracts