The Latest

How Leadership Can Make Profitability Improvements Stick


Many organizations’ profits are being challenged by compressed margins, growing expenses, flat sales and greater competition. As leaders, it is up to us to have plans in place to prevent that profit erosion and have the data, tools, reports, metrics ...

Sourcing Solutions to Improve Your Gross


A high-performing purchasing or sourcing group can make contributions to the business in a number of ways. Most people think of purchasing groups in terms of their ability to reduce costs and improve overall profitability and that is the probably ...

How to Create a Strategic Spend Map [Free Template]


Business leaders face many challenges and many opportunities every day. If leading your organization to reduced costs and improved profitability  is a course you have chosen, developing an aggressive objective and an executable plan are essential ...

Why Dealerships are Overspending (And How to Cut Costs)


There is no question that dealerships are focused on cutting costs. We see it in our business, we heard it at NADA and we talked with suppliers at NADA who were honing in on that message as well. Cut costs and track the reductions…a great objective ...

Is Your Cost Reduction Tactical or Strategic?


Most business organizations find themselves involved in cost reduction initiatives from time to time. To sustain an organization over the long term, cost reduction efforts need to become deeply ingrained in the business structure itself and that is ...

How to Make Profitability a Priority


Is improved profitability really a priority for most organizations? 

How to Make an Ineffective Spend Strategy an Effective One


The implementation of a Spend Management Vision – a dedicated function within an organization is very common in most large organizations. While most organizations that have a Spend Management Vision and Department realize the benefits and ...

The Key to Creating Sustainable Profit Improvement


Most organizations in the U.S. and Canada are decentralized in their purchasing approach. What that means is various leaders, managers or employees within departments are charged with managing selected expenses, including the periodic shopping, ...

How Benchmarking Can Reduce Costs When You Don’t Have Time to Quote


For those of you who have done any sourcing over the years, you know the best way to determine truth in the marketplace is to develop a well-designed request for quote (RFQ) and run that quote with three to four qualified suppliers. But a quote is ...

167 Dealership Options to Reduce Costs


COVID was a 2 x 4 to the head in terms of getting our attention and showing us how quickly a business can go from something amazing to pure survival mode. During early COVID times management teams were scrambling to gather information and executing ...

5 Tips to Revolutionize Your Expense Management


Many organizations have engaged in some form of cost reduction at one point or another. Most cost control actions are short term….designed to quickly reduce costs in some proportion to the corresponding decrease in revenues. But once they’re no ...

8 Best Practices of Highly Effective Purchasing Operations


All organizations have a purchasing function within their operations. Some organizations centralize their purchasing activities with one group to leverage spend, reduce costs and drive economies of scale. Other organizations decentralize their ...

How Contract Management Reduces Costs and Risks


Pop quiz time: How many supplier contracts does your organization have? Where are your contracts located? When do those supplier contracts expire? Which of the contracts will automatically renew? If you don’t know the answers to these questions, you ...

7 Fresh Ideas to Generate Procurement Cost Savings


As a purchasing group, we are continually investigating, interacting with and meeting new suppliers and industry experts who have proven they can impact a business in a very positive way. Many of these suppliers have new and innovative approaches to ...

A Cost Reduction Strategy Any Business Can Use


If your business is like most businesses, you don’t spend a ton of time thinking about your procurement costs. At some point, somebody somewhere set up a plan to order toilet paper and paper towels annually, so that’s that. This is usually true for ...