StrategicSource Blog

The go-to blog for spend management best practices, that provides articles and videos on achieving cost savings and managing suppliers, as well as insights into how to be the most effective purchasing department for your business. 

Posts by:

McKenzie Grimes

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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 efficiencies, organizations that do not have those functions resident in their organizations probably do not realize the costs of being highly decentralized.

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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 predicated on the notion that you know exactly what you want - specific items and or services. Instead consider reframing your strategy as benchmarking instead of seeking RFQs.

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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 longer needed, they’re retired and spending returns to normal. So what now? What do businesses do to keep and maintain a reduced bottom line and enhance profitability? What can organizations do differently to improve results, increase efficiency and improve effectiveness going forward?

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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 purchasing responsibilities and spread that responsibility to management closest to their operational responsibilities to maximize the category expertise.

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How to Reduce Expenses by Using a Preferred Supplier

Managing your supplier expenses is critical to your profitability.  People can tend to focus their efforts on the “visible” part of an iceberg and neglect to see the dangers of the “invisible”, in this case the size of the iceberg under the water line.  What does the “iceberg principal” have to do with the management of supplier expenses?

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