Global eProcure Presents Webinar on “Maximizing Realized Savings” on December 03, 2009
Join us as Binayak Shrestha (Global eProcure’s Vice President – Consulting) shares his views on success factors, case examples, and enablers for realized savings and maximized compliance.
Clark, NJ, November 30, 2009 --(PR.com)-- One of the biggest challenges that every sourcing organization deals with is the loss of identified or negotiated savings. Negotiated savings focus on price reduction based on historical or forecasted spend and are the key output of sourcing initiatives.
Realized savings, on the other hand, are the actual reduction in expenses that impacts the P&L. In a perfect world, all negotiated savings should flow through. The reality is – it does not. Identified savings are lost through lower compliance (price, vendor, volume), delayed implementation, change of scope/requirements, and lack of category management among other things. Global eProcure’s experience shows that organizations that conduct sourcing initiatives but do not track realized savings and compliance only reap 50-70% of the sourcing benefits.
“As a leading player in the procurement space, it is Global eProcure’s constant endeavor to help develop and share best practices developed over 10 years of helping industry leader’s succeed,” said Global eProcure’s Director Marketing, Siddharth Hegde.
The focus on realized savings and compliance is critical to maximizing sourcing benefits. The name of the game has changed from “identified” to “realized” savings – the tough economic times and the increase scrutiny on procurement organizations demands this change in approach. This webinar is to learn more about the success factors, case examples, and enablers for realized savings and maximized compliance.
Enablers, Success Factors:
• Process - Robust processes for Savings tracking and Compliance
• People - Category managers responsible for contract compliance and vendor performance management
• Technology - Dashboard reporting for tracking progress and metrics
• Collaboration with Organization Finance teams
• GeP’s Blended Model which offers cost effective solution
This Webinar also features a 15 minutes Q&A session, so invite your colleagues and come prepared with questions and comments!
Webinar link: http://www.globaleprocure.com/webinar
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Realized savings, on the other hand, are the actual reduction in expenses that impacts the P&L. In a perfect world, all negotiated savings should flow through. The reality is – it does not. Identified savings are lost through lower compliance (price, vendor, volume), delayed implementation, change of scope/requirements, and lack of category management among other things. Global eProcure’s experience shows that organizations that conduct sourcing initiatives but do not track realized savings and compliance only reap 50-70% of the sourcing benefits.
“As a leading player in the procurement space, it is Global eProcure’s constant endeavor to help develop and share best practices developed over 10 years of helping industry leader’s succeed,” said Global eProcure’s Director Marketing, Siddharth Hegde.
The focus on realized savings and compliance is critical to maximizing sourcing benefits. The name of the game has changed from “identified” to “realized” savings – the tough economic times and the increase scrutiny on procurement organizations demands this change in approach. This webinar is to learn more about the success factors, case examples, and enablers for realized savings and maximized compliance.
Enablers, Success Factors:
• Process - Robust processes for Savings tracking and Compliance
• People - Category managers responsible for contract compliance and vendor performance management
• Technology - Dashboard reporting for tracking progress and metrics
• Collaboration with Organization Finance teams
• GeP’s Blended Model which offers cost effective solution
This Webinar also features a 15 minutes Q&A session, so invite your colleagues and come prepared with questions and comments!
Webinar link: http://www.globaleprocure.com/webinar
###
Contact
Global eProcure
Siddharth Hegde
1-732-382-6565
http://www.globaleprocure.com
Siddharth Hegde
1-732-382-6565
http://www.globaleprocure.com
Contact
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