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Becoming Best in Class

How to Maintain Savings over Time

Our latest whitepaper, Becoming Best in Class, introduces simple methods your organization can utilize to achieve savings from your supplier base and best practices that can lead to maintaining savings over time.

This includes our top 3 essential negotiation tactics to help you negotiate more effectively.

Whether you are considering negotiations with an incumbent supplier or kick starting the bidding process, review your organization’s current needs and what products and services will be necessary to keep your organization running smoothly.

Now more than ever, the need for organizations to develop a culture of cost reduction is paramount. Uncovering additional cash flow within your organization can yield many important benefits and enable your business to reach new heights.

Whether you are looking to reinvest in your people, technology, marketing, or more – the extra money you save today can help you achieve what’s possible for tomorrow.

Download our Top 3 Negotiation Tactics

Become best in class by downloading our latest whitepaper which provides our top 3 negotiation tactics to help you negotiate more effectively with your suppliers.

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Becoming Best in Class Whitepaper
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“Now more than ever, the need for organizations to develop a culture of cost reduction is paramount.”

Understand your Suppliers

In order to successfully negotiate favourable agreements with your suppliers, it’s imperative to understand how suppliers can glean profit within their contracts.

Whether you are considering negotiations with an incumbent supplier or kick starting the bidding process, review your organization’s current needs and what products and services will be necessary to keep your organization running smoothly.

It is also important to rely on industry bench marking to ensure that the offer you’re receiving from a supplier is competitive. You can develop industry-specific benchmarks as well as per capita benchmarks to ensure that you are getting the best pricing as compared with your peers as well as compared to other industries.

By keeping your organization’s must-have requirements top of mind, you’ll be able to articulate this during the negotiation process better. Providing suppliers with greater context can reduce their risk and potentially secure you with improved services (compared to their standard offer).

For more information click here to download the full white paper.

“It’s crucial to use the supplier knowledge you’ve gathered to secure contracts with improved pricing and services.”

Develop Systems to Prevent Price Increases Over Time

One of the most critical aspects of streamlining contracts is to designate one centralized department or facility staff member to maintain current contracts and check supplier invoices for errors, new fees or additional charges. This individual should also keep track of when contracts are set to expire so that they do not automatically renew at a higher rate and to give staff enough time to renegotiate a new contract or start the bidding process, if necessary.

Establish Methods to Monitor and Maintain Savings

It is essential to develop key performance indicators (KPIs) and monitor them throughout the contract’s term to continuously maximize savings over time. By establishing KPIs based on the cost-drivers of a particular service or supplier, your organization can track the trends and changes to determine the impact it will have on your organization’s bottom line.

Take action now – download our full white paper now for further information on how to reduce your costs.

Interested in learning more about how you become best in class, with improved supplier negotiation and a culture of cost optimization? Contact us today to find out how ERA can help your organization.

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