Procurement Contracts: Real Value, Real Returns

May 06, 2009 in Purchasing & Procurement

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Best-in-Class companies experience 4x less savings leakage than All Others.
Best-in-Class companies realize 15% to 20% lower contract creation and approval cycle times than their competitors.
Best-in-Class companies have been able to place 59% more spend under management than All Others.

Facing the worst economic crisis since The Great Depression, enterprises are in a constant battle to manage spend and control costs. Procurement is the chief architect of spend management and savings, and procurement has at its disposal an underutilized tool to meet savings expectations: contract management. Procurement contracts represent the culmination of spend analysis and sourcing efforts and are used to subsequently guide the purchasing process for the commodities and / or services covered by outlining negotiated prices, expected supplier service levels and agreed upon concessions and commitments on the side of the buyer.