SUMMARY
The typical organization spends almost 70% of its revenue on non-labor costs. A 1% reduction in those costs can increase profits by more than 4%, according to a recent study of Bloomberg data.
Any CFO will tell you that every penny saved in supplier negotiations falls immediately to the corporate bottom line.
To grow in today's global, competitive environment, businesses have to think differently about the role procurement plays in developing and maintaining supplier relationships.
Supplier negotiations have become more important to improving corporate efficiencies. Those who manage supplier relationships are increasingly expected to help their companies:
- Drive savings through consolidation of supplier relationships;
- Develop radically improved approaches to inventory management;
- Meet aggressive quality standards; and
- Protect intellectual property while ensuring access to leading-edge technology.
The goal of most supplier negotiations today is no longer just to get the lowest price. It is also to find new and innovative ways to meet a wide variety of business challenges, often by tapping into the knowledge and expertise of the supplier community.
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