December 2009
8 posts
“CMG welcomes our new Group Member.”
11/12 - CMG Co-Hosts Teleconference for 100...
CMG offers 100 top corporations insight to the importance of cost & supply management solutions. Two customers provided insight into how they interacted and got results from the two different Group Members. Plans are in the works for a future teleconference for the new year.
What is Supply Management?
The term supply management describes the methods and processes of modern corporate or institutional buying. This may be for the purchasing of supplies for internal use, purchasing raw materials for the consumption during the manufacturing process, or for the purchasing of goods for inventory to be resold as products in the distribution and retail process.
In many organizations, acquisition or...
“Cost management is one of the fundamental and yet most challenging tasks for a...”
– http://www.projectsmart.co.uk/cost-management.html
CMG Master Consultant Program
CMG Master Consultants are considered “Best in Class” for providing cost reduction and spend management solutions in one or more corporate spend areas. Master Consultants are able to hone in on specific spend areas and deliver hard bottom line savings while using a performance base fee structure.
Freight & Logistics
With the economy in disarray, shipping prices are becoming increasingly volatile. However, your shipping operations are essential and must continue. Transportation accounts for almost 50 percent of an average company’s logistics costs. For companies looking to reduce costs across their organization, transportation is a key spend area to examine.
November 2009
18 posts
A Legal Audit
The objective of a legal audit is to review such items as:
The accuracy of fees and expenses of the firm’s prior billing statements.
Identify and quantify the billing entries, activities, and fees that appear excessive, duplicated, inadequately documented or otherwise ambiguous.
Identify expense items billed by the law firm that are generally considered law firm overhead or do not appear...
“Approx 60% of global CFO’s concede that costs they are currently cutting will...”
– http://www.costmanagementgroup.com
Spend Management
ALSO CALLED: Enterprise Spend Management, ESM, Spend Analysis DEFINITION: In an enterprise, spend management is managing how to spend money to best effect in order to build products and services. The term is intended to encompass such processes as outsourcing, procurement, e-procurement, and supply chain management. Since the “spend manager” could have a significant impact on a...
Seamlessly transfer devices from previous TEM... →
CMG’s Group Member offers a comprehensive life-cycle management program for all mobile devices that provides TEM, next-day device replacement, technology refreshes, end-user help desk support, online management portal, wireless vendor management and detailed management reports.
“There are 3200+ electric utilities in the US – 50 different rate schedules per...”
– http://www.costmanagementgroup.com/facts.php
Charles McCoy joins Cost Management Group as...
— Cost Management Group, a national leader in Cost Management services, announces that Charles McCoy has joined the company as Managing Director, in charge of the Financial Solutions Group. —
Atlanta, GA, October 16, 2009 – Cost Management Group (CMG), the national leader in Cost Management services, announces the addition of Charles McCoy, former Coca-Cola executive, to the...
“Gartner Says Organizations Spend Less Than 30 Percent of Their Time, Energy and...”
– http://www.gartner.com/it/page.jsp?id=502300
“Over the last decade, employer-sponsored health insurance premiums have...”
– http://www.nchc.org/facts/cost.shtml
Average company spends 3.4% of revenue on IT
Top-performing companies are consistently more frugal in their IT spending as a percentage of revenue, spending 2.8% while the average company spends 3.4% on IT, according to Alinean’s third annual ranking of the top 200 U.S. companies deriving the greatest value from IT investments (ROIT™) from more than 8,000 U.S. public companies studied. Due to rising energy prices and traditionally...
“Approx 60% of global CFO’s concede that costs they are currently cutting will...”
– http://www.costmanagementgroup.com/facts.php
AP Optimization →
Enterprises constantly seek ways to drive savings to their bottom line and establish process efficiencies across the organization. As a critical multi-faceted cog in the cash management machine, the AP function is ripe with opportunity for a makeover that will deliver value to the organization. Often considered more of a tactical organizational activity, accounts payable should be viewed as a...
“Up to 14% of telecom invoices are found to contain errors – 85% of the errors...”
– http://www.costmanagementgroup.com/facts.php
Corporate Legal Spend
Litigation is not eating up all of the legal costs in corporate America, though it is a significant chunk. Among counsel who track litigation costs, about a quarter said that they account for 21 to 50% of their legal budgets; an additional 12% reported that litigation expenses accounted for more than 50% of the total legal budget. Broken out by size, counsel for 15% of mid-market companies and 16%...
Cost Management Plan
Cost estimation and control is vital to a project’s success. For this reason a major part of any project is the cost management plan. It can be found within, inside, or be presented as part of a project management plan. A Cost Management Plan is a document which will outline the criteria and activities which must be carried out as part of project management. A Cost Management Plan provides both...
Spend Management for Human Resources →
In today’s competitive environment, the cost of hiring, attrition and other HR related expenses are a major drain on corporations. Spend Management efforts are top of mind as HR is asked to reduce, eliminate, or put on hold HR initiatives that are not geared toward saving money short term while also minimizing the negative impact on the long term goals of the business.
October 2009
20 posts
Why Spend Management?
Spend management involves cutting operating and other costs associated with doing business. By your company having a spend management strategy, you are able to run spend analysis, sourcing, procurement, receiving, payment settlement and management of accounts payable and general ledger accounts.
Spend Management is a subset of Total Cost Management, which takes into consideration financial...
CMG Announces New Member
October 5, 2009 - Atlanta, GA —- CMG announces the addition of a new Group Member within it’s Telecom Solutions Group, which further broadens it’s portfolio of uncommon spend reduction capabilities for clients.
CMG Announces New Member
October 30, 2009 - Atlanta, GA —- CMG announces the addition of a new Group Member within it’s Financial Solutions Group, which further broadens it’s portfolio of uncommon spend reduction capabilities for clients.
Top 10 Areas for Cost Reduction
Telecommunications - Telecommunications has become one of the top 5 expenses for corporations today. A large % of telecoms invoices contain billing errors and the result is corporations losing millions of dollars each year.
Office Supplies & Services - Most companies today utilize the latest procurement tools: spend analytics, reverse auctions, e-procurement, etc., in order to source...
What is a procurement strategy?
A procurement strategy identifies the best way of achieving the objectives of the project. It takes into account the risks and constraints, use of the market’s capabilities and the procuring agencies’ requirements. The aim of a procurement strategy is to achieve the optimum balance of risk, innovation, control and funding for a particular project.
A leading national provider of parking facility... →
“Procurement and the management of the entire supply chain have emerged from...”
– University of Strathclyde - Why is Procurement Important?
Are companies focusing on the right areas to...
In the current economic climate companies in nearly every industry and size are focusing on cost reduction. But are companies focusing too much on short-term cost reductions at the expense of long-term savings?
According to a recent survey of private companies by PricewaterhouseCoopers, the area companies are focusing on most to reduce costs is discretionary spending such as travel and...
Workers Will Pay More for Health Care, Consulting... →
"The Cost Management Group specializes in driving... →
“Being proactive means you’ve anticipated, as best you can, the...”
– Lauren Ventura, Senior Director of Market Management for SMBs at Cisco
“Management of cost related activities achieved by collecting, analyzing,...”
– http://www.businessdictionary.com/definition/cost-management.html
Energy Spend Management is often Overlooked →
Former Coca-Cola executive joins CMG
CMG announces the addition of Charles McCoy, former Coca-Cola executive, to the management team of CMG. In his new position, Charlie will be responsible for the Financial Solutions Group of CMG, along with other strategic and operational responsibilities.
“Spend management is the way in which companies control and optimize the money...”
– http://en.wikipedia.org/wiki/Spend_management
