CMG - Cost Reduction & Spend Management

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Top 10 Areas for Cost Reduction

  1. 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.

  2. Office Supplies & Services - Most companies today utilize the latest procurement tools: spend analytics, reverse auctions, e-procurement, etc., in order to source office supplies more efficiently.

  3. Health Care - Health care embraces all the goods and services designed to promote health, including preventive, curative and palliative interventions, whether directed to individuals or to populations.

  4. Energy - In many organizations energy spend management is often an overlooked area when seeking cost reductions. But, with global demand for energy increasing and energy resources diminishing, most companies today are experiencing increasing energy costs. 

  5. Logistics - With the economy in disarray, shipping prices are becoming increasingly volatile. However, your shipping operations are essential and must continue. For companies looking to reduce costs across their organization, transportation is a key spend area to look at.

  6. IT - Information technology is a general term that describes any technology that helps to produce, manipulate, store, communicate, and/or disseminate information. For this reason it is important that your company focuses in on this area to optimize your technology investments and reduce spend.

  7. AP Optimization - 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.

  8. Insurance - Easily missed in the frustration over rising insurance rates is the overall size of your insurance spend.

  9. Real Estate - Real estate occupancy costs are typically one of the largest expenditures for most companies. For the majority of commercial real estate leases, tenants are required to pay for their share of building operating expenses, taxes and utilities.

  10. Legal - Excessive legal fees and unnecessary legal expenses can cause serious financial problems for companies.


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