7 Ways to Identify Purchased Services Cost Saving Opportunities

โ€œHow do I begin identifying purchased services cost savings?โ€

Here are 7 strategies:

๐Ÿ. ๐„๐ฑ๐ฉ๐ข๐ซ๐š๐ญ๐ข๐จ๐ง ๐๐š๐ญ๐ž:

If your contract is expiring in 9-12 months, you must look at it carefully.

You need to understand your needs, the marketplace, and the overall cost structure and prepare yourself accordingly.

๐Ÿ. ๐‚๐š๐ญ๐ž๐ ๐จ๐ซ๐ฒ ๐ ๐ซ๐จ๐ฎ๐ฉ๐ข๐ง๐ :

You can group your expenses (such as IT costs or outsourced laboratory services) to understand the entire categories.

๐Ÿ‘. ๐’๐ฉ๐ž๐ง๐ ๐ฏ๐จ๐ฅ๐ฎ๐ฆ๐ž:

We all look to the high spend volumes as they reap the most significant savings.

But you can find a larger percentage of savings by analyzing the middle and even the lower portion of your spend because no one has looked at it at all.

๐Ÿ’. ๐ˆ๐ฆ๐ฉ๐š๐œ๐ญ ๐จ๐Ÿ ๐œ๐จ๐ฌ๐ญ ๐ฌ๐š๐ฏ๐ข๐ง๐ ๐ฌ:

After doing some analysis, if you find that the identified cost savings have a bigger impact, that's a great place to begin your strategy.

๐Ÿ“. ๐”๐ซ๐ ๐ž๐ง๐ญ ๐ข๐ฌ๐ฌ๐ฎ๐ž๐ฌ:

Not everything comes across as anticipated. You could come across growth issues, service issues, or a new strategic initiative.

Thatโ€™s why considering urgent issues is important.

๐Ÿ”. ๐๐ž๐ญ ๐ง๐ž๐ฐ:

You could have something brand new coming your way, such as a telemedicine offering.

So youโ€™d need to analyze what's going on in your organization, the marketplace, and the benchmarking.

๐Ÿ•. ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ ๐œ๐จ๐ฌ๐ญ๐ฌ:

You must pay attention to the year-over-year increases by your vendors.

If it's greater than 5%, you need to see if itโ€™s for a good reason or some intervention is needed there.

If youโ€™ve got an 8th, 9th, or 10th way to approach your purchase-services cost savings, I'd love to learn from you in the comments.

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