Cost reduction is a key objective for many organisations at some point in their business lifecycle – whether to increase profitability, reduce waste, fund expansion or remain competitive during difficult market conditions. However, it is often not simply a case of reducing costs for maximum impact in the short term; but rather implementing cost-saving solutions and cost reduction strategies which will endure in the long term.
We help businesses reduce costs, improve internal processes and upskill their procurement teams so that they can realise these cost savings faster, autonomously. Our cost reduction service ensures savings are measurable and sustainable – delivering greater value for your business over the longer term.
Our procurement specialists are able to rapidly identify cost-saving opportunities using our bespoke proprietary procurement platform, eFlow, a unique and innovative tool combining people, knowledge and technology.
How we help
We typically start with a four to eight-week opportunity assessment. These assessments are deployed quickly, with minimal disruption to your business, ensuring a swift and practical approach to identify savings opportunities.
Based on our findings, you can decide whether to explore a broader collaboration opportunity or a more focused approach towards meeting your in-year savings targets, for example category-specific support or spend analytics.
Through utilising our eFlow platform, we can help you reduce costs by transforming your procurement capabilities, providing access to the expertise of over four hundred consultants. We can benchmark your procurement function across a range of dimensions to assess effectiveness and identify areas for further development. As a result, we deliver savings that are both substantial and sustainable.
We have supported clients across a multitude of sectors to reduce costs through implementing more effective procurement functions. Efficio experts used a highly collaborative approach when they were engaged to support a major cost reduction project for a global bank and as a result, helped deliver a one-billion-dollar reduction in external spending.
Efficio’s work has laid the foundation for ongoing improvements, creating an effective system to ensure savings were tracked and delivered and targets were met. For the first time, the bank was left with a single source of data, with full visibility of its procurement pipeline and the status of its key projects. The bank was provided with a legacy of procurement skills, techniques, and systems– and the cost-reducing capability remained long after the project was completed.