At Efficio, we have seen a stark difference between companies’ approaches to cost reduction. On one hand, some rely on a historic trend to set a target that is mostly used to manage procurement performance; on the other hand, some build a robust target with clear bottom line impact, set in consultation with the business who are bought in to a delivery plan. The difference is that the second group use an Opportunity Assessment to review their spend in a structured effort to build this case.
It’s no surprise that Procurement can unlock much more savings after an Opportunity Assessment – but what are the key ingredients to this launch pad?
Common targets of a Procurement Opportunity Assessment
Supply Chain Performance
Post Merger / Separation
New Product / Business Line
Short Term Savings
An Opportunity Assessment builds a business case and strong implementation plan, with a clarity on ROI.
This guide is designed to help you get the most out of an Opportunity Assessment – whether it is self-delivered, with a third party, a one off, or part of ongoing opportunity identification efforts.
Download the guide to read more.