Procurement: After Spend Management… Supplier Management
Measuring Spend… and Supplier Management ROI
The Right Suppliers Mean Big Savings
A major factor in procurement savings is having the right suppliers. A supplier that fits your needs means big savings in the long-run.
The Right Supplier
The Hacket Group reports that companies participating in long-term supplier diversity programs generate 133% great ROI than typical businesses. Imagine what that could mean for your business.
As the marketplace, purchasing and procurement become more globalized, supply chain executives must reassess how to manage an increasingly diverse supplier network.
Measurement for Supplier Relationship Management
Understanding the impact the right suppliers can have on your business, let’s talk about the numbers. What can you actually expect to save through having the right suppliers?
According to AMR data, businesses save about $850 per supplier by managing supplier information and performance better.
$850 per supplier * Number of Suppliers = Expected Savings from Supplier Management
Savings from Supplier Management alone could mean huge returns for your business. For a better understanding of how Supplier Management works, you can see it in action on Vroozi’s Free Trial >> (No credit card required for sign-up)