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Tuesday June 15, 06:22
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E-Procurement Delivers Solid B2B Cost Savings
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Better management of services-spend enables Global 2000 companies in the US to achieve savings of 10 per cent, or an average spend of USD 95 million, according to a cross-industry survey by Forrester. Enterprise-wide Services Procurement and Contract Management (SPCM) solutions are subsequently emerging as a strong area of B2B investment in the US. In short, US firms are looking to SPCM solutions to quickly identify and capture revenues that are currently overlooked, while gaining greater efficiencies and stronger supplier relationships from the integration and streamlining of their procurement processes.
Crucially, enterprises must choose the appropriate SPCM solution for their operations, or risk short-circuiting their long-term strategy with software that does not scale to their needs. Apart from improved revenue management in market-side operations, enterprises adopting a SPCM solution achieve direct cost savings by enhancing their services spend reporting abilities. For instance, the contract negotiation efforts at firms that give management reports on services spend, can be impeded by 50 to 75 per cent, but with an SPCM solution, businesses can save an additional 10 to 15 per cent on contract negotiations.
Within the financial services industry, solutions providers are devising billing discrepancy tools to address the fact that contract purchase orders (POs) and vendor invoices are often not reconciled at any point in the cycle. Providers can gain fees of up to 50 per cent of the recovered savings from financial firms, while traders achieve savings of 10 to 15 per cent on vendor invoice reconciliation practices. SPCM solutions also bring revenue enhancements such as reduced billing cycles, mitigation of late payment penalties, savings on procurement and cost management with high potential for payoff and immediate gains.
(EnergyPulse)
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