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Procurement professionals spend the majority of their time managing the big core areas of spend, and understandably so, as this is where the numbers are larger and savings are more quickly won – typically 80% of spend comes from 20% of suppliers (Pareto Principle).
However, there’s another 20% of spend – the ‘tail-end spend’ – that can be addressed. By focusing on this spend, Procurement and Finance can deliver significant savings in terms of reduced unit prices and process improvements – both of which free up money and valuable resources.
In this webinar we’ll explore the different types of tail-spend, such as misclassified items, low price-high frequency items, maverick spend, etc. We’ll look at the typical challenges faced when tackling tail-spend and the strategies and tools needed for extracting savings so you can achieve:
- Noticeable cost savings
- Better visibility of where you spend money
- A reduction in maverick and off-contract buying
- A reduction in the time needed to manage suppliers
- A sizable cut in the number of invoices that need processing