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Terms are locked-in for the course of a supplier contract—or are they? CCM VP Natalya Berdzeni weighs in on the nuances of vendor management and mid-contract purchasing, including times when it may be possible and beneficial to go back to the table.
Even in the midst of long-term, non-negotiable contracts and purchasing agreements, sometimes you need to squeeze out immediate savings. This Harvard Business Review article was published several years ago, but the advice remains valid and it includes some of the tactics we employ for our clients for incremental savings and greater, cross-department opportunities.
Cost reduction (79%) and risk management (57%) were cited by the majority of global Chief Procurement Officers as 2017 priorities, with consolidating spend (40%) and increasing competition (35%) as their strategic procurement levers.
