Sustainable expense management programs should be managed to align outcomes with company objectives. Doing so amplifies their impact, strengthens stakeholder and supplier relationships, and provides real savings that can be reinvested as necessary.
In this 5-part special series, Art of Procurement Host Philip Ideson will take you through the keys to running a successful expense management program, pitfalls to look out for, and tactics to cover incumbent supplier management, strategic sourcing, and demand and category management.
In part 1, we focus on how to get your expense management program off the ground:
Step 1: Data Collection and Analysis – Getting a complete view of your supplier expenses
Step 2: Needs Assessment – At the enterprise, functional, and stakeholder levels
Step 3: Build a Structure – Establishing governance and approvals processes
Step 4: Build a Wave Plan – Prioritizing risk mitigation initiatives
Step 5: Deliver – Executing against expense management tactics at the category level.
