AOP PodcastCOVID-19Expense ManagementExpense Management Special Series

7 Creative Ways to Kick-Start Your Expense Management Program

By April 24, 2020 May 27th, 2020 No Comments

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 5, we focus some additional general tactics that will help you deliver results through your expense management program:

  • Leverage a GPO model
  • Buying desk for low-dollar spend items
  • Provide greater access to negotiated deals
  • Audit supplier invoices for accuracy
  • Increase P-card usage
  • Creative bartering
  • Targeted use of subject matter experts

 

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Links & Resources

If you are considering starting (or revamping) an expense management program of your own, you’ll want to check out our free resources: The Ultimate Guide To Expense Management: Achieving Cost Savings That Stick and 24 Expense Reduction Tactics that Generate Cash for Your Business.