James Kennedy, CEO at ProcurementExpress.com helps hundreds of companies safely spend billions of dollars each year. Using his unique insight, he has brought together easy to pick up tactics for use in modern business.

90+ Ways To Reduce Costs

This detailed, step-by-step handbook includes dozens of practical strategies and ideas of cutting costs without harming competitiveness. Practical ways to improve on profits for CFOs and Operations Directors.

What's inside..?

Over 8 chapters, you'll learn...

1. Best Practice for your accountancy team

  1. Tackling Un-authorized spend
  2. Setting up an Approval Matrix
  3. PPV Reporting
  4. IPV Reporting
  5. Guarding against duplicate invoice payment
  6. Stock Control – Delivery Docs
  7. Stock Control – Cash Flow
  8. Guarding against Fake Invoices
  9. Spotting Fake Emails
  10. Not Accruing – POP

2. Risk Management

  1. Cash skimming for a dip in sales
  2. Falling victim to payroll theft
  3. Missing out on tell tale embezzlement signs
  4. Encouraging a culture of embezzlement in your organisation
  5. Educating your staff about embezzlement
  6. Background checks into your hiring process
  7. Why honest people steal
  8. Accounting for assets and goods in your business
  9. Thinking a balanced set of books means you haven’t been embezzled
  10. Believing that white collar crimes are rare
  11. Thinking an audit will identify embezzlement issues

3. Common Supplier Management Errors

  1. Failing to keep the lines of communication open
  2. Paying the wrong supplier
  3. Not paying enough attention to sourcing the right suppliers
  4. Spending too much time on less important suppliers
  5. Not understanding the importance of supplier culture and fit
  6. Focussing too much on price
  7. Forgetting to carry out proper supplier evaluation
  8. Not considering all costs
  9. Ignoring supplier history
  10. Not analysing delivery capacity
  11. Not segmenting suppliers
  12. Difficulty onboarding supplier

4. Best Negotiation Practices

  1. No negotiation training for buyers
  2. No BATNA (Best Alternative to Agreement)
  3. Buying under time pressure
  4. Being afraid to offend the seller
  5. Focussing on price alone in negotiations
  6. Focusing totally on your own interests
  7. Rushing negotiations
  8. Assuming that certain things are non-negotiable
  9. Accepting a bad deal
  10. Not asking for what you want
  11. Forgetting that contract terms cost money

5. Contract Management do’s and don'ts

  1. Not consolidating your suppliers
  2. Renewing contracts without a review
  3. Having poor Service Level Agreements and KPIs
  4. Allowing Scope Creep to occur
  5. Setting or agreeing to misguided contract terms
  6. Delegating contracts to the legal department alone
  7. Signing a contract with vendor language that you don’t understand
  8. Being hesitant to request changes in a contract
  9. Failing to automate the contract process. (Resulting in contracts affected by human error)
  10. Reviewing contracts late in the selection process. (Should be done earlier)
  11. Poor digital recordkeeping

6. How To Report Accurately

  1. Miscalculating the profitability of a project
  2. Making bad decisions based on bad data
  3. Relying on reports that are old/stale
  4. Running over-budget
  5. Employees signing for items not ordered
  6. Not having accurate ROI measurements on investments made.
  7. Spending money on inefficient/unnecessary items. (due to lack of reporting)
  8. Using multiple reporting platforms resulting in fragmented data
  9. Failing to apply insights gathered to financial forecasting
  10. Not demonstrating how procurement contributes to company goals and objectives
  11. Technology is outdated or inadequate
  12. Lack of visibility over spend / inaccuracies in data
  13. Difficulty matching POs to Invoices

7. Avoid Mistakes When Sourcing

  1. Picking overpriced supplier
  2. Picking poor suppliers
  3. Nepotism
  4. Blindly re-ordering
  5. Working with too many suppliers
  6. Working with too little suppliers
  7. Single source supplier(s)
  8. Not considering supplier holidays
  9. Missing decision makers when agreeing on a supplier
  10. Setting tight timelines for quotation requests
  11. Slipping Profit Margins
  12. Requisition and approval process too long

8. What To Do When Receiving Items

  1. Paying for unreceived items
  2. Stock outs
  3. Bad finance
  4. Accepting damaged items
  5. Not inspecting the good received
  6. Paying for unsolicited goods (inertia selling)
  7. Having to manually count goods received
  8. Not having a goods receipt process
  9. No tracking or visibility of the delivery. (time, cancellations, lost shipments.)
  10. Not checking goods against the PO
  11. Miscounts, defective shipments and incomplete deliveries
  12. Receiving docks are backed up/lack of open bays
  13. Pallets are moved prematurely by forklift operators creating inventory gaps
  14. Too much paper
  15. The process differs across multiple locations/departments
  16. Maverick Spending (outside contract spending)
Whatever Your Purchasing Goal - Profit Leaks by James Kennedy Will Get You There!