What cost-cutting measures are you implementing?
A recent study by Ernst & Young has discovered that companies across the globe are expediting measures to find methods to cut costs across the company.
They’ve found tha
t renegotiation with suppliers and increasing the relationships they have with these suppliers to improve performance; is an increasingly popular option to cutting costs. In order to satisfactorily build a relationship with your suppliers you need pertinent information regarding them clearly visible. A system to share this information, which could include delivery statuses, depth of relationship, financial stability and previous negotiations, is vital to maximise these measures.
Additionally, they discovered that businesses saw the requirement for improved forecasting and analysis and were continuingly trying to find new ways of flexible working. According to studies 80% of companies asked had adopted or were considering the adoption of these new methods to save costs, as an alternative to reducing the number of staff employed.
According to Steve Varley, head of markets, UK & Ireland, at Ernst & Young, “The world has changed in the last year and so have traditional business models. Some have disappeared outright but others will have to adapt to the new rules of the game. Thriving in this challenging business climate requires flexibility, creativity and imagination.”
One thing that Ernst & Young are sure of is that: “No company, regardless of their sector, can afford to believe there will be a return to normality any time soon and every industry has participants who will not survive longer term.”
Framework is a business solution that allows you to immediately see the impact of your contracts on your forecasted annual budget. The system is easily configurable to collect data that you require and the reporting suite can return this data in such a way to improve the analysis of contract spend and predict future budgets.
Source of Ernst & Young information
To learn more about Framework visit: www.framework-software.com