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With an ever-increasing focus on cash flow, organizations are always looking to reduce indirect spend. This is particularly true as pressure to accelerate and realize savings from strategic sourcing also increases. Constraints created by hiring freezes and voluntary buyout programs have created gaps in talent, know-how and capabilities.
- Artificial Intelligence: Begin to proactively assess opportunities, identify savings levers, define targets, and develop category workplans and roles for execution
- Market research: Assess external supply markets, identify and qualify potential suppliers to fulfill defined internal requirements
- Spend analytics: Intelligently analyze spend behavior using real-time dashboards that help drive contract compliance, reduce spend leakage, and support better contract negotiations
- eRFx execution: Develop and score RFIs, and prepare RFPs for selected vendors