3 Ways to Strategically Reduce Costs and Enhance Profitability
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3. Vendor negotiations. Marketers who generate detailed granular P&Ls for their vendors are better prepared when their merchandisers “sit at the table.” Although nobody is looking to make price concessions in this economy, a comprehensive P&L often can uncover the classic win-win. Vendors and customers can collaborate to uncover wasteful processes, sourcing decisions, eliminate unnecessary “nonvalue add” services, modify terms and conditions, and ultimately optimize the relationship for both parties. One company that pursued a vendor review strategy drove more than $20 million in immediate savings through an informed discussion with key suppliers.
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Jerome Patterson
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