Delivering costs savings & efficiencies through effective procurement
Do you need to achieve a business advantage through more effective procurement? Nexus Fusion can help you design a purchasing strategy that meets your business needs.
If cost reduction is your focus, there are many areas you can explore. From the cost of capital through to productivity analysis, process flow and order management – the chances are that most organisations can achieve immediate savings with a few simple changes.
With the rationale to outsource non-core spend, many organisations are finding that strategic, well-managed procurement is a route to securing significant cost savings.
It is important to understand the dynamics and strategy behind the procurement function of your organisation. Tail spend management is now a key focus among organisations to control spend, deliver compliance, demonstrate transparency and generate savings.
Nexus Fusion will help your business evaluate and understand its own procurement Function. Your company will achieve sustainable results by outsourcing the management of your spend to our experienced team.
Identifying your Tail Spend
This is simply the buying activity that takes place outside of your standard base of core suppliers. It could involve millions of spend spread across hundreds, or even thousands of suppliers, but is often overlooked as a source of significant savings.
This is commonly known as known as the Pareto Principle or most commonly seen as the 80-20 rule.
With this rule we ascertain that 80 percent of a company’s spend comes from 80 percent of the suppliers. In reverse, 20 percent of spend comes from 80 percent of the suppliers. This forms the tail end of the supply base.
Nexus Fusion will rationalise optimise and prioritise your supply base.
Aggregate Spend Solutions
Aggregating your procurement spend for the purpose of delivering greater value is a key objective. Theoretically you should be able to generate better service, better terms and conditions, and better cost. Therefore you should enable spend aggregation.
Raising a separate invoice for every single purchase is redundant and often spammy. Consolidated invoicing combines all these individual invoices into a single invoice that you can process daily, weekly and monthly.
This avoids time spent on repetition, unnecessary manual labour and time lost on analysis, businesses use consolidated invoicing as a means to streamline a time consuming process.
Benefits of Consolidated Invoicing
- Improve your workforce productivity by spending less time on mundane manual entry and reconciliation for book keeping.
- Plug revenue leakages from lost invoices and delayed payments – do away with debtors or spot them easily.
- Save on operational costs for invoice processing – (the average invoice costs a company £30 to process!)
Nexus Fusion will become your
ONE SOURCE PAY ENGINE
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