profit news jan2013

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An Expense Reduction Analysts publication. January 2013.

Transcript of profit news jan2013

  • 1. PROFIT NEWS inSiDe thiS iSSue Smarter spending tips for your eet Psychology of procurement Sean Bingham, reveals why now is the time to integrate critical procurement barriers are holding back effective procurement into strategic business planning. uK business growth, reveals white paper. What is your payment strategy? Will 4g streamline your business costs? the Payments team, consider whether competitive Brian holmes, discusses the latest mobile service advantage can be gained through alternative payment taking the uK market by storm. solutions. organisations must start thinking long-term instead of short term. cutting costs may keep businesses aoat temporarily, but it wont enable them to compete long-term. a smarter spending strategy, combining effective cost control and development for innovation and investment is the only way businesses will be able to successfully ride this storm. rob allison, managing Director at expense reduction analystsSPEciAl FEATuRECritical procurement barriers areholding back UK business growthShort-term perspectives and lack of procurement discussions at board level are holding back businessesB usinesses in the UK and Ireland are Analysts (ERA). The research was carried out among to business growth strategies. It suggests FDs and Ensure effective procurement becomes a part of fighting a host of psychological finance 100 Financial Directors (FDs) from companies with CEOs are struggling to master the balance between every organisations DNA - led from the board room, and procurement barriers, according to revenues between 10 million and 500 million in the cutting and managing costs to survive today, and but extending all the way to the shop floor and the a recent survey by Expense Reduction UK and Ireland, to uncover the psychological barriers investing to grow tomorrow. supply chain Rob Allison, Managing Director at ERA, explained: Ensure that procurement is not an empty seat in the Businesses and government have responded to the board room economic downturn by implementing wide-ranging cost-cutting initiatives. Unfortunately, while cost Ensure all staff adopt a smarter spending cutting may work in the short term, it wont enable psychology - just because your staff are good at them to compete effectively in the long term. And purchasing core products, it doesnt mean they will be for that reason, weve tried to uncover the reasons good at indirect spend why organisations arent approaching procurement strategically. Ensure performance management is aligned to a smarter spending psychology Barriers to Effective Procurement Its essential that internal and external reporting The report has uncovered a series of barriers that provides accurate measurements and detailed block FDs from implementing effective procurement business intelligence to allow the FD to provide strategies: strategic guidance for future procurement strategies Short-term procurement strategies A lack of procurement understanding at board level Conduct regular evaluations of your supply chain Limited internal procurement skills and build closer relationships between your staff and Resistance towards procurement from internal suppliers departments Inefficient supply chain partnerships Rob Allison concluded: The survey results demonstrate a disconnect between the finance director A Smarter Spending Psychology and procurement. This illustrates a cultural issue which should be addressed - if nothing else, finance directors Rob Allison said: Organisations must start thinking must be equipped with procurement knowledge and long-term instead of short term. Cutting costs may keep the appropriate skillset. Ultimately, finance should businesses afloat temporarily, but it wont enable them drive and influence procurement, to compete long-term. A smarter spending strategy, enabling businesses to free up combining effective cost control and development for cash, drive growth and deliver innovation and investment is the only way businesses more sustainable and profitable will be able to successfully ride this storm. smarter spending habits. Based on the findings of the research, Expense To download your free copy of the white paper, Reduction Analysts has offered some smarter spending please visit: tips, showing how companies can break down some of www.smarter-spending.co.uk the barriers to business competitiveness and growth.
  • 2. EXPERT NEWS - Payments Team EXPERT NEWS - Ian MorrisonGaining competitiveadvantage through Smart energy management:your payment a hot topic for Financial Directorssystems T he amount of energy that commercial programme is to help building owners reduce operating of an effective energy management programme.