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This is particularly true during an economic downturn when the cash generated from expense reductions can be invested in growing your competitive advantage or as an alternative to layoffs.  \nDespite the need to be frugal in the short term, pursuing expense reductions without an eye on medium and long term objectives or specific stakeholder needs can actually lead to higher costs.  \nSustainable expense management programs should be managed to align outcomes with company objectives. Doing so amplifies their impact, strengthens stakeholder and supplier relationships, and provides real savings that can be reinvested as necessary.  \nIn this guide, we will share with you the steps and tactics that you can take, and the major pitfalls to avoid, as you look to develop an expense management program that maximizes its return while aligning the actions that you take with the short, medium and long term needs of your organization.  \nPhilip Ideson  \nFounder, Art of Procurement  \nAbout Art of Procurement-Your Guide in Uncharted Waters  \nArt of Procurement was founded in 2015 to empower professionals at all levels to align procurement performance with corporate objectives.  \nWe can help you strategically manage expenses so that you can increase margins, redeploy cash or invest in long term growth. Our solutions can be rapidly deployed, cover all major “indirect” spend areas, and can be provided using flexible, no-risk commercial models.  \nContact us to discuss how we can put the power of the world’s leading procurement experts to work for you.  \n© Procure Change LLC. All Rights Reserved. Page 2  \nArt of Procurement  \nThe Ultimate Guide to Expense Management: Achieving Cost Savings that Stick  \nTable of Contents  \n● Part One: Five Mistakes to Avoid  \n○  Mistake \\#1: Setting Unrealistic Cost Savings Targets.  \n○  Mistake \\#2: Determining arbitrary savings targets at the category level rather than taking into account market conditions.  \n○  Mistake \\#3: Sending a letter to all savings with a demand for a certain percentage reduction or cash rebate.  \n○  Mistake \\#4: Taking actions that do not have alignment and buy-in from key stakeholders.  \n○  Mistake \\#5: Losing sight of your medium to long term goals.  \n● Part Two: Building an Expense Management Program  \n○  Step 1: Data Collection & Analysis  \n○  Step 2: Needs Assessment  \n○  Step 3: Build a Structure  \n○  Step 4: Build a Wave Plan  \n○  Step 5: Deliver  \n● Part Three: Delivering the Goods – 24 Expense Reduction Tactics  \n○ Incumbent Supplier Tactics  \n○ Demand Management Tactics  \n○ Category Tactics  \n○ Sourcing Tactics  \n○ General Tactics  \n● Moving Forward  \nDownload the printable “cheat sheet” and worksheet that accompany this guide  \nArt of Procurement  \nThe Ultimate Guide to Expense Management: Achieving Cost Savings that Stick  \nPart One: Four Mistakes to Avoid  \nThere can be a fine line between securing costs savings that stick and failing to meet your expense reduction goals. The four most common mistakes we see are:  \n1. Setting Unrealistic Cost Savings Targets.  \nHere is how the conversation often goes between procurement and the CFO/CEO: “We spend $1B per year on products and services. We need to save $100M. At 10% savings, that should be doable”.  \nThe harsh reality is that to achieve $100M in savings on a $1B spend, you may have to save 60% on every product or service you renegotiate.  \nSuddenly, the $100M doesn’t look as doable at that point.  \nWhy is this the case?  \nYou have identified $1B in ex","cbCaidw7MmmmTQUW","https://ap.wps.com/l/cbCaidw7MmmmTQUW","pdf",2157255,23,"English","# Table of Contents\n## Part One: Five Mistakes to Avoid\n## Part Two: Building an Expense Management Program\n## Part Three: Delivering the Goods – 24 Expense Reduction Tactics\n## Moving Forward","[{\"question\":\"Why can unrealistic cost savings targets fail to deliver durable results?\",\"answer\":\"Because achieving a stated savings amount may require substantially deeper renegotiation than expected. The guide links targets to addressable spend, spend under management, and contract timing, which limits what procurement can influence in the real world.\"},{\"question\":\"What is “spend under management” and why does it matter?\",\"answer\":\"It is a metric for the percentage of spend that procurement influences through proactive spend processes. It varies by industry, and using it helps translate total external spend into realistic influenceable savings.\"},{\"question\":\"How should an expense management program be structured to align with company objectives?\",\"answer\":\"The guide emphasizes aligning outcomes with corporate objectives to strengthen stakeholder and supplier relationships. It lays out steps such as data collection and analysis, needs assessment, building a structure, developing a plan, and delivering the program.\"}]","The Ultimate Guide to Expense Management - Achieving Cost Savings that Stick | PDF",8]