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Byline: Bhupender Singh and Paresh Vaish
Have you ever pursued an initiative, which cut purchase costs by 10-15 per cent?
Do you regularly save 3-5 per cent of your purchase cost?
Do you understand your supplier's economics and have 'should be cost' discussions with him?
Do you re-evaluate your supplier base to explore better prices/suppliers at least once in 2 years?
Does your purchasing function attract the highest performing managers within your company?
IF THE answer to any of these questions is 'no', you've probably identified a lever that could reduce your purchase costs by as much as 10-15 per cent. We believe that Purchasing and Supply Management (PSM) is probably the single largest untapped opportunity for a majority of companies in India. Indeed a systematic PSM programme has the potential to improve the bottom-line of industrial companies by 20-50 per cent.
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