Improving profit through better procurement
The single largest cost element in any business is purchased goods and services and, typically, a company will buy externally over 50% of its sales value. Reducing the costs for bought-in goods and services makes a direct impact on a company's profit - effective procurement is the most powerful lever to increase a company's EBIT, and hence, it's value.
As we emerge from recession, managers will naturally return their focus towards top-line growth. However, a vital discipline for businesses of all sizes, and across all sectors, will be to not only manage the cost pressure that will naturally follow, but also to drive significant savings from their external spend. Improving your businesses procurement is the key to increasing your profit margin.
The IoD, in association with Inverto, the leading procurement consultancy, is hosting this evening seminar to focus on effective and scalable strategies to both manage and reduce your company's costs, and thus, improve your margin.
The seminar will focus on a range of practical and effective approaches for all businesses, across all sectors, from public sector organisations to large corporations:
- How to identify what you spend - on what, how much and with whom
- Inflation - containing supplier price increases
- Tactical cost reduction techniques - where to find savings and how to deliver them
- Strategic supplier management - getting value-add from your supply base
Keynote speaker will discuss the challenges involved in:
- Setting-up a procurement organisation
- Overcoming cultural resistance to procurement
- Integrating procurement into areas such as marketing
- Achieving significant savings through procurement to maintain company profitability in a difficult market
A panel Q&A session chaired by the IoD and with a range of expert speakers will enable you to take an active participation in the event.
Institute of Directors
+44 (0)20 7766 8919