- P&L analysis with automatic identification of specific-area overspend
- Vendor price analysis
- Assistance with waste management through state-of-the-art products
- Purchasing review, with improved supply-chain and cost-reduction recommendations
- Waste management analysis, with strategies to simultaneously reduce waste costs and encourage recycling
- Revenue generation via marketing and enhanced space leveraging
- Vendor negotiation and renegotiation
- Contract review, negotiation, and renegotiation
- Recovery of unclaimed vendor charges
- HR review, with strategies to reduce departmental costs and manage risk
- Inventory management
- Operations and COG improvements
- Telecom cost reduction and management
- Utilities cost reduction
- Insurance cost reduction
- Food-cost management and improvements
- Lease negotiations
- Cost containment strategies and processes
- Liquidation of unused assets
The IRE Process
While every company necessitates a specific course of action, clients of Innovative Recession Economics can expect the cost-mitigation process to proceed generally as follows:
Preliminary savings analysis - We conduct a confidential, no-cost analysis of your company P&L to quickly establish cost-savings opportunities. We then calculate our savings analysis by benchmarking your expenses with proprietary purchasing data from our extensive database.
Client engagement - We work with our clients to confirm which expense areas to review, identify any supplier sensitivities and constraints, and establish a commencement date and project schedule. At this point, the client is invited to begin utilizing our pre-certified vendors, who offer group pricing, volume incentives, and services that most companies cannot access on their own.
Expense history analysis - We compile and format historical expense data into a customized report. This provides you a categorized account of internal purchasing activities and also enables us to prioritize your savings action plan.
Request for proposal (RFP) management - We work closely with your purchasing department to manage the RFP process for the expense categories within the scope of our engagement. Our RFP process is customized to identify your actual purchasing patterns, service needs, and reporting requirements. We encourage our clients to include non-incumbent vendors in the bidding process.
Group purchasing - We offer an immediate opportunity for clients to realize the benefits of our group purchasing contracts. We contract with leading vendors that offer deep discounts and economic incentives based on The Next Idea’s vast purchasing power
Final presentation - We document the total cost-savings and efficiency improvements and present a detailed report to your management team.
Implementation - We arrange and facilitate supplier meetings with your key employees, establish performance measures for these suppliers, and implement the reduced pricing schedules for your purchased supplies and services.
Vendor management - We schedule business review meetings with your team at regular intervals to ensure you are benefiting from maximum cost savings and taking advantage of vendor best practices.
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