As I mentioned in my last post, companies are looking for ways to decrease operating expenses during this tough economic time. Here is Tip #2 for how to cut costs by utilizing Microsoft Dynamics GP solutions…
#2 Optimize Vendor Contracts and Create a "Preferred Vendors" List
Renegotiating vendor contacts is a key component in controlling purchasing costs. You could save significantly if you are able to lower costs and improve the terms of your contracts. The problem for a lot of companies is they don’t have easy access to vendor analysis information. Without access to this key information, it is difficult to state a solid case on why they should improve your contract.
Microsoft Dynamics GP gives you the tools for managing contracts and analyzing your vendor purchases to provide you with solid data for renegotiating contracts. Vendor contracts in Dynamics GP can be used for both inventory item contracts as well as service contracts. Alerts and reminders can be setup to notify you of upcoming contract expiration dates. Before locking in a new contract, vendor activity can be analyzed using tools such as Analysis Cubes for Excel, which allows you to slice and dice your real-time, connected data in Excel. Many companies are using these tools to create a “preferred vendors” list, which helps employees focus on using vendors that will save the most money for the company.
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