How do businesses cope when demand drops, revenue shrinks, but costs spiral?
To ride out the pandemic, a global leader in the lighting industry had to take quick, remedial action, and partnered with GEP to reduce non-essential spend and improve cash flow.
GEP implemented its Budget to Pay solution, which enabled the client’s finance-procurement team to collaboratively drive a companywide cost-reduction program by providing a fail-safe mechanism to manage costs right from budgeting to payment. It also empowered procurement to proactively intercept business requirements and challenge bad costs. The result: Indirect costs came down 18.1% in FY2020.
A must-read for finance and procurement leaders who want to retain tight control over costs and maximize returns.