Oliver Wyman has assessed that an initiative to reduce your external spend could have an EBITDA impact ranging from 150 basis points to more than 600 basis points, depending on which industry. Based on our extensive experience in external spend optimization, we have identified seven common pitfalls that typically preclude companies from achieving this value, ranging from near-sighted focus to lack of performance tracking to siloes within the organization. So, where to start? In short: sophisticated levers, cross-functional collaboration, and accurate measurement of the value generated.
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Oliver Wyman has assessed that an initiative to reduce your external spend could have an EBITDA impact ranging from 150 basis points to more than 600 basis points, depending on which industry. Based on our extensive experience in external spend optimization, we have identified seven common pitfalls that typically preclude companies from achieving this value, ranging from near-sighted focus to lack of performance tracking to siloes within the organization. So, where to start? In short: sophisticated levers, cross-functional collaboration, and accurate measurement of the value generated.