How to Identify Hidden Opportunities
- Vendor Contract Review: How do you know if you are getting fair market value from your service providers? Is competitive bidding routinely performed in your organization? Are vendor contracts being reviewed in a timely and effective manner?
- Comprehensive Billing Analysis: What exactly are you paying for? Are you sufficiently leveraging volume pricing? Are there cost-saving alternatives?
- Operational Efficiency Assessment: What is “business as usual” costing your organization? Are you utilizing your space efficiently? Are there technology enhancements or operational improvements that could reduce costs and/or improve productivity?
Reduced Operating Expenses = Increased Profit
Companies tend to underestimate the value of reducing operating expenses. Hidden costs associated with operations often go unnoticed. reDefining Efficiency looks for opportunities that minimize operational costs either directly or indirectly. We start with a comprehensive analysis of your vendors to determine if your company is getting the most value out of its service providers. We then assess the day-to-day operational efficiency of the organization, seeing where improvements can be made to reduce costs.
Any strategic approach must take into consideration the two largest costs of doing business: employees and space. Standardizing systems, streamlining operations, and integrating technology can significantly impact employee productivity. Maximizing vendor value, leveraging volume pricing, and designing space efficiently can substantially reduce costs. Opportunities to reduce operating expenses are identified by focusing on the following:
- Vendor efficacy
- Billing and procurement analysis
- System implementation
- Technology strategies
- Space utilization
A Holistic Approach to Operational Efficiency
A holistic approach to operational efficiency provides greater opportunities to reduce costs while improving productivity. Yet so many companies remain unaware of these hidden opportunities for the following reasons:
- Businesses assume they are getting sufficient value from their vendors when in many instances, they are not
- Companies fail to effectively leverage volume pricing to their advantage
- Hidden fees and expenses are routinely paid for resulting in unnecessary costs on profit and loss statements
- Organizations seldom have the expertise or bandwidth to effectively identify and implement cost-saving measures
- Improvements in operational efficiency are often overlooked due to how business is routinely done
- Internal staff have insufficient motivation to do the work necessary to produce quantifiable results
- Businesses often lack standard business practices that can substantially improve efficiency
- Change is frequently met with resistance in the workplace
reDefining Efficiency has the experience to differentiate between real and perceived value and can leverage volume pricing to get the most out of your vendors. We perform a thorough vetting process that eliminates unnecessary costs and provides quantifiable alternatives. Day-to-day operations can be analyzed to further reduce costs and improve productivity. Lastly, the workspace itself is evaluated to glean any additional cost-saving opportunities that may exist. By taking a systematic approach using proven strategies, reDefining Efficiency can implement effective cost reduction strategies, significantly impacting the bottom line of your business.