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- First you must have a document management platform that contains your vendor/supplier database with every element of your relationship defined. From rate to renewal, the system needs to be set up so that it can provide notifications and escalations to your vendor management team.
- Second, you must have a team of experienced professionals that know how to conduct an effective bill audit. These are the people who can determine where there are opportunities for improvement. It is not enough to simply compare 3 different rate quotes, and choose the best cost. They need the knowledge to understand where others in the market are priced, so you can ensure your rates are not just good, but compare favorably with others businesses like yours.