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Need to formulate annual measurable KPIs to measure Cost saving & Cost avoidance Considering both Tangible and Intangible Savings which are related only to Procuremen ... See More
Yes if cost reduction is made without proper study to be made to reduce risk of stock-out problems
At first you must set target to your self by bench marking for cost saving but estimated material price for your budget then at the end of ( quarter or semester or year ) ... See More
You need to develop a benchmark and compare the performance against it
Cost Control indicates keeping the costs within the given limits determined by a budget or a plan. Cost reduction attempts at reducing the costs by using alternative res ... See More
Cost reduction are steps taken to achieve pernament reduction in expenses by going thru the process and related activities. Cost contol is monitoring expenses by comparin ... See More
Benchmark need to be set up ---------------------------
I agree with jasmina malnar. There cannot be one fix for all and needs a detailed strategy.
That really depends on the category so it is hard to give one answer..