Best Cost Reduction Initiative

This category recognises the most effective and impactful procurement projects that have delivered significant cost savings and value for our members and wider stakeholders. This category rewards suppliers who have successfully implemented strategies, policies, and tools to optimise the procurement process, reduce the total cost of ownership, and enhance the return on investment.

Our panel of judges will be looking for evidence of;

· The scope, scale and complexity of the cost reduction challenges and opportunities faced by the supplier.

· The objectives, outcomes, and benefits of the cost reduction initiatives, such as cost savings, value creation, profitability, efficiency, etc.

· Evidence of the cost reduction performance, delivery, and service, such as metrics, feedback, testimonials, awards, etc.

· The innovation and best practice approaches, methods and tools used in the cost reduction process, such as strategic sourcing, category management, supplier relationship management, contract management, spend analysis, etc.

· The collaboration and engagement with internal and external stakeholders, with our members, suppliers, senior management, internal workforce, and regulators, etc., to align objectives, share information and drive improvement.