OKR template to secure optimal pricing from third-party vendors
The OKR "Secure optimal pricing from third-party vendors" focuses on efficient financial and supply chain management. It aims to identify and discuss possible partnerships with three new, lower-cost vendors.
Several initiatives are in place to achieve this, including starting price and term negotiations with potential vendors, researching the market for cheaper vendors, and initiating preliminary discussions. All these activities are dedicated to ensuring the company secures the best possible cost from third-party vendors, contributing to overall savings and profitability.
The second objective is to put in place a cost monitoring system that provides real-time tracking of vendor pricing. This involves kick starting the implementation of this system, researching and deciding on an appropriate software, and educating staff members on how to utilize this system effectively.
The third objective is dedicated to renegotiating arrangements with five existing vendors with the goal of lowering costs by 10%. Initiatives here will involve reviewing current contracts, presenting data-supported arguments for cost reduction, and setting up negotiation meetings with each vendor.
Several initiatives are in place to achieve this, including starting price and term negotiations with potential vendors, researching the market for cheaper vendors, and initiating preliminary discussions. All these activities are dedicated to ensuring the company secures the best possible cost from third-party vendors, contributing to overall savings and profitability.
The second objective is to put in place a cost monitoring system that provides real-time tracking of vendor pricing. This involves kick starting the implementation of this system, researching and deciding on an appropriate software, and educating staff members on how to utilize this system effectively.
The third objective is dedicated to renegotiating arrangements with five existing vendors with the goal of lowering costs by 10%. Initiatives here will involve reviewing current contracts, presenting data-supported arguments for cost reduction, and setting up negotiation meetings with each vendor.
Secure optimal pricing from third-party vendors
Identify and initiate discussions with 3 new lower-cost vendors
Kickstart negotiations around cost and terms with each potential vendor- Research and list potential lower-cost vendors in marketplace
- Reach out to each vendor for initial consultation or pitch
- Implement cost monitoring system for real-time tracking of vendor pricing
- Initiate real-time tracking of vendor pricing
- Research and choose suitable cost monitoring software
- Train staff on using the software for price tracking
- Negotiate with 5 existing vendors to lower costs by 10%
- Identify and review current contracts with the five existing vendors
- Prepare a clear, compelling case for cost reduction with supporting data
- Initiate negotiation meetings with each vendor to discuss cost lowering