Although expense reduction benefits can be achieved without outside assistance, our experience suggests that better results can be realized by using a specialized consultant. The operative word here is “specialized.” In our view you will be better served if you engage a firm that is:
- Singularly focused on expense reduction
- Experienced at the specific spend category level, with specialized resources
- Independent and unbiased, with category specific benchmark data
- Mindful of your commitment to quality
- Confident enough to operate on a contingent basis – they don’t get paid unless cost savings are realized
And, determine whether the company you hire is willing to stay on the job to ensure that the expected savings are indeed realized. You need results! Ideas and suggestions are fine, but you should not be left alone to generate, implement, sustain and monitor the savings projected.