How to monitor your consulting spend?
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The document discusses the importance of monitoring consulting spend to measure the transformation in procurement capabilities. It emphasizes setting targets for various expense segments, tracking all expenses including tail spend, and creating a monthly dashboard to maintain control. Overall, it aims to enhance financial management through careful segmentation and trend identification.
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How to monitor your consulting spend?
- 1. ASK YOUR QUESTION HOW TO MONITOR YOUR CONSULTING SPEND?
- 2. It may sound obvious, but…
- 3. You won’t see the benefits of transforming your Consulting Procurement Capability unless you regularly measure the impact.
- 4. And the financial impact is an easy one to track.
- 5. Setting a target is the best way to make sure you are still on the right track.
- 6. We recommend having in mind some targets for the different segments of Consulting Expenses for the level of expenses…
- 7. But also the performance and expected return on investment…
- 8. Segment your expenses to identify trends and patterns…
- 9. This segmentation will come in handy when you decide to implement demand management.
- 10. Track everything, even the tail.
- 11. If you are familiar with the notion of tail spend, you know that, when unmanaged, small expenses can add up to gigantic amounts.
- 12. You are now ready to create a monthly Dashboard… …to make sure your expenses are under control.
- 13. Hélène Laffitte Cofounder & CEO • Consulting Sourcing Expert • Author of Smart Consulting Sourcing • MBA Columbia Business School Want to learn more? Contact me & start creating more value. +1 (646) 477 5953 Follow us on the web CREDITS PHOTOS FROM UNSPLASH Cover – John Schnobrich Slide 1 – Nam Ahn Slide 3 – Josh Appel Slide 5 – Vince Flemming Slide 7 – Carolyn V Slide 11 - Carlos Muza
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