Unlocking the Secrets of Should Cost Analysis: A Definitive Guide for Businesses

In our latest video, “Unlocking the Secrets of Should Cost Analysis,” we delve deep into one of the most transformative financial tools available for modern businesses. Over the span of 1 minute and 40 seconds, we unravel the intricacies of Should Cost Analysis, demystifying it from a complex financial metric into a manageable and highly effective business strategy.

Whether you’re a startup looking to cut costs without compromising quality, or an established firm aiming to re-strategize your spending, this video is crafted with you in mind. We break down the key components, showcase real-world examples, and even provide a step-by-step guide for you to conduct your own Should Cost Analysis.

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Compliance Management Tool

Compliance management is very critical as otherwise the procurement organization may run into a scenario where there is a huge gap between realized savings and reported savings. Many procurement functions estimate large savings numbers when contracts are signed. They also invest significant time and effort in negotiating contracts for necessary goods and services, only to have a third or more of their purchasing dollars flow outside those deals. Some of the obvious fall-outs of non-compliance and maverick purchases are:

  • Very high prices
  • Risk of losing out on volume discounts and rebates

As compared to the current contract that was finalized after the sourcing process, the tool helps in tracking:

  • Vendor Compliance
  • Price Compliance

The objective of this tool is to ensure that the orders are placed only with the vendors that were shortlisted after the sourcing process and at the same price that was agreed upon and negotiated during and after the strategic sourcing process.

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