Cost Reduction

Cost Reduction Analysis

Pay less for the same business services without changing vendors, operations, or service levels.

SIB Explained

Who is SIB? What do we do? How do you win when you work with us?

Watch this brief video to learn more about our approach to cost reduction and contract compliance. We work behind the scenes to reduce expenses on your behalf without changing vendors or disrupting your day-to-day operations. Getting started is easy and quick. You’ll wonder why you didn’t start sooner.

Significantly reduce costs without changing service levels, vendors, or operations.

Most companies lack the time, technology, or internal resources to vigilantly monitor hundreds of complex bills and contracts for savings opportunities across a multitude of spend categories. But SIB does.

Put our team to work for you.

Most companies have opportunities to significantly reduce what they pay service providers including energy, telecom, waste management, shipping, insurance, treasury fees, and more—without changing vendors or service levels. They simply don’t have the time, people, and benchmarking data to successfully do the legwork to optimize contracts or achieve best-in-class pricing. But with SIB’s expense reduction services, we can make it happen.

We consistently find cost savings that can add up to tens of thousands of dollars per month across all your locations. This amounts to hundreds of thousands of dollars per year and a million or more in savings over the span of your multi-year contracts. We work as your advocate to strategically reduce your costs across multiple spend categories, immediately and significantly improving your bottom line.

5 Easy Steps to Savings

The process is simple. The results are guaranteed.

Step 1: Review Vendor Spend

See where you’re spending and prioritize your best savings opportunities.

We start by creating a big-picture view of your business expenses and vendor spending before the cost reduction process begins. We’ll request a vendor transaction report or access to 12 months of expenses across all categories from your general ledger. In most cases, the more you spend, the greater your opportunities for savings. Based on our spend category expertise and robust benchmarking data, we can quickly highlight your greatest opportunities for cost reduction and optimization.

Step 2: Define the Scope and Roadmap

Prioritize where you want to save and optimize first.

Once you know where you’re spending more than you should and where you stand to save the most, we meet with internal stakeholders in each expense category to gather additional details and data about your accounts. If you have additional expenses or vendor concerns—for example, a desire to change banks, evaluate benefits coverage, or to challenge your property taxes—we add those projects to the scope. You sign authorization letters permitting us to work directly with your vendors on your behalf, and we get to work on the next step of the cost-cutting strategy. We can also consult and support on solutions, including streamlining location open/close, sustainability reporting, and vendor data analysis and visualization.

Step 3: Analyze, Negotiate, and Present the Opportunity

Discover actionable options for immediate and long-term expense reduction and more favorable terms and conditions.

SIB experts in each targeted spend area get to work thoroughly auditing spend, invoices, and contract terms and conditions, uncovering every area for savings and optimization with existing vendors and services while eliminating unnecessary charges, billing errors, and achieving competitive market rates for business services. We conduct a historical review of your account to identify contract noncompliance issues and billing errors and pinpoint all credits you are due. We pursue rate reductions and opportunities to renegotiate contracts to improve terms and conditions, reduce or eliminate fees, taxes, and surcharges, and add contract language that prevents excessive rate increases by your vendors. We highlight any savings that can be captured through rightsizing service agreements, equipment, and assets. Upon request, we can also look at sourcing alternate vendors. You review the full scope of savings and optimization opportunities and decide which to approve and implement.

Step 4: Implement Savings Strategies

Capture immediate benefits.

Upon your approval of the presented opportunities based on our cost reduction analysis, the SIB team works with vendors to put new contracts and rates into effect and to initiate any rightsizing changes to your service levels and assets. We provide your internal teams with documentation of all new pricing agreements, terms, and conditions. When you save, we share a portion of the savings, so there are no upfront costs and no risks to you.

Step 5: Validate Savings and Ensure Compliance

Gain peace of mind with ongoing financial assurance.

Our work doesn’t stop once contracts are signed and implemented. We partner with you throughout the scope of your new contracts and service agreements to keep vendors in compliance and ensure you are receiving all negotiated services for the agreed upon price. We use software and our expense category teams’ expertise to vigilantly monitor invoices and validate savings on an ongoing, monthly basis, identifying and correcting billing errors, flagging and addressing any service issues, and preventing unauthorized price creep, fees, surcharges, or taxes. We proactively look for new or additional savings opportunities, share them with you for approval, and capture and implement the new savings. You get peace of mind knowing that you’re paying best-in-market rates for optimized contracts for the long term.

We find significant savings you can’t easily see. And you pay nothing until we get results.

The numbers are in. Data, discipline, and deep industry expertise work to significantly reduce business expenses and optimize vendor contracts, rates, terms, and conditions for the long-term. The SIB approach to cost reduction and contract optimization consistently cuts costs across business spend categories by an average of 11-34%, generating valuable savings that go right to your bottom line. And because there are no upfront costs, you don’t pay a dime until we save you money. We simply share in a portion of the savings when we do.

It’s worth taking a look. And getting started is easy.

Reduce costs—not service levels.

Reduce business expense costs by 11-34% across multiple spend categories

Maintain and strengthen vendor relationships and service levels

Rightsize services to eliminate redundant or unneeded services

Sustain savings for the longterm

Put our cost-reduction services, tools, and data to work for your business.

The process is simple. The results are guaranteed.

Contract Compliance Audit

Our team dives deep into your contracts, conducting a thorough historical review to ensure your vendors are living up to their service promises and pricing. Chances are, they aren’t. Even when vendors honor the pricing your team has negotiated, you are likely paying taxes, surcharges, and fees you are not obligated to pay. Or you may not be receiving the full scope of services per your contract. We find every error, overbilling, and opportunity for savings to significantly reduce your costs and ensure the greatest value for your spend. Learn more >

Contract Optimization

Leveraging data from 500,000+ pricing benchmarks and deep industry expertise in each spend category, SIB negotiates with your vendors to successfully implement cost reduction strategy and establish optimized, executable service contracts at the ideal rate structures for your business, industry, and region. Because we have the comparison data to back up our requests, along with the persistence of a dedicated team, we succeed in securing concessions where individual companies typically struggle. We focus on terms and conditions along with rate optimization to ensure favorable language, adequate protection from future price increases, and ongoing value.

Service Level Optimization/Rightsizing

With so many expenses to manage, it’s extremely time consuming and challenging for companies to stay on top of service redundancies and inefficiencies or to proactively cancel obsolete services. And your service providers and vendors don’t always make the process easy. SIB puts a team of expense reduction analysts on the job to verify that your business is buying only what it really needs. You can eliminate unneeded services with confidence and gain peace of mind that your business is appropriately serviced without being overserviced.

Savings Sustainment

Securing best-in-class rates and contracts is one thing. Sustaining them for the long-term is another. Our team of expense reduction analysts provides ongoing vigilance to validate cost savings, prevent price creep, and take advantage of future savings opportunities as the pricing landscape evolves. With SIB on your side, your rates and terms are not just leading-edge today, they’ll remain that way throughout the span of your contract.

Take Control of Your Spend Today

Ready to reduce your costs across your top spend categories? Get started with a no risk, comprehensive evaluation of your vendor transaction history and put our market intelligence and industry expertise to work to spend smarter and improve your bottom line.

Resources and Case Studies

Build Your Cost Control Muscle in 2024

Water Retailer Saves $1.6 Million in Treasury Fee Optimization and Waste Cost Reduction

Control Sprawling SaaS Spend

Meet our Team of Cost Reduction Strategy Experts

Our team is ready to become part of your team, giving you the extra dedicated resources you need to to keep your costs low and your value high.

See How We Can Help You Spend Smarter

Get started easily and quickly with a no-risk, comprehensive evaluation of your vendor transaction history and put our market intelligence and industry expertise to work.