Cost Reduction Analysis

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.

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.

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.

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.

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.

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 >

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.

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.

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.