BLOOMINGTON, Minn., July 29,
2024 /PRNewswire/ -- StrategicSource, Inc. has been
working to obtain benchmarking data since its founding in 2000.
Today they announced they've officially obtained 24,600
benchmarking data points which are continuously updated.
As a spend management expert, StrategicSource gathers key
financial benchmarks in the following areas:
- Indirect Expense Categories – Over 200 categories of
consistent indirect expenses.
- Category Spend Benchmarks – Data showing what
organizations spend annually by expense category based on size and
revenue band.
- Price Benchmarks – Competitive pricing at the item and
service level for thousands of categories, from office supplies, to
waste, to credit card processing and more.
- Supplier Audit Benchmarks – Benchmarks showing price
compliance and reliability for many of the largest local, regional,
and national suppliers.
StrategicSource categorizes its benchmarking data into two
distinct areas: price benchmarks and spend benchmarks. They have
accumulated a comprehensive database of 24,000 pieces of price data
and 600 spend benchmarks. This extensive data collection equips
StrategicSource with critical insights into the supplier industry,
enabling them to assist their clients in achieving significant cost
savings.
This data allows StrategicSource to advise clients interested in
reducing costs and improving bottom-line profitability, what they
should spend at a category and item level, and which suppliers are
dependable and compliant with contracts and pricing agreements.
This data is acquired through new and continued strategic spend
analyses of client spend data, by quoting thousands of items with
various suppliers, and finally auditing suppliers for price and
contract compliance.
"Gathering this data is at the heart of what our company does,"
says CEO Stephanie Fowler. "Showing
this benchmarking data to our clients turns on the light, and they
realize they've been overpaying on expenses. Once they have access
to this information it opens a door of opportunity for savings and
profit improvement, and that's what we help them achieve."
StrategicSource's clients are primarily made up of auto
dealerships across the country, along with other vertical markets.
With high interest rates on their mind, cutting costs on expenses
and improving profitability are a top priority. The information
StrategicSource possesses is vital for dealership profit
improvement.
StrategicSource's comprehensive benchmarking data continues to
be an invaluable resource for clients seeking to optimize their
expenses and enhance profitability. The company's dedication to
providing actionable insights ensures that clients are
well-equipped to make informed financial decisions in a challenging
economic environment.
About StrategicSource, Inc.
Most auto dealers lose large potential profits each month by
overpaying for expenses. Indirect expenses that are required to run
a business can cause auto dealers to spend 25% more than they
should according to research and the experience of our practice.
But when StrategicSource becomes your purchasing department, you
keep more of the money you make. StrategicSource will help reduce
unnecessary spending so you can put that money back into your
bottom line. They've helped hundreds of companies save millions. To
learn more about StrategicSource go to
https://strategicsource.com/.
Media Contact:
McKenzie Grimes
StrategicSource, Inc
(612) 227-4488
mgrimes@strategicsource.com
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SOURCE StrategicSource, Inc.