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Bicara Supply Chain
184. Making savings from better contract management
Oct 1, 2022
Richard Martin, founder of Thinking Machine, discusses cost savings through improved contract management using AI technology. Topics include overlooked procurement leaks, benefits of better contract management, and the impact of technology on SME contract management.
17:22
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Quick takeaways
- Align negotiations with business needs to prevent overpayments for cost savings.
- Artificial intelligence in contract management enhances pricing optimization and identifies cost-saving opportunities.
Deep dives
Improving Cost Savings Through Better Contract Management
The podcast discusses the significance of improving cost savings through enhanced contract management. Richard, the founder of Thinking Machine, shares insights from his telecom industry experience where understanding complex contracts led to significant revenue efficiencies. He emphasizes the importance of aligning negotiations with actual business needs to avoid overpayments. Implementing systems for ongoing contract verification and tracking invoices can lead to 25% greater cost savings.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode