When does a ten dollar widget not cost ten dollars? When the total cost of ownership includes “hidden” charges that outweigh the savings you thought you may be achieving.
This was a fundamental lesson in a recent webinar from Public Spend Forum featuring special guest Todd Snelgrove. While governments around the world are mandated to buy best value on behalf of their customers and citizens, many procurement professionals fail to understand that costs and savings go far beyond what’s on the price tag.
Too often, procurement is seen as simply an expenditure, but with the right tools, training, and latitude it can actually be an investment. Todd has conducted significant research into this area and applied his lessons learned to public and private organizations. We were thankful to have his time and energy for our session, where he conveyed how advanced companies and even government organizations are using a systematic way to choose, measure, and reward suppliers that help them realize the most measurable value from procurement.
In fact, it goes beyond simple cost savings. Watch the recording for a deep dive into real-world examples of how and why to choose and measure suppliers differently. You’ll learn from the experiences of others and avoid the unintended pitfalls that come from ignoring life-cycle costs when you discover the power of Total Profit Added™ (TPA). During the one hour session, Todd shared new procurement strategies to help you negotiate TPA™, the checklists you can use, and how to measure the value you help create. For more great content from Todd on how your agency can leverage TPA in your procurement, check out these great white papers from Experts In Value.