In today's competitive 🥊 business landscape, companies are constantly looking for ways to gain a strategic advantage and increase their bottom line. While many procurement organizations focus on direct spend categories such as raw materials or production equipment, there is an often overlooked area that can bring significant cost savings and add value to the company - indirect spend. With there being only a few 🗓️ weeks left in 2023 and some org's are currently in the midst of internal performance reviews....🚨 now is the time to start preparing for your Q1 2024 if you haven't already.

As we know our procurement and supply chain friends know, indirect spend refers to the purchases that are not directly related to their core business operations. This includes items such as office supplies, IT services, travel expenses, and professional services. While these procured goods and services can fall within tail spend, in comparison with direct spend categories, they can add ➕ up to a significant portion of a company's overall budget because they can easily fall out of spend under management.

One specific area within indirect spend that is often overlooked is printer cartridge supplies. These small consumables may seem insignificant by looking at individual costs, but they can actually have a big impact on a company's bottom line. By reviewing their printer cartridge procurement process, indirect procurement teams can identify cost savings opportunities, improve the overall efficiency of their print needs, and even add additional value in other ways too.

Reviewing indirect spend categories allows procurement teams to also focus on supplier 👨🏻🤝👨🏽👩🏼🤝👩🏽 diversity, ESG ♻️ and corporate 🌎 social responsibility efforts too. By working with a diverse range of suppliers and taking into account their sustainability practices and whether they can verify - for example - that no forced human labor or human trafficking lies within their supply chain (and thus your own supply chain as a pass through) companies can not only reduce risk but also contribute to a more socially responsible supply chain, which overall can have a positive impact on the company's reputation and brand image.