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Public Sector: 4 things to consider when making savings

We're sharing tips on how to make a penny stretch to a pound while meeting key targets.

On the 6th March, the chancellor Jeremy Hunt will deliver his Spring Budget and many within the public sector will be waiting with bated breath in anticipation. Councils are currently facing mounting pressure and difficult decisions on valued services, along with increasing council tax, fees, and charges during the cost-of-living crisis. Ahead of the 6th March announcement, we’ve put together 4 considerations to make when aiming to make public sector savings.

Our first tip is to review suppliers to ensure that the most appropriate and compliant services are being used; this involves evaluating whether the suppliers are meeting the required standards and providing good value for money. It may also involve identifying areas where new or alternative suppliers could offer better solutions or cost savings. Additionally, councils may find that joining a centralized purchasing group or consortium better aids them in providing contractual strength to assess prices, services, and technologies that they may not otherwise have the chance to. Learn more about our partnership with The Libraries Consortium.

Another important tip is to evaluate credit card spending. This can often fly under the radar and result in multiple suppliers providing the exact same service, leading to unnecessary costs. By identifying these areas of overlap, public sector buyers can save money and streamline their procurement processes.

Assessing suppliers' CSR strategies is also crucial. This involves evaluating how the suppliers align with the business and the values of the organization which can help to build a real partnership between the buyer and the supplier, leading to greater efficiencies and cost savings.

Finally, holding regular supplier account review meetings is essential to monitor savings plans, efficiencies, and spend data. By reviewing spending data and recognising areas for improvement, public sector buyers can identify ways to optimize their procurement processes and reduce costs.

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