Beroe periodically runs benchmarking polls among Beroe LiVE members on various parameters such as accounts payables, cost savings targets and so on. Our Procurement Community has recently voted on the Payment Terms that they offer to their suppliers.
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Besides traditional methods, cost savings can also be achieved by designing the best contract terms with the suppliers. The best terms can be identified with the help of cost models and cost indices.
We ran a poll among users of Beroe LiVE, a community of thousands of Procurement decision makers, to find out their expected percentage of cost savings in their respective spend areas for the financial year 2018.
With timely recruitment, continuous monitoring, and shorter cycle times being key to the success of a clinical trial, benchmarking has become more important to the industry, and the practice has a large impact on cost, quality, timelines, and a sponsor’s brand name.
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