In my experience, juggling cost-saving initiatives with multiple vendors requires a strategic approach to ensure maximum efficiency. For instance, I once consolidated services across vendors, negotiating bulk discounts and streamlining contracts to eliminate redundant costs. One thing I've found helpful is regularly reviewing vendor performance and pricing, ensuring you’re getting the best value. A common mistake is focusing solely on cost-cutting without considering service quality. By aligning vendor capabilities with your long-term goals, you can achieve both cost savings and operational efficiency.

In my perspective, supplies segmentation, proper analytics of category management and finding out the key spend where a team of experts including tech if work dedicatedly can deliver best efficiency & quick results with in set timeline.

Cost saving can be incremental or radical, in certain cases. Maximum efficiency while undertaking such initiatives can be derived by looking at the projects holistically, involving all the stakeholders, combining volumes, assessing complete relationship with the vendors, identifying value adds, removing non productive steps in the process, planning long term returns, building contract management framework, defining metrics for measuring performance etc. While meticulous planning is important, it is equally important that the same is implemented effectively. Post implementation, it is crucial to monitor success of such initiatives over a period of time to ensure that efforts have translated into desired results and the same has stabilized.

Vendor consolidation is the best way toward cost saving and ensure maximum efficiency. You should look for vendors who can give you multi services to cut down on number of vendors. This helps you to efficiently monitor, manage required deliverables and outcomes. Building strong vendor relationships based on mutual trust will build accountability and long term association.