BLOOMINGTON, Minn., July 29, 2024 -- StrategicSource, Inc. has been working to obtain benchmarking data since its founding in 2000. Today they announced they've officially obtained 24,600 benchmarking data points which are continuously updated.
As a spend management expert, StrategicSource gathers key financial benchmarks in the following areas:
- Indirect Expense Categories – Over 200 categories of consistent indirect expenses.
- Category Spend Benchmarks – Data showing what organizations spend annually by expense category based on size and revenue band.
- Price Benchmarks – Competitive pricing at the item and service level for thousands of categories, from office supplies, to waste, to credit card processing and more.
- Supplier Audit Benchmarks – Benchmarks showing price compliance and reliability for many of the largest local, regional, and national suppliers.
StrategicSource categorizes its benchmarking data into two distinct areas: price benchmarks and spend benchmarks. They have accumulated a comprehensive database of 24,000 pieces of price data and 600 spend benchmarks. This extensive data collection equips StrategicSource with critical insights into the supplier industry, enabling them to assist their clients in achieving significant cost savings.
This data allows StrategicSource to advise clients interested in reducing costs and improving bottom-line profitability, what they should spend at a category and item level, and which suppliers are dependable and compliant with contracts and pricing agreements.
This data is acquired through new and continued strategic spend analyses of client spend data, by quoting thousands of items with various suppliers, and finally auditing suppliers for price and contract compliance.
"Gathering this data is at the heart of what our company does," says CEO Stephanie Fowler. "Showing this benchmarking data to our clients turns on the light, and they realize they've been overpaying on expenses. Once they have access to this information it opens a door of opportunity for savings and profit improvement, and that's what we help them achieve."
StrategicSource's clients are primarily made up of auto dealerships across the country, along with other vertical markets. With high interest rates on their mind, cutting costs on expenses and improving profitability are a top priority. The information StrategicSource possesses is vital for dealership profit improvement.
StrategicSource's comprehensive benchmarking data continues to be an invaluable resource for clients seeking to optimize their expenses and enhance profitability. The company's dedication to providing actionable insights ensures that clients are well-equipped to make informed financial decisions in a challenging economic environment.
About StrategicSource, Inc.
Most auto dealers lose large potential profits each month by overpaying for expenses. Indirect expenses that are required to run a business can cause auto dealers to spend 25% more than they should according to research and the experience of our practice. But when StrategicSource becomes your purchasing department, you keep more of the money you make. StrategicSource will help reduce unnecessary spending so you can put that money back into your bottom line. They've helped hundreds of companies save millions. To learn more about StrategicSource go to https://strategicsource.com/.
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