Sourcing Tip #4: Examine all your third party spend and start renegotiations now

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You don’t need to wait for contract renewal. Certain providers and vendors do not automatically adjust when you cut staff or volumes, but they’re clearly applying less resources to your account after reductions occur. Ask for some of that margin back in reduced invoices. Even if you haven’t had a layoff or reduced transaction volume, this may be the time to ask for a service invoice reduction from every one of your major providers.