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You can use multiple levers to reduce your procurement costs. One commercial lever, often referred to as a "quick win", is to renegotiate your existing contracts.

The Kraljic Matrix is a useful tool ​​when defining relevant procurement levers for the different categories. Let's take a closer look on how to address strategic categories.

Many organizations talk about category management, yet relatively few have implemented this strategic approach to procurement. Implementing category management may seem challenging, but our experience suggests that a few, basic principles can take you a long way.

Classifying, or categorizing, spend provides you with more control, better overview and detailed insights. In addition, it's a vital part of category management and strategic procurement.

Are you developing a category strategy, but not sure where to start? Follow these six steps to create an action-based category strategy for your company.