CASE STUDY - CATEGORY MANAGEMENT

Law Firm's Library Subscription and Information Resource Spend Managed.

1
Client savings in 7 months
70
Vendors
262
Users
Download as a PDF

CCM team applied their category-specific expertise to successfully manage a law firm’s library subscription and information resource spend, create controls and visibility into that spend and establish specific KPIs related to budgeting.

Objectives

The Firm faced an increasing challenge in managing its information resource spend due to the intricate nature of subscriptions and rapidly changing vendor offerings.

The firm librarians found it challenging to stay on top of the market, oversee a large pool of expanding services, and avoid steep annual increases and expensive new purchases. As a result, the firm’s library was consistently over budget.

Challenges

  • A growing challenge in managing its information resource spend due to the intricate nature of subscriptions
  • Rapidly changing vendor offerings
  • Large pool of expanding services
  • Limited competitive market knowledge
  • Consistently over budget

Outcomes

Optimized Subscriptions

The CCM team’s category and vendor management and product expertise allowed the firm to optimize its library subscription and information resource spend.

Large Savings

CCM’s efforts resulted in significant: seven-figure cost savings for the firm through the new CCM vendor management process, negotiating better contracts, and optimizing subscriptions.

Increased Visibility

The team’s work also resulted in greater visibility into the firm’s information resource spend, contract due dates; embedded best practices, and a robust vendor management process through an online engagement portal.

Improved Alignment

The CCM team became an integral part of the firm’s operations, working closely with decision-makers to ensure its spend aligned with its strategic objectives.

Solutions

  • The CCM team was brought in to establish the category management function for all library subscriptions and information resource spend.
  • We started by thoroughly analyzing the firm’s current spend and portfolio of information resources, identifying key opportunities to optimize. KPIs to monitor and evaluate performance were established, and a go-forward process was set wherein each subscription was evaluated, monitored and managed.
  • The CCM team worked closely with the IT and Library departments to ensure the process aligned with the firm’s technology requirements. We established savings targets with timelines to enable controls and spend visibility, providing decision-makers with real-time data and outcomes.
  • We negotiate final pricing plans and contracts with incumbent vendors. This allowed the firm to manage its information resource spend better and make more informed decisions.
  • CCM optimized portfolio of services to ensure minimum duplication and overall content.

Results

  • 16% cost reduction
  • $1M savings from renegotiation utilizing expertise
  • Removed unused services, optimized terms
  • Established KPIs to monitor and go-forward process to manage the portfolio of services
  • Established contract management system, as well as tools for analytics and reporting, for greater visibility of performance

Lets see what you can save optimize manage scale