Using Data Analytics to Manage GNFR Expenses and Improve Profitability
Uncovering potential savings in GNFR (goods not for resale) expense has become increasingly important, as many US retail and CPG companies have encountered constrained profit margins as a result of the Covid-19 pandemic. Titled “Using Data Analytics to Manage GNFR Expenses and Improve Profitability”, the findings in our co-authored study are derived from a February 2021 Coresight Research survey of 220 executives at North American retail and CPG companies.
Leveraging findings from the survey, we present insights and discussion around the following topics:
- Retail and CPG companies’ overall GNFR spending as a percentage of total costs
- Current focus on GNFR expenses for potential cost savings—and what changes organizations made to manage these costs due to Covid-19
- The potential of GNFR savings to lift profit margins
- Top challenges faced by retailers and CPG players in managing GNFR spending
We also discuss how services and technology solution providers can help businesses reduce GNFR expenses, with discussion of the following:
- The impact of data analytics on GNFR cost savings
- Benefits of spend analytics platforms
- Importance of procurement and sourcing strategies—and key areas where organizations are using procurement analytics
- Outsourcing GNFR management functions to solve profitability challenges—with case studies
To get a deeper understanding of how improved spend and data analytics can provide your organization with a significant profitability boost, check out the full report at coresight.com, or view and download the full PDF below.Using Data Analytics to Manage GNFR Expenses and Improve Profitability
LogicSource was purpose-built to drive profit improvement for their clients through better buying. LogicSource focuses exclusively on the sourcing and procurement of goods and services not-for-resale, which typically represents 20% of a company’s revenue and the area of greatest spending inefficiency. Tested time and again in the marketplace, their proven engagement model builds profitable partnerships that achieve 4-15x ROI.