Home | Business News | Browse by Publication | B | Business Travel News

Procurement methods save time, money.

Publication: Business Travel News
Publication Date: 06-NOV-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Procurement-driven policies and a new technology tool this year have helped industrial technology company Timken reduce per-meeting expenditures by an average of 20 percent, compared with hotel rack rates, and plan and source meetings 20 percent faster--all within one year of implementing the policies, the company's head of procurement said.

Timken does not yet have a dedicated meetings policy, but two new procurement policies already are having an effect on sourcing meetings. The policies centralize all contract-signing authority to a single source in the procurement department and mandate use of the corporate T&E cards for any purchases, with nonreimbursement as a consequence of noncompliance.

Steven Lee, general manager of global indirect purchasing for Canton, Ohio-based manufacturer of highly engineered bearings, alloy steels and related products, said meetings expenditures have doubled in the past two years thanks to aggressive growth of the company.

"Because of this continuously...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!



More articles from Business Travel News
LCC growth roils Asian distribution., November 06, 2006
Demand drives room-type availability rate., November 06, 2006
Reporter's notebook: ACTE announces leadership transition, goes Green ..., November 06, 2006
IRS increases vehicle reimbursement rate., November 06, 2006
Hoteliers push minimum-night stays in negotiations., November 06, 2006

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.