Centralizing purchasing to eliminate an average of $50k in monthly rogue spend
"Negotiatus has allowed us to essentially eliminate all unapproved spending"
Stefanie Teintze, Facilities and Property Management Specialist, CorePower Yoga
Health & Wellness
Over 200 locations nationwide
Average monthly rogue spend eliminated
Annual cash savings
Stefanie says, “we had no process or system to manage spend at all of our locations. Each location was making their own spend decisions and regularly going over budget. We had no visibility or control of spend, and invoice audits showed we were averaging close to $50k in unapproved spend monthly. To compound matters, because each location was ordering from dozens of vendors, our finance team was overwhelmed by the amount of invoices they had to process resulting in late payments.”
“We decided to move forward with Negotiatus because it was easy to use and learn. There were also numerous customization options to fit our needs,” adds Stefanie.
CPY first started using the Negotiatus platform within their Facilities department for special orders and studio remodeling projects. “Soon after getting comfortable with the platform and seeing the potential for their supplies program, CPY worked with the Negotiatus team to build out customized controls, approvals, and consolidated invoicing. Shortly thereafter, we were utilizing Negotiatus as our main supplies ordering platform for all CPY studios.” Stefanie says.
In a short amount of time, CPY was able to take a completely decentralized purchasing process that involved hundreds of purchasers and dozens of vendors and bring it all on to Negotiatus.
Using Negotiatus, CPY implemented a system where instead of each individual store manager deciding what to purchase on their own, every purchase made at any CPY studio would be routed to Stefanie for approval.
“By implementing controls and approval processes, Negotiatus has allowed us to essentially eliminate all unapproved spending, which had gotten as high as $50k per month,” Stefanie explains.
Smarter spend decisions, $11,000 in monthly savings on products
Having the right data readily available is key to making smart decisions for any company, and Stefanie knew this was missing prior to implementing Negotiatus. “Now that we have order visibility with Negotiatus, we can run reports and review analytics to better project future spend based on past and current ordering trends. This has been extremely useful for purchasing PPE throughout COVID,” Stefanie says. Even better, through Negotiatus’ Strategic Sourcing, CPY is saving upwards of $11,000 per month on the products they purchase, more than they spend on the platform itself!
Less time spent on AP
Time spent on AP is a real cost for any finance department. At CPY, Stefanie explains that “Because we had so many separate vendors and orders, this resulted in separate invoices which created additional work for AP. Our AP department then had to process numerous invoices weekly, with differing payment terms per vendor.” With Negotiatus, CPY now receives one invoice from Negotiatus across all of their vendors, drastically reducing the burden on the finance team.
With one person overseeing the purchasing for nearly 200 locations, Stefanie knew she needed a true partner in delivering quick, accessible support. She found this in the Negotiatus support team. Stefanie adds, “we also utilize the Negotiatus support team when the occasional order issues arise, things like missing tracking or missed deliveries, and they work the issue out with the vendor directly on CPY’s behalf. Having the support team available is a huge help and saves me from having to be the single point of contact for questions and order support.”
Words of advice from Stefanie
“I’d say go for it.”
“The platform itself is incredibly easy to use and even if you are not tech savvy, it is very intuitive! The cost savings, order visibility, and linked tracking are already huge benefits, but the additional client support and customization options for controls, approvals, and invoicing is what makes Negotiatus so great! I’d say go for it.”
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