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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 growing footprint, global travel and meetings spend management are also becoming increasingly important," Lee said, adding that meetings initially were estimated 25 percent to 30 percent of total Tunken travel spend.
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