Lifecycle IndexTM Lite
Calculate your savings
Lifecycle has worked in these spend categories for more than a decade, so we have the benchmark data and market knowledge to give a confident estimate of where you can find savings.
The Lifecycle Index Lite
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About the Calculator
Below you will find some of the most common questions about the calculator. If you have any further questions please contact marketing@rethinkgroup.co.
What is Contract Structure?
This section aims to drill down into your spend to understand how it is made up in terms of procurement channel.
Spend on contract indicates how well controlled the category is within an organization (assuming that the use of contracts is well enforced).
Contracted spend allows for competitive re-procurements to be run at the end of a contract term and drives competition throughout the category. Conversely, a large amount of non-contracted spend can also give rise to opportunity through spend aggregation.
Lifecycle considers each customer spend category and provides opportunity assessment and procurement plans based on many factors, some of which we have included in the calculator.
What is Organisational Structure?
This section looks to identify potential opportunities by getting a better understanding of the make-up of procurement, its end users and the contract management structures in place.
We assess the number of procurement staff in your organisation against the category of spend and the number of end users that those staff serve. Whilst some areas will have a low number of end users, perhaps just one, the category can be of such importance that it would benefit from multiple procurement staff to manage it.
We all know that a new contract is only as good as how it is used and managed post-procurement. That is why at Lifecycle, we take a ‘cradle to grave’ approach in establishing and then actively managing contracts over their life. We have invested heavily into our contract management and SRM resources to deliver this for all of our customers, leading to benefits and savings through the contract term.
Why is the calculator not working?
If you have any issues with the calculator or do not receive your result please contact marketing@rethinkgroup.co.
How does the calculator work?
When approaching Contract Management we employ a blended approach of market competition, spend aggregation, demand optimization, supplier performance management and digitization, amongst other factors, to identify and deliver savings and improved value throughout the contract lifecycle.
We have been doing this for over 15 years and have used this experience, alongside our benchmark data and market knowledge to develop a methodology that we can apply to your data. The calculator uses these factors to give you an estimate of your potential savings and efficiencies.
We accept that individual circumstances will be different but we find that the scores generated from this calculator serve as a useful starting point for discussion around contract management in your organisation.
You can find out more about Lifecycle’s approach to contract management here. If you would like to speak to us contact james….
When will I get the results?
A potential savings figure will be generated instantly upon completion of the calculator. Lifecycle will then review your responses to provide more detailed guidance on where the greatest opportunities lie and how you might achieve those savings.
What is the Lifecycle Index?
The Lifecycle Index™ is a unique diagnostic tool that delivers a clear understanding of how well contracts are managed today – both on a contract-by-contract basis, and across the organisation.
The Lifecycle Index™ is a measure of the amount of effort and focus an organisation should spend on each contract, based on an algorithm of spend, risk and complexity. This is done to maximise investment and opportunity and to stop value leaking away.
The calculator on this page applies the same principles as the Index, but in a more streamlined way to generate an instant, and indicative potential savings figure.
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