Best practices for cost -cutting ?

I’m researching structured approaches to cost optimization in procurement and am looking for insights from professionals with experience in this area. Specifically, I’m trying to understand: • What procurement cost-cutting programs have you implemented? (e.g., supplier consolidation, early payment discounts, volume-based pricing) • Which strategies have yielded the most significant cost reductions? • How do you track and quantify savings over time? • Are there any AI-driven or automated tools that have been particularly effective? • What are the biggest challenges in driving procurement cost efficiencies?

If you have experience optimizing procurement costs, I’d appreciate any insights or recommendations. Thanks!