Among the most common spending strategy problems highlighted by Keith Copestake, from procurement advisory network Expense Reduction Analysts (ERA), is that businesses do not have a dedicated procurement specialist in place and those that are in place are often unwilling to consider other options.

He said: "They often think they are already getting the best deal. Specifically in the print industry they commonly have good, long-term relationships and trust their suppliers, so they don’t necessarily look at what is going on elsewhere in that marketplace."

Copestake said one Tetford printer reviewed by ERA achieved a 27% reduction in its telecoms bills and a hefty rebate after it discovered that the supplier was charging them the wrong tariff.

Meanwhile, the network identified a 29% saving in transportation costs at UK print and publishing firm Charlesworth Group, with a staggering 21% saving on paper. In total the company saves £172,000 annually as a result of its spending review.

On the supplier side, Copestake said that since working with ERA over the past six years, paper manufacturer Arjowiggins had made annual savings of £75,000 on stationery, £77,000 on consumables procurement through implementing a new ordering system and a 30% reduction of the cost of its pallets.

Copestake said that suppliers were often threatened by their clients undergoing spending strategy reviews, but added that this was the wrong attitude to adopt.

"Some businesses can be closed-minded and see it as a threat, but it is an opportunity for them to review their own suppliers and make sure they are getting the best deal from them.

"Not only could they pass on some saving to their clients, but they can save some for extra profit and become more competitive when they are quoting for new business."

ERA’s network of analysts is made up of specialists from a variety of industries who work together to help board-level personnel to review specific areas within their companies’ spending strategies, such as print procurement, transportation or telecoms costs.

Copestake joined the print industry 30 years ago as a darkroom technician and now advises printers, their clients and their suppliers on reducing costs through improved procurement strategies.