The city of Chicago will work with Accenture for a comprehensive review for $500 million worth of contracts with the promise that the city will see $25 million in savings by 2013. Dubbed a "procurement modernization initiative," the Chicago-based company will also use the analysis project as a training effort for city employees.

Using the completed review, Accenture is also then responsible for getting a better deal for the city --including renegotiating and re-bidding with contractors, as well as coordinating combined purchases for bulk prices. The city spends $2 billion on goods and services.

Accenture, in a similar capacity, has saved $140 million for the state of Pennsylvania and $30 million for the state of Ohio. And after Chicago taxpayers are paid out, Accenture will then be paid 10 percent for the first reviewed $70 million and a smaller percentage there after.

Mayor Richard Daley had also pushed for contract negotiations but few contractors stepped up to voluntarily renegotiate their own deals. Experts believe Mayor Rahm Emanuel's effort with Accenture will be more aggressive and effective.