Spend Management
Learn how to develop a spend management strategy to lower procurement costs, improve efficiency, control spend, and gain better visibility.

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Vendor Management
The Complete Guide to Vendor Sourcing
Every procurement team has favorite vendors — the suppliers that always go the extra mile, give consistently competitive pricing, and make the purchasing process easier. Finding those vendors isn’t a matter of chance. These relationships are the result of careful selection, good communication, and continued partnership. Looking for vendors to fulfill procurement needs can be […]

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Spend Efficiency
How Spend Efficiency Is the Next Evolution of Spend Management
In the face of current economic challenges, merely managing expected spend is no longer enough. Teams are being asked to do more with less through tightening budgets, restructuring departments, and losing headcount to downsizing. To keep organizations on track through this instability, finance teams must continuously commit to increasing spend efficiency by getting the most […]

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Spend Management
Addressable Spend: Your Guide to How To Optimize It
As a best practice, your procurement team should have a hand in sourcing and purchasing the supplies, services, and goods your company needs to thrive. A well-run procurement organization sets strong procurement policies, optimizes company spend, secures the supply chain, and ensures your spending initiatives yield the best results. They handle what is called “addressable” […]

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Procurement
Understanding Spend Under Management in Procurement
Finance and Procurement leaders dread the end-of-month (or end-of-contract) surprises lurking on corporate cards and in expense reports. Even when the purchases are deemed necessary, they often escape compliance and legal review. They also make it more difficult to achieve spend optimization objectives because they lack the leverage of well-managed negotiations. Getting spend under management […]

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Vendor Management
7 Ways to Avoid Vendor Fraud (and How to Spot It)
Keeping an eye on a company's money goes beyond simple cash accounting. In the digital era, instances of fraud from third-party vendors are on the rise. As fraud schemes become more sophisticated, fraud prevention methods must become more diligent. Fraudulent activity costs companies thousands of dollars in lost cash, legal fees, and diminished financial power. […]

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Spend Management
How to Best Manage Indirect Spend
Procurement teams are continually challenged to align spending with business goals. One of the most important places for Procurement to start is with indirect spend. This may look like right-sizing a service contract to curb costs or seeking more competitive materials costs to bolster profitability. While the sums for these transactions may fly under the […]