Spend Management

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 […]

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 […]

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” […]

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 […]

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. […]

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 […]