Spend Management

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 […]

Money management determines any business's long-term success. Yet many companies fail to do this well. They operate in a cycle of feast and famine, which leads to uncontrolled spending that saps financial strength.  This continues until a business's financial health reaches a tipping point. At this point, many organizations slash costs to make it through […]

Controlling indirect spending is one of the most impactful activities a business can undertake. Although managing this spend category can be difficult, many cash flow and financial issues faced by small and medium-sized businesses can be corrected through employing proper methods and processes.  Spend analysis is the cornerstone of this aspect of budgetary control. It […]