In this new age of Digital Transformation, organizations today understand the importance of a seamless Procure to Pay process. This process governs how an organization fulfills its day to day needs from suppliers, supported by easy-to-use requisition/ordering systems, approval workflows and reimbursement systems. It ‘closes the procurement loop’ as it enhances compliance to procurement contracts…
In Part I of this series, “Does Maverick Spend Undermine your Indirect Spend“, we discussed how being a maverick can sometimes be good in business, but ‘not’ when it comes to procurement. Maverick spending is a major challenge for finance professionals, with recent studies showing that, on average, one-third of all purchases in organizations are…
In past blog entries related to Maverick Spend, we’ve really only discussed spend compliance and process compliance from an internal viewpoint, but suppliers (Supplier Compliance) are also part of the equation. When buyers use spend analytics to identify non-compliance, many root causes tie back to suppliers, such as: incorrect catalog/PO pricing relative to contracts incorrect…
What are UNSPSC and how are they used to perform MRO Purchasing Analytics? What is your role within your organization? The answer to that question will determine how you respond to the title of this blog. If you are a CEO or CFO, you may ask a follow-up question, …is my Buying Group using UNSPSC…
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