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Budgeting Process: Steps and Best Practices for Planning a Budget

Planergy

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Using financial tools can help save time and resources while improving accuracy in the budgeting process. Why is Business Budgeting Important? Business budgeting plays a crucial role in the financial success of a company.

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Your procurement compliance and risk management checklist

Bonfire

Keep reading for a checklist to help you optimize procurement compliance and internal risk management. Educate on the benefits to both them and the organization if the rules are followed—such as spending budget efficiently, increased transparency, avoiding legal issues, streamlined workflows, etc. Everyone has to buy in.”

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The business case: how to get a budget for procurement tech

The Procuretech Podcast

How to get a budget for procurement tech This episode delves into the evolving procurement technology market, highlighting a trend towards niche solutions tailored to specific industries and geographies, driven by the unique procurement needs across sectors and regions.

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New Year Insights for the procurement solutions and services marketplace 2024: Riskonnect

Spend Matters

Risk management will evolve with emerging risks Businesses are bracing for another challenging year ahead as an influx of threats hits the enterprise. This is a dramatic increase compared to recent years when chief risk officers were much less common. Economic uncertainty still looms.

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Procurement Tracking – Everything You Should Know

Procurement Tactics

Budget and Cost Control Procurement expenditures, monitoring variations in the cost and identifying opportunities for savings, and avoiding unnecessary costs shall be monitored in accordance with the approved budget. Risk Mitigation In risk management, there is a key role to be played by procurement monitoring.

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Deloitte Global CPO Survey 2023 — A focus on digital maturity and how to get there

Spend Matters

When asked how CPOs would spend additional budget, the ‘Followers’ in the survey said their first choice would be hiring more FTEs, whereas the leaders or ‘Orchestrators of Value’ (who have more fully implemented automation) cited analytics as a priority investment (with external intelligence second). in the 2021 study to 10.9%.”

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What does a Procurement Manager do? Job Description, Skills, and Qualifications

Arkestro

Procurement managers play a key role in this rapid growth, helping organizations optimize costs, negotiate favorable terms with suppliers, and ensure financial efficiency. The best procurement managers are masters of risk mitigation and budget management, while also maintaining high quality standards and a competitive edge.