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It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. We normally now refer to the first step as spendmanagement and we use spend analytics technology to aggregate and explore spend data.
From reducing waste and containing costs to mitigating risks such as procurement fraud and inflated expenses, procurement’s insights and expertise can help businesses navigate some of their most pressing challenges. All this combined is a recipe for end-to-end operational inefficiency.
Because procurement teams provide critical insights to inform businessstrategy , identifying opportunities to cut costs is one of the most important ways they do this. Procurement teams also share crucial data and information that business leaders need in order to make choices, set strategy, and remain competitive.
This process grants transparency and visibility into purchase orders and approvals to a sometimes surprising degree. Businesses, therefore, should select the product that best aligns with their procurement requirements and businessstrategy. The features of these solutions can vary widely.
Problem: maverick spend and unmanageable spot requests Recurring emergency purchase requests Poor purchase policy and company alignment Non-compliant purchases repeatedly slip through Solution: centralize, standardize, and automate Pipefy centralizes all communication to give every stakeholder a common, single source of information.
The industrial revolution in the 18th and 19th centuries marked a significant turning point, as businesses started to realize the strategic importance of procurement. Today’s spend analysis tools are cloud-based platforms that provide end-to-endspend analysis capabilities.
Cristian Maradiaga King Ocean Book a Live Demo Download a free copy of "Indirect Spend Guide", to learn: Where the best opportunities for savings are in indirect spend. How to gain visibility and control of your indirect spend. How to report and analyze indirect spend to identify savings opportunities.
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