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While juggling decentralized requests, surprise renewals, and one-off contracts, enforcing policy and staying on budget is no easy feat. However, when left unchecked, mismanaged indirect procurement can cost a lot of money, pose audit risk, and a lack of transparency into who’s buying what – or why.
Here’s a breakdown of the shifts over this period: 2011: Procurement as a Tactical Function Primary Focus on Cost Savings : In 2011, CFOs largely viewed procurement as a cost-control function , tasked with negotiating contracts, reducing spend, and maintaining compliance with budgets.
4] Automated Supplier Management is the New Standard: From onboarding to performance monitoring, automation tools are improving accuracy, compliance, and vendorrelationships while easing the administrative burden. [5] Dashboards and integrated analytics help identify bottlenecks, reducecosts, and make it easier to flag issues early.
For example, the vendor might have a bad financial record, legal issues, or a history of poor service. Checking these details early means you won’t face unexpected losses, fraud, or interruptions in your supplychain later on. Long-term cost savings are achieved by keeping your projects within budget and on schedule.
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