A Checklist for Procurement Teams to Overcome Purchasing Challenges and Gain Significant Savings

Unmanaged spend, inefficient process, non-negotiated contracts and many other issues can cause procurement teams to overspend. Even if procurement teams are able to stay within budget and generally do a good job of controlling spend, the rise of automation, analytics and other areas of technology can help even the best procurement teams find savings.

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checklist for procurement teams

Spend Analysis

While tracking spend data provides a good
foundation, you need to be able to analyze the data that you’re tracking. However, many
companies have yet to set up the tools and processes needed to dive into their spend data and spot trends that can be used to implement efficiencies.

This analysis does not always need to be overly in-depth, as you might be able to easily identify issues such as going over budget without any analytics tools. Ideally, however, you can go deeper to analyze spend data and find savings opportunities such as by using a real-time analytics platform that can spot maverick spend as soon as it occurs so you can then prevent future occurrences.

Prioritize adding analytics tools and talent that can provide...

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