Overcome Procurement Challenges to Gain Significant Savings: A Checklist for Finance Teams
As hard as finance teams work to forecast budgets, implement purchasing controls, maintain frictionless expense management processes, etc., issues such as maverick spend can quickly derail these efforts.
Budget and Risk Analysis
With strong spend visibility, finance teams can more easily see how they’re tracking against budgets, but they also need to be able to gain insights from this data. Finance teams frequently face the challenge of trying to forecast accurate budgets and manage risk while sometimes accounting for factors that can seem outside of their control.
For example, if a vendor stops delivering on time, procurement teams might switch to a more expensive yet more reliable vendor. To overcome these challenges and keep costs and risks under control, finance teams should have...