Is your organization ready to take on indirect spend?

This quiz goes through some of the key procurement strategies and technology capabilities that you need to successfully tackle indirect spend. To get your grade – just answer the questions below, tally them up, and discover if your organization has what it takes.


IndirectSpendQuiz

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If you didn’t answer yes to everything, check out our educational whitepaper to learn more about integrating AI technology into your organization and see which vital procurement strategies you can implement to start driving results now.

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Webinar

On-Demand: Digital transformation’s effect on maverick spend

Reducing maverick spend is one of procurement's biggest challenges. Luckily, digital transformation is happening. Specifically, advanced technology has the potential to solve this and many other procurement problems. Want to find out how? Watch our webinar featuring Institute for Supply Management’s (ISM) Managing Director of Global Operations, Lane Burkitt, and our Chief Strategy Officer, Steve Griffiths! What you’ll learn Why maverick spend is a problem for procurement organizations Ways that emerging technologies can reduce maverick...

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Sourcing

Strategic Sourcing by Managing Tail Spend, Maverick Spend, and Spot Buys

Procurement and purchasing activities and improved spend management have always been competitive factors for an enterprise. Managing key supplier relationships and costs contribute directly to bottom-line profits. Controlling indirect procurement spending can introduce various cost-saving opportunities and help organizations improve their operating costs. Three areas in which companies try to curtail their procurement and purchasing costs are reduction in spot buys, controlling the maverick spend, and managing tail spend. Each one can be optimized to...

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Procure-to-Pay

Spend Under Management Part 3 of 4

In our last post. we discussed adopting spend under management (SUM) and the first of five principles. Here are the other four: 2) Purchase through a formalized requisition to purchase order approval process. The purchasing processes of an organization should be governed by policies and procedures that are complete and enforced universally. Simply having them in place is a starting point but the key issue is enforcement. Are all the spend areas incorporated? Does my...

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