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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Are your finance operations bogged down in paper and invoice processing delays? Today, as we pause to consider Earth Day, one way that procurement and finance organizations can make a positive impact on conservation and waste reduction is to move to eInvoicing, or paperless invoicing. According to research from Hackett Group, SharedServicesLink.com and others, large organizations process over 10,000 invoices annually per A/P FTE. This is a massive amount of paper. In real terms: 10,000...
Do your procurement problems have you feeling like you’re stuck in the mud? (Pun intended.) Trying to navigate your indirect spend with numerous suppliers, thousands of component parts, and multiple locations and buyers is sometimes like being trapped in a traffic jam. The good news – innovative technology solutions can clear up those bottlenecks and make your procurement journey a whole lot smoother. Whether you're a CPO, sourcing manager, or corporate finance professional, watch the...