Three Key Spend Control Areas of Focus for 2017

Charlotte Sutton
Charlotte Sutton,
With 2016 almost over, and Christmas just days away, the festive season is well and truly in full swing. 

You may be one of the last few remaining people left in the office, finishing things off and preparing your plans and strategy for the new year. If so, sit back and have a read of this short article where we share three basic key areas you should be focusing on for your 2017 Spend Control planning.
1. Reducing the overall cost of purchased goods and services. This includes:
  • Gaining the best possible value for everything you buy.
  • Eliminating unnecessary and improper purchases.
  • Ensuring only accurate invoices are paid.
  • As well as, improving the efficiency of Procurement, Accounts Payable, and everyone involved in the purchasing process.
2. Improving financial control, this can be done by: 
  • Ensuring compliance and corporate policies.
  • Maintaining clear visibility of the cost pipeline and its impact on budgets.
3. Mitigating risk, which includes:
  • Maintaining transparency in the sourcing process.
  • Properly qualifying new suppliers.
  • As well as, effectively monitoring supplier performance and compliance.
So now we have got you thinking about these three key areas for consideration in 2017. You may be asking yourself, what do we really mean when we say Spend Control?

Spend Control is the term we use for the enterprise-wide business process focussed on achieving the above. It can tackle a wide range of inter-related activities from procurement functions such as supplier management, sourcing, and contract management; to daily purchase-to-pay activities such as employee purchases and purchase requests, purchase authorisations, purchase order placement, invoice receipt and processing, and payment authorisations.

And, what really is eProcurement?

eProcurement is the term we use for the information systems that also support the above. PROACTIS solutions can help users streamline and standardise every aspect of Spend Control. PROACTIS can help organisations identify their best opportunities for savings, and enable them to realise the greatest benefits in a short amount of time. 

If you are wanting to get to grips with savings opportunities in 2017, and further understand the tools which can assist you with your specific planning objectives, then check out our online tool
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