Following our recent Top 9 challenges facing spend management professionals in 2019
feature we also asked senior Finance and Procurement professionals during Proactis ReThink ‘18 about the challenges their organizations
are facing in 2019. Again, we saw synergies between the challenges facing different types of organizations, regardless of their size and the sector that they operate in.
Challenges organizations face:
- Removing manual intervention on invoices sent to the organization
Manual intervention in the invoicing process, and the associated direct and indirect costs of traditional manual processing, are just not necessary anymore. Technology to eliminate the great majority of the paper handling is available, affordable, and easily implemented within the context of existing financial systems. And the benefits go far beyond cost reduction.
Learn more about Proactis’ step-by-step approach to invoice automation
- Compliance and removing maverick spend
Maverick spending refers to purchases made within an organisation that are not in accordance with negotiated contract terms. Many organizations encounter this, whether it’s due to unauthorised spending, out of date, incorrect supplier information, or employees not having access to pre-approved pricing and terms.
Increase on-contract spend and ensure use of approved suppliers
- Standardizing systems, processes and policies across a fragmented global business
Improving an organization’s spend management processes across geographically-dispersed locations, multiple business units, or operations in multiple countries can be challenging. Identifying the right combination of centralised, decentralised, and virtual business functions and the ability to leverage full buying power without losing the advantages of local sources are just two of these challenges.
See how you can manage spend across multiple locations
- Integration into one system
The ability to accurately uphold important company information and ensure data integrity is critical for most businesses. Typically, large and growing businesses with multiple disparate systems find it difficult to move and access data, making them slower at identifying important business information. This particularly applies to spend management.
Read how Mears Group has increased Accounts Payable efficiency by 500% by integrating into one system
- Having to do more with less
Budgets are tight across most businesses. Removing spend and waste has never been more important. With Procurement departments under increasing scrutiny to deliver cost savings, the need to do more with less (less staff, less money) is vital to an organization’s success.
Learn how a Police Authority has improved cashflow and delivered measurable savings
- Demonstrating the value delivered following the completion of a tender activity
Achieving the best deal for an organization – and being able to demonstrate it to stakeholders – depends on the ability to continually seek out and report on additional savings and benefits throughout a contract lifecycle. The search for added value doesn’t end with the completion of the procurement process.
Find out how to track, demonstrate and maximize added value
Proactis is committed to helping organizations to rethink how they buy and sell all types of goods and services to deliver greater bottom-line value. If your organization is facing any of these challenges, and are interested in finding out more, contact us today.