getty With 2023 well underway, an uncertain economic landscape is prompting business leaders to carefully assess their budgets and reduce spend wherever possible. However, many businesses today lack sufficient visibility into vendor costs, which can lead to uncontrolled spending and a host of new risks. After all, you can’t control the spend you can’t see. Spend visibility begins and ends with procurement, a function that has remained largely unchanged for nearly a decade. With renewed business mandates to reduce costs, mitigate risk and increase efficiency, outdated procurement processes won’t meet requirements. So, what’s a business leader to do? Start by evaluating current processes, identifying inefficiencies and potential blind spots, then implement the right procedures to achieve a modern, scalable procurement process. The Business Impact Of Inefficient Procurement Processes any procurement teams today are limited by a multitude of factors, from team bandwidth to legacy approval workflows and outdated communication methods. These, in turn, are slowing down the procurement process and, in some cases, encouraging employees to make purchases that are outside of the bounds of procurement altogether. My company’s recent survey of finance and accounting professionals found that a majority of businesses still rely heavily on outdated forms of […]
How To Modernize Procurement For Modern Business Challenges
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