Spend Compliance: Act Now to Mitigate Excess Cost, Risk & Fraud

Uncontrolled spending is leaving organisations exposed to excess cost, risk and fraud.
Organisations are losing billions in annual profits due to the inability to organise and analyse spend data and implement best practices to capture these lost savings. Complex spend management rules and standards are difficult to enforce, and often there is limited involvement of the necessary stakeholders to make it happen.

PROACTIS advises organisations to take action. To establish a clear strategy for spend compliance that ensures all organisation-wide purchases are in line with corporate policies, established budgets and negotiated supplier agreements to avoid costly and uncontrolled off-contract purchases.

Simon Dadswell, EVP Group Marketing at PROACTIS, said: “Organisations should be taking note of where cost savings are not fully being realised and putting in place compliance management programs to force adherence to spend guidelines. After all, improved spend compliance translates directly to the bottom line by reducing operating cost and increasing profitability.”
Spend management requires a comprehensive compliance process that helps organisations to obtain better visibility and control of spend; to determine the appropriate structure and time to enforce compliance; to strengthen processes and establish best practices to support controls; and to involve all ‘proper’ stakeholders at all key stages.
Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Proactis Holdings Plc

More articles like this

Proactis included in QUANTIQ’s virtual conference line-up

Proactis, the spend management experts, has announced its support of new strategic partner, QUANTIQ, by presenting a session at its upcoming virtual conference. Running from 20-22 April, WinTEQ, QUANTIQ’s annual conference, will be 3 days packed

What are the main advantages of implementing technology solutions

Proactis Holdings Plc (LON:PHD) develops and sells business software, and provides installation and related support services in Europe and the United States. The company offers Spend Control and eProcurement solutions that help organizations to improve operational and

British Land transforms its finance processes with Proactis

Objectives To automate the Purchase-to-Pay and Accounts Payable processes. Full visibility of purchase orders and committed spend. Improved purchasing control, whilst continually aiming to reduce the time taken to process invoices. How Proactis helped Complete access

The key to supply chain resilience and effective risk management

Proactis Holdings Plc (LON:PHD) develops and sells business software, and provides installation and related support services in Europe and the United States. The company offers Spend Control and eProcurement solutions that help organizations to improve operational and

How to manage your purchasing process

All businesses need to purchase goods to meet their day-to-day needs. If you do not have a formal purchasing process in place, you may be spending more than you need to procure items and services. How

Proactis signs contract with Denbighshire County Council

Proactis Holdings plc, (LON:PHD), the business spend management solution provider, has announced that it has signed a contract with Denbighshire County Council to provide its early payment service, bePayd, into DCC’s supply chain. bePayd will enable DCC’s suppliers

Proactis announces 2020 UK Partner award winners

Proactis, the spend management experts, would like to announce the winners of its prestigious UK Partner Awards which recognise the tremendous achievements attained by Proactis partners. Reseller Partner 2020 – Lake Referral Partner 2020 – Unit4

Proactis named Unit4 ISV Partner of the year

Proactis, the spend management experts, is delighted to announce that it has been awarded “ISV (Independent Software Vendor) Partner of the Year” by Unit4. Proactis received the award, based on new business revenue, current mutual customer