September 19, 2019 2:00PM
*procuretopia (n.): the ideal, utopian environment that procurement organizations thrive in; a perfect world where 100% of spend data is visible.* Your organization might have clarity on its vendor relationships with its strategic suppliers. These are the suppliers that pick up the phone to answer questions on the status of invoices, the suppliers that comprise seemingly all of your organization’s spend. But what about those small volume, one-off purchases from suppliers that no one on the procurement team even knows the name of? Even though they make up a small percentage of spend, they can amount to a high percentage of purchasing headaches. Gaining insight into and managing this tail spend unlocks savings, increases visibility, reduces maverick spend, and amounts to a more efficient business. For many organizations, paying attention to this tail spend doesn’t seem worth the hassle. However, there are consequences to ignoring the problem entirely. Failure to address it can result in damage to the bottom line and the organization’s reputation. Is your company ready to take a step towards a best-in-class procurement department? Join Levvel Research and Procure-to-Pay expert, Basware as we demystify one of procurement’s biggest gray areas.