(n.): the ideal, utopian environment that procurement organizations thrive in; a perfect world where 100% of spend data is visible.
More often than not, employees are purchasing products and services outside of the negotiated contract - leading to maverick spend.
In Q2 2018, The Hackett Group conducted a survey to gain insight into the strategic importance of maverick spend reduction, understand the adoption of specific procurement practices, and differentiate how top performing organizations approach this topic.
Did you know that 3 out of 4 end users say that guided buying tools reduce maverick spending? For fast facts from the report, watch the video and learn how to get maverick spending under control.
If you’re involved with the procurement process at a medium or large company, you know that (despite the best intentions) not everyone follows your company’s compliance protocols. It most likely happens frequently.
According to a study we conducted with The Hackett Group, the most common types of buyer noncompliance that need to be addressed are buying from unapproved suppliers (74%) and through unapproved channels (68%).
It probably comes as no surprise that respondents to The Deloitte Global Chief Procurement Officer Survey 2018 said they’re focused on cost reduction for this coming year – it’s the name of the game in procurement and has been for a long time.
In a utopian world, there would be processes and technologies in place to streamline purchasing, reduce lost savings, and capture spend visibility throughout your entire organization.
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