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procuretopia

(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.

DOWNLOAD THE FULL REPORT TO LEARN HOW COMPANIES ARE APPROACHING MAVERICK SPEND AND PROCURETOPIA™. 
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What is the State of Maverick Spending Today?

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. 

 

LEADERS SAY:
Employees not prioritizing spend management is the leading cause of maverick spend.
78% of procurement leaders say the leading cause of maverick spend is that employees believe their purchases are too small to have an impact.
78%
OF LEADERS SAY...
USERS SAY:
Dissatisfaction with purchasing options is the leading cause of maverick spend.
58% of buyers and end users are far more likely than source to pay professionals to say that the biggest consequence of maverick buying are dissatisfied internal customers.
58%
OF USERS SAY...
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Creating a Positive Spend Culture 

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.
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Limiting Purchasing: Designing an Intuitive Buyer Experience

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%).
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5 Ways to Slice & Dice Spend Data for Cost Reduction

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.

PROCURETOPIA

IS JUST A PIECE OF CAPTURING COMPLETE VISIBILITY INTO YOUR SPEND.

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.

WANT MORE INFO ON HOW DATA PLAYS A CRITICAL ROLE IN YOUR UTOPIAN WORLD?
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FIND OUT MORE ABOUT HOW BASWARE CAN STREAMLINE YOUR PROCUREMENT PROCESSES.
The Hackett Group’s User Experience in Purchasing and Maverick Spend Study, 2018
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