How Can Maverick Spend Be Curbed?
Maverick spend is a problem for nearly all procurement organizations. Even those with substantial influence still struggle to achieve 100% compliance on contract spend—resulting in reduced effectiveness, lost negotiated savings, unnecessary risk, and lower customer satisfaction.
Multiple factors can play a part in non-compliance, but according to The Hackett Group's research, 75% of procurement professionals cite a lack of self-service or guided buying tools as one of the biggest causes. Read this recent research and learn how to apply the hallmarks of leaders in maverick-spend reduction, including:
- Four key capabilities required for guided buying
- Automation of the end-to-end process with e-procurement tools, contract management software, and similar purchase-to-pay tools
- Compliance monitoring with deeper spend analysis provided by real-time visibility