How Some Governments Suffer From Untracked Spending
When Spend Management is vital…
Procurement Leaders Insights
This year researchers reported the British government wasted “billions of pounds on procurement.” Of the 17 government departments, none could provide authoritative answers on department spend. Reports in spending varied between £40B to £60B.
As shocking as these numbers are, we see this all the time in businesses that have no insight or tracking of their spending. With multiple suppliers and departments, tracking spend manually is practically impossible. According to ‘Financial Times,’ a contractor stated they employed 70 administrators just to manage the paperwork for about three contracts.
The good news is that the British government has been able to assess their situation and make changes that will dramatically improve procurement spend through- you guessed it- electronic procurement.
To see how online procurement could be saving you money now, try our free trial today.