Spend Management

//Spend Management

In e-Procurement, spend management and spend visibility are vital to any purchasing department. See clear analytics it in action for 2017! | Vroozi

What is the Opportunity Cost of Your Time?

How Much is a Minute of Your Time Worth? Value of Time Opportunity cost, in microeconomic theory, is the value of the alternative option in a decision. This cost represents the missed value from your mutually exclusive options. The cost can be explicit, like $100, [...]

By | October 3rd, 2017|Blog, Spend Management|

Do You Know When You Were Last Overcharged?

How Procurement Prevents Overcharges Take Control with Spend Management If you don’t remember the last time you were overcharged, chances are it was more recently than you think. Just at grocery stores alone in the US, scanner errors can cost consumers 1 billion to 2.5 [...]

By | September 28th, 2017|Blog, Spend Management|

7 Steps to Prevent Procurement Fraud

Fighting Procurement Fraud Fight Back on Fraud Procurement fraud is a major issue, affecting 1 in 3 businesses in 2016. According to PwC, procurement fraud is the second most commonly-reported type of economic crime. Protecting yourself and your organization is not difficult. By taking precautionary [...]

By | September 14th, 2017|Blog, Spend Management|

How to Explain the Value of Procurement

The 3 C's of Procurement from Co-Op's Group CPO Understanding and Teaching Better Procurement Many procurement professionals can readily see the value they bring their company, but struggle to communicate that value company-wide. To demonstrate that value, having a clear and concise explanation ready will [...]

By | August 8th, 2017|Blog, Spend Management|

4 Tips to Demonstrate the Value of Procurement

The Dangers of Not Understanding Procurement How to Foster Procurement Learning in Your Company If your boss does not understand your procurement position, they likely do not place much value on it either. While procurement is a major contributing factor to a company’s financial health, [...]

By | February 20th, 2017|Blog, Spend Management|

Quiz: Do You Know Finance Better than Teens Do?

Teens between 15 – 18 average 61.24% on this Personal Finance Test How Well Do You Know Personal Finance? With the economic turmoil we experienced over the last few years, personal finance principles are more important than ever. According to a Federal Reserve report, about 50% [...]

By | October 17th, 2016|Blog, Spend Management|

Aligning Procurement and Finance Tech Goals

Procurement & Finance Optimized Spend Management and High-Performance Technology must live with finance and e-procurement Although it is logical that finance and procurement operations are closely connected, many organizations encounter problems when the two departments are not aligned. Finance can often place unreasonable expectations on procurement [...]

By | October 14th, 2016|Blog, Spend Management|

Government Procurement: The Good, The Bad & The Ugly

How Some Governments Suffer From Untracked Spending When Spend Management is vital... Procurement Leaders Insights The Bad 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 [...]

By | October 11th, 2016|Blog, Spend Management|