When it comes to running a successful business or organization, the bottom line is everything. That’s why keeping track of where the money goes after it leaves your organization’s wallet is paramount – but not always easy. With the help of artificial intelligence and machine learning, large businesses and companies can gain a better, uninhibited view of their financial profiles. Together, machine learning and spend data create a powerful blend of intelligent decision-making and, even...

So now that you know what spend under management (SUM) is, how would you go about adopting such a framework? SUM is built on creating a partnership between indirect procurement and operations along five key operating principles across sourcing, contracting, buying, and spend decision-making. At its foundation is executive leadership with joint operating targets established between indirect procurement and the operating groups they support. The actual SUM model measures the maturity of the organization across...

During a recent webinar, our Chief Strategy Officer, Steve Griffiths, shared a simple 3-step process for identifying maverick spend. Read on or watch the short clip below to learn what this process is! If you want to learn more about maverick spend, you can watch the full webinar here!   Related: Why is maverick spend a problem for procurement organizations (and when is it not)? In a traditional way, if you want to get your hands around...