Advanced Procurement
Common Challenges
Common challenges include:
- Lack of visibility and oversight: Poor visibility into procurement activities often leads to overspending, which can strain budgets.
- Delays in budget decisions: Without consolidated procurement activities, decisions on budgets and spending may be delayed, impacting operations.
- Inefficient matching process: Manual or incomplete three-way matching can result in disputes, delayed payments, and increased administrative workload.
Benefits
Key Benefits include:
- Fraud and error prevention: Introduces processes and validations that minimise the risk of procurement fraud and errors.
- Financial stability: Reduces the risk of unexpected procurement costs, ensuring better financial control.
