End-to-End Spend Management
The Procurement consultants at Corcentric have the expertise and experience to drive savings and promote efficiency throughout each stage of the sourcing and spend management process lifecycle.
Corcentric’s benchmarking services are informed by their decades in the trenches. Providing market insights, benchmarks, and Procurement best practices, they help organizations learn how they stack up against the competition – and their own performance. Is your approach to spend management decision making and functionality holding you back, interrupting cash flow, and costing you money? Find out today.
Contracting and Negotiations
The Procurement consultants at Corcentric have developed thousands of contracts and agreements over the years. Their deep knowledge of best practices and standard contract terms means they can guide clients through the contracting process and ensure they reach mutually beneficial agreements that will provide for effective spend management. We also have leading platform-based Contract Lifecycle Management software that simplifies and accelerates the entire contract management process, from authoring through negotiations and renewals.
Supplier Relationship Management
Reaching a win-win contract management agreement doesn’t mean your vendor engagement has reached maximum value. Guaranteeing year-over-year success means taking a dedicated, hands-on approach to supplier management to ensure every engagement and identify additional opportunities. Corcentric’s SRM consultants guarantee your vendor relationships mature into valuable strategic partnerships.
Software and Automation Solutions
Corcentric offers a full suite of cloud-based software that can automate many of the processes involved in spend management. From shoring up inefficient, broken processes in accounts payable to optimizing supplier workflows to collecting key spend data, our software drives efficiency that can improve your bottom line.
Spend Management FAQs
What does a spend management strategy entail?
A spend management strategy is meant to optimize how a company manages its direct and indirect spend, or should be, and involves a process of continuous improvement as new spend data is collected and analyzed. This expense management focuses on controlling the purchasing process, optimizing supplier relationships, and maximizing spend ROI. There are a number of component functions involved in Procurement’s spend management strategy, including supply chain management, supplier management, category management, and inventory management. Also, spend management is often coordinated with other stakeholders, internal and external, such as Finance and Accounts Payable, because of the broad impact it has on budgeting and forecasting, cash flow, savings, and working capital.
How spend management tools can help?
Cloud platform-based spend management solution technology is invaluable, if not indispensable, for achieving the goals of your spend management strategy. A robust SaaS technology tool simplifies and automates spend processes, enabling more accurate budgeting. Integrated spend management software gives you real-time visibility into spend data and cash flow, creating a comprehensive snapshot of company spend. Along with spend analysis technology, these tools help you optimize procurement processes and turn intelligence into actionable insights.
What is the importance of optimized spend management?
Spend management plays a key role in the financial health of an organization. An optimized spend strategy reveals where the money is going so you can improve the purchasing process, mitigate spend risk, and streamline your cash flow. This continuous spend analysis requires visibility and transparency across organizational spend. Real-time data and analytics create a more holistic situational awareness of spend at any given time, empowering better decision making, purchasing insights, and capturing savings opportunities.
What is the first step in Corcentric’s spend management process?
Among the many ways Corcentric can assist you in improving your overall spend management approach, the first – and most important – step is to identify all the sources and expenses around your direct and indirect spend. The aforementioned spend management digital technology will make this process much faster, easier, and comprehensive, as it entails collating and analyzing all the elements related to your spend: POs (purchase orders), receipt reports, vendor and supplier invoices, and supplier payment information. With these insights in hand, you will have a leverageable roadmap to reformulating and/or optimizing your approach to spend management.
How is spend analysis done?
Since data is one of the most valuable assets your organization has, sifting through all your spend data via spend analysis is going to yield a vast amount of usable insights. An integrated spend analysis tool that provides real-time visibility is going to be the best way to make the most of the information available. By analyzing a complete purchasing history, you will see what your direct and indirect spend sources and patterns are, establish a foundation for supplier performance benchmarks, quantify cost savings, and approach budgeting, forecasting, and reporting with a more holistic view of spend.
What is meant by category management?
Simply put, spend category management delineates all the different areas of expenses that an organization spends money on. Being able isolate sourcing categories provides maximum benefits in spend management, especially combined with supplier and market data. Segmenting spend into categories of related products empowers Procurement to focus on finding opportunities for spend and supplier consolidation, and maximized savings. Some examples of indirect spend categories include employee insurance and benefits, logistics, MRO, marketing and advertising, utilities, professional services, and the like. Examples of direct spend categories include raw materials, engineered products (PPV & VAVE), contract manufacturing, and more. Categorizing provides better insights into all the spend information collected.
What other related services does Corcentric offer?
An end-to-end spend management solution and approach enables Corcentric to provide a truly holistic offering. In fact, we’re the only provider that has a technology / advisory / services combination, with tech-enabled spend management experts focused on business outcomes and sustainable performance enhancement. Our one-stop shop capabilities go from expertise in strategic sourcing and spend analysis, to technology and personnel advisory, to platform-based technology solutions for Finance, AP, and Procurement, to experienced managed services focused on supplier relationships and process efficiency.