Managing Tail Spend Seen as High-value Procurement Function
Corcentric to moderate a panel on tail spend at Consero’s Procurement and Strategic Sourcing Forum
CHERRY HILL, NJ – Procurement executives will escape the winter weather at Consero’s Procurement & Strategic Sourcing Forum in Coral Gables, Florida, December 8-10. Throughout the event, they’ll network and exchange insights on topics like the role of data analytics in Procurement, the promise of emerging technologies, and evolving global risk factors. Corcentric Director Anthony Mignona will moderate a panel on tail spend management on December 9.
Mignona’s presentation, Effectively Managing Tail Spend: What More Can Be Done? will include panelists from organizations including Herman Miller and Regeneron Pharmaceuticals. The executives will use the hour-long conversation to share the steps they’ve taken to make even neglected spend a source of hard dollar value.
“Definitions for tail spend vary from organization to organization,” says Mignona. “Nearly every organization, however, has at least one thing in common when it comes to tail spend. They’re not paying close enough attention to it.”
Though Procurement teams tend to dismiss tail spend as low-value, Mignona contends that a hands-on approach can pay dividends. “Handled strategically,” he remarks, “tail spend is anything but low-value. Organizations that bring every dollar under management succeed in driving savings, building better supplier relationships, and cutting out non-compliance across their Procurement functions.”
Mignona has already argued for a new approach to spend management on an episode of the Source One Podcast. He looks forward to driving the discussion forward as 2019 comes to a close. Procurement professionals are encouraged to read Source One’s blog, the Strategic Sourceror, for more insights every day.
Corcentric is a leading provider of source-to-pay and order-to-cash solutions for businesses in the United States and Europe. Corcentric’s procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Corcentric was named a 2019 ‘50 Providers to Know’ by Spend Matters and a leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation 2019. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.