Typical spend data is not useful to provide business insight and drive informed decision making. In many large global operations, spend data originates from different people, in different organizations, in different locations, even using different vernacular or languages, and all with different requirements. Further, it is typically coded from a financial perspective. While General Ledger (GL) and cost center are helpful for the finance organization, they do not provide the views needed to drive procurement decisions.
Benchmarking is one of a manager’s best tools for determining whether the company is performing particular functions and activities efficiently, whether its costs are in line with those of competitors, and whether its internal activities and business processes need improvement.
Not only are most agreements written where they can be changed and modified at any time, but notification of the changes is your responsibility to keep track of. Who is responsible in your organization for keeping track of changes in provider contracts and agreements?