Procurement Compliance in the Work-From-Home Economy
4 MIN. READ
Procurement compliance comes with its familiar set of challenges, but the COVID-19 pandemic has drastically changed the game and thrown professionals for a loop. While working from home, you no longer have physical oversite into rogue spending of employees and it’s difficult to rein it in when employees are dispersed and purchasing is no longer centralized.
As a result, it’s easier than ever for employees to slide back into old habits of buying from their favorite suppliers instead of your contracted suppliers. Raiven’s eProcurement technology provides the solution.
Challenges of a new work-from-home era
The change from in-person interactions to a work-from-home environment can spawn a drastic culture shift. COVID-19 has created an entirely new working dynamic for many organizations. With no time to prepare, we’ve all had to adjust on the fly. Working from home eliminates in-person conversations and makes corrective actions challenging so traditional compliance monitoring simply doesn’t work.
Although technology is heralded for speeding things up, when switching processes from human interaction to digital interaction, some urgency can get lost in the transition. Individuals who are used to in-person management now have to rely on digital tools to ensure that work is being completed in a timely manner and procurement is being managed under the proper guidelines.
Procurement professionals still shoulder the same wide array of responsibilities, including contract negotiations, SKU rationalization, scoping needs, margin maximization and more. However, there are new issues to consider in a virtual configuration. Without software support, visibility is both literally and figuratively diminished.
How compliance cuts costs
Despite its new challenges, eProcurement programs can be a great benefit for businesses during a time of unprecedented change. As we transition to a fully remote era, compliance is a necessary contributor to the success of online procedures. Compliance management helps bring visibility to the procurement process and provides important data to the business on the decisions being made and the resulting costs.
Value is created not simply by pouring cash into a bucket but also by plugging any holes where it may be leaking out. Compliance increases cost savings by leveraging the discounts, rebates and service levels you negotiated with your preferred suppliers. This results in reduced costs, improved tracking, and more reliable decision making.
Better tracking and analysis
Any purchases that cannot be measured, monitored or tied back to a particular initiative increase the opacity of the organization. The higher the quality of incoming data, the higher its value to the organization.
Greater compliance results in better, more uniform and more complete data that can be used to analyze the entire eProcurement process. With better analysis, you can more easily identify areas where spending can be reduced and stop those cash leaks faster.
How Raiven supports eProcurement compliance
Raiven offers a cloud-based software solution that provides access to suppliers from anywhere with an internet connection. Raiven management software helps monitor, track, regulate and communicate to bridge the gap in compliance left behind during your transition to a work-from-home economy. Raiven’s eProcurement platform aggregates multiple suppliers and quote requests into a single platform that can provide data analysis and workflows that ensure compliance by all parties. They even have a Best Value Finder tool that surfaces the same or similar item a user is searching for with the best price available across suppliers.
Raiven also allows you to save shopping lists for faster repeat buying, aggregates the purchasing volume of all contractors, and ensures purchasers are taking advantage of available rebates and discounts. This helps your employees comply with the specific purchasing requirements of each job and relieves them of the unnecessary burden of visiting multiple supplier websites.
With Raiven, you can instill purchasing compliance into every step of the eProcurement process to increase speed and efficiency, decrease rogue spending, increase quality and guarantee strategic spending. Instill visibility into every aspect of your eProcurement process through purchasing workflows and cost analysis that consistently guarantees the type of eProcurement compliance that leads to considerable savings.
Contact Raiven today to learn more.