Taming Tail Spend to Realize Savings and Enhance Compliance

Watch instantly on-demand | 30 minutes

Summary:

Tail spend issues are quite common in most organizations and often account for 20-25% of the company's total spend. This "tail" is often the low dollar value spend across hardware, software, marketing, office supplies, MRO, etc., which may be one-off or recurring purchases. They may have to be procured in a shorter timeline and where standardized procurement processes are difficult to follow, which sometimes result in maverick or rogue spending.

Looking at the tail item by item, the costs are relatively low. But the problems start when those small "insignificant" purchases start adding up and continue to grow. Moreover, most organizations put too little effort into the tail spend area or struggle to seize the opportunity it presents. It's no wonder that tail spend management can help drive savings and enhance compliance across the business.

In the past, tail spend has been challenging to manage for procurement. Today, it's possible to effectively address and tackle the tail by leveraging advanced analytics and digital technologies.

This webinar will cover:

• What tail spend is, and how to tackle and ultimately drive value from it
• Case example: How a customer used procurement analytics to address the tail
• A live demo of Ignite Procurement focusing on tail spend

This webinar is suitable for professionals in procurement, finance, strategy, business development, and others with an interest in the topic.