Tried and tested adages such as “a penny saved is a penny earned” are supposed to help encourage employees to curtail spending. However, even the employee with the best intensions need a little more than an old maxim to stay away from procurement pitfalls and focus on sustainable spend.
In the face of dynamic changes in market conditions, which are further impacted by risks, making spend decisions is a huge challenge. Moreover, procurement professionals need to ensure that spend is in control, the procurement process is transparent and all dealings can be substantiated. And of course, you should never lose sight of the regulatory requirements, legal issues, ethical concerns and sustainability considerations as they are also essential components of any procurement process.
Some precautions that can be put in place to improve the spend culture in the organization include the following:
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