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Spend Management Services
Gain Impact on Your Bottom Line with Spend Management Services
As companies tend to look for a “one-stop solution” to reduce cost and optimize spend, Spend Management Services (SMS) takes a holistic approach in assessing major spend areas by identifying opportunities to reduce cost and optimize spend. The goal is to drive higher profitability and a sustainable growth of your business.
Source: McKinsey
ESG is essential for companies to maintain their social license | McKinsey
Key Benefits of SMS
Expertise
- Strategic Advisory
- Tactical Execution
Savings
- Reduce Cost
- Optimize Spend
Efficiency
- Optimize Processes
- Resource Allocation
Technology
- Leverage Automation
- Data Insights
Compliance
- Operational Controls
- Audit Proof
Scalability
- Global Footprint
- Flexible Model
Valenta's Spend Management Services
A spend assessment is a process used by businesses, including procurement service companies, to analyze and evaluate their spending patterns, expenses, and financial activities.
SMS offers visibility into organizational spend, enabling more effective cost control and decision making. This includes detailed tracking and analytics of all procurement-related expenses.
SMS providers leverage their expertise and market knowledge to identify and vet potential suppliers, ensuring the best fit for the company’s needs. This also involves strategic negotiation to secure.
SMS helps manage contract lifecycle from negotiation to renewal, ensuring terms are favorable and adhered to by all parties. It also includes risk assessment to avoid contractual pitfalls and compliance issues.
Supplier relationship management is a key part of SMS, involving regular communication, performance assessment, and issue resolution. This helps ensure supplier reliability and continual improvement of product/service quality.
SMS streamlines the purchasing process, reducing time and effort while ensuring that purchases align with company policies and budgets. It may also involve leveraging technology for automated purchase order creation and tracking.
Accounts payable (AP) service is responsible for managing the company’s short-term financial obligations to its suppliers and vendors. The primary role of the accounts payable team is to ensure that the company pays its bills.
Procurement automation refers to the use of technology and software to streamline and optimize the various processes involved in procuring goods and services for an organization. This includes everything from identifying.
A Fractional Head of Procurement, also known as a Fractional Chief Procurement Officer , is a specialized consultant or executive who provides part-time or temporary leadership and strategic guidance to an organization’s.
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