The “Right” way to control cost. 5 tips for CFOs and CPOs.
‘Cost Control” brings to mind images of travel freezes, longer work hours, reduced employee perquisites, and a general air of depression.
Experienced managers are aware that these measures bring about a sense of financial conscientiousness but don’t contribute much in terms of hard savings.
Expenzing Procure to Pay software is the smart way to introduce cost control into the organization without the negative perceptions associated with such initiatives.
Here’s how!
Right Authority – Delegation of Authority (DoA) ensures that the right people are take accountability for an upcoming spend before the commitment to spend is made. Expenzing allows for complicated cross-functional approval rules and up to 9 levels of approval hierarchy. Thus it ensures every purchase goes through the right set of eyes for effective spend management. During the implementation, our experienced spend management experts can help you revisit your DoA to make the process even more efficient and smart.
Right Time – Even though we all experience the importance of purchasing the product at the right time in our personal life, the time factor often gets ignored during corporate purchases. In a modern Procure to Pay software like Expenzing, crisply defined DoA Rules, automated notifications, follow-up/reminders/escalations help in fast and timely approval. By making the approval cycle smooth, Expenzing ensures purchase-time does not escalate the cost of purchase.
Right Product – Nothing spells ‘waste’ more, than when after much effort and resources, the wrong products are delivered. Such scenarios either result in repeat purchase or the product not being used as required by the business. If the business user is part of the process and has the right visibility, it helps purchase teams procure the right product with correct specifications. Expenzing P2P software is both affordable and easy-to-use facilitating enterprise-wide user access and operation of the system.
Right Price – Purchase teams work very hard to bring high-quality products and services at the best rates. One very effective way to do that is by negotiating rate contracts with empaneled vendors. However, many mature organizations struggle with actually ensuring that users make full use of these opportunities. Making sure the right people are part of the DoA rules makes for efficient financial control through the right Procure to Pay system.
Right Process – Once eProcurement DoA rules get set up, the system ensures there is no deviation while making the process faster, smoother, and more convenient. Expenzing ensures that the complete process is auditable, making it easy to backtrack and trace any footprint. The system records approval changes even in the case of the leave of absence if the approver delegates the approval to a colleague.
Expenzing provides assurance in the approval and purchase process helping teams focus on the actual purchase without having to second-guess approval decisions. With Expenzing Procure to Pay Software, financial control and spend management function in sync, making life easy for all stakeholders.
The “Right” way to control cost. 5 tips for CFOs and CPOs.
‘Cost Control” brings to mind images of travel freezes, longer work hours, reduced employee perquisites, and a general air of depression.
Experienced managers are aware that these measures bring about a sense of financial conscientiousness but don’t contribute much in terms of hard savings.
Expenzing Procure to Pay software is the smart way to introduce cost control into the organization without the negative perceptions associated with such initiatives.
Here’s how!
Right Authority
Delegation of Authority (DoA) ensures that the right people are take accountability for an upcoming spend before the commitment to spend is made. Expenzing allows for complicated cross-functional approval rules and up to 9 levels of approval hierarchy. Thus it ensures every purchase goes through the right set of eyes for effective spend management. During the implementation, our experienced spend management experts can help you revisit your DoA to make the process even more efficient and smart.
Right Time
Even though we all experience the importance of purchasing the product at the right time in our personal life, the time factor often gets ignored during corporate purchases. In a modern Procure to Pay software like Expenzing, crisply defined DoA Rules, automated notifications, follow-up/reminders/escalations help in fast and timely approval. By making the approval cycle smooth, Expenzing ensures purchase-time does not escalate the cost of purchase
Right Product
Nothing spells ‘waste’ more, than when after much effort and resources, the wrong products are delivered. Such scenarios either result in repeat purchase or the product not being used as required by the business. If the business user is part of the process and has the right visibility, it helps purchase teams procure the right product with correct specifications. Expenzing P2P software is both affordable and easy-to-use facilitating enterprise-wide user access and operation of the system.
Right Price
Purchase teams work very hard to bring high-quality products and services at the best rates. One very effective way to do that is by negotiating rate contracts with empaneled vendors. However, many mature organizations struggle with actually ensuring that users make full use of these opportunities. Making sure the right people are part of the DoA rules makes for efficient financial control through the right Procure to Pay system.
Right Process
Once eProcurement DoA rules get set up, the system ensures there is no deviation while making the process faster, smoother, and more convenient. Expenzing ensures that the complete process is auditable, making it easy to backtrack and trace any footprint. The system records approval changes even in the case of the leave of absence if the approver delegates the approval to a colleague.
