By Mike Roberts
Spend Recovery audits are a hot topic across central government at the moment with Francis Maude requiring all departments to have completed a review by the end of the calendar year. However, this is something that should be considered across all sectors. As well as delivering almost immediate value, the recovered monies can be used to fund investment in procurement technologies, which can drive additional and longer term savings strategies.
So why would spend recovery, normally associated with finance or audit, be linked to procurement?
The reason is that the data required for a spend recovery project (transactional details from the purchase ledger) can also be used for a procurement based spend analysis project. Spend analysis in turn leads to deeper understanding of procurement patterns and where further cost savings opportunities may lie.
Read more about spend recovery in BravoSolution and Twice2Much’s recent guide: Spend Recovery audits: Can you afford to ignore them?
We would like to invite you to join us for a free lunchtime webinar on Accessing Spend Recovery audits through Government Procurement Service on Wednesday 25 September, please register here.
Spend Recovery audits are a hot topic across central government at the moment with Francis Maude requiring all departments to have completed a review by the end of the calendar year. However, this is something that should be considered across all sectors. As well as delivering almost immediate value, the recovered monies can be used to fund investment in procurement technologies, which can drive additional and longer term savings strategies.
So why would spend recovery, normally associated with finance or audit, be linked to procurement?
The reason is that the data required for a spend recovery project (transactional details from the purchase ledger) can also be used for a procurement based spend analysis project. Spend analysis in turn leads to deeper understanding of procurement patterns and where further cost savings opportunities may lie.
Read more about spend recovery in BravoSolution and Twice2Much’s recent guide: Spend Recovery audits: Can you afford to ignore them?
We would like to invite you to join us for a free lunchtime webinar on Accessing Spend Recovery audits through Government Procurement Service on Wednesday 25 September, please register here.
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