The Coronavirus (COVID-19) pandemic will likely have an unprecedented effect on UK businesses. While we focus on keeping ourselves and loved ones safe, what can we do to protect our businesses?
A likely economic downturn means that organisations need to be more prudent than ever. This will include keeping a tight control on expenditure and clamping down on rogue spending. This is a common issue for indirect spend categories such as business services.
The Hackett Group estimates that maverick spending can cost companies up to 2 per cent of all indirect spending, due to lost savings opportunities and inefficiencies.
A likely economic downturn means that organisations need to be more prudent than ever. This will include keeping a tight control on expenditure and clamping down on rogue spending. This is a common issue for indirect spend categories such as business services.
• Lack of control – What controls are in place to ensure using the correct supplier? Are there penalties for not doing so.
• Lack of knowledge – Do employees know how to order from the correct supplier? Do they understand the consequences to the business of non-compliance? This can be a problem at companies of all sizes, from SMEs to large, multi-site businesses.
• Difficult systems & processes – Are your systems easy to use and timely? If the process takes too long or is difficult people will find their own alternatives!
So what can you do to help keep control? Businesses need a wide range of products and services, from furniture to facilities. The resulting mix of invoices can make it difficult to keep track of costs.
With a consolidated solution, this becomes much easier to track and manage. You gain improved experience, greater control and increased visibility. In addition, it’s an effective way to stop rogue spending.
Improve control with SmartPad
One system focused on improving the management of multi-category supplies is SmartPad from OfficeTeam. It allows clients to place orders, run reports and administer the account via an easy-to-use dashboard.
This brings huge benefits to contract users across the board, as they have access to full functionality for their area of responsibility.
Developed with the customer experience in mind, it delivers on user experience as well as essential functionality such as budget management and technical integration. Designed for ease of use, the dashboard enables increased control and visibility of expenditure. Also, it is accessible via desktop and mobile devices so there are delays in daily management.
This powerful system can transform the management of office supplies across multiple categories. Here we look at five ways that implementing a system such as SmartPad could benefit your organisation.
5 ways SmartPad will help you tackle rogue spend
1 – Increase control and visibility
• Budget management & authorisations give total control and visibility over expenditure
• Reporting & analytics show ‘at-a-glance’ dashboard reports and store saved and bespoke reports
• Notifications provide up to the minute news about the account or orders placed.
2 – Maximise contract engagement
• Advanced search enables fast location of products, invoice numbers, order numbers and more
• User specific product lists provide access to tailored or predetermined shopping lists
• Personalised product tools enable the addition of a company logo and online proofing.
3 – Save time
• Resources are better managed with less time spent administering multiple orders, invoices and deliveries
• Single basket solution allows orders across all product ranges including office supplies, print, workwear and furniture
• Order & delivery tracking enables visibility of order status, tracking, and product return
4 – Improve administration
• Single sign-on eradicates multiple logins, allowing seamless movement between functions
• Dashboard enables individual modification, enabling quick access to the areas required
• Complete simple account administration tasks with no need to contact OfficeTeam
5 – Ensure ease of use
• Integrates with existing platforms to give seamless access using your existing purchasing system
• Access to a one-stop solution that allows users to buy all office supplies via a single dashboard.
In summary
Implementing an easy to use, intuitive system will improve the user experience and give you better control. Rogue spending will decrease as users are more likely to use a system that makes it easy for them. In turn, one system will simplify workflow procedures; for users, procurement and finance teams – a win all round.
In this uncertain economic climate marginal efficiency savings are not enough to guarantee success. Utilising leading technology is crucial, and suppliers can help you to improve business processes and cost efficiencies via their systems.
In this way, you can take advantage of the time savings benefits and process improvements on offer. Choosing the right supplier with the best technology will help you to pinpoint resources, sharpen capabilities and deliver bottom line savings across your organisation.