Mastering Spend Monitoring: Strategies to control costs without increasing risks

In today's corporate landscape, procurement extends beyond traditional departmental boundaries. With various business units making independent procurement decisions based on their unique contexts, the role of procurement evolves into one of mentorship and guidance. It aims to ensure organizational alignment and mitigate avoidable risks. Inevitably, errors, policy breaches, and frauds may occur. Establishing a robust and continuous spend monitoring mechanism becomes paramount in this context. Such a mechanism empowers procurement teams to remotely oversee every transaction, intervening only as necessary. But how does one implement live monitoring of transactions to detect anomalies effectively? Join us as we delve into this topic with Ammar, Product Owner of Cognitive Procurement at Digitate. Gain insights into practical strategies and best practices for implementing proactive spend monitoring, enabling cost control without compromising risk management.