Spend Management
Want More Predictable Outcomes?
Creating a business environment that promotes "More Predictable Outcomes" requires two fundamental mechanisms. The first is a comprehensive and integrated Expense Management strategy. The components of the strategy are defined below and they are designed to build on each other. The second is empowering a significant number of employees to help carry the load of the company's destiny.
Here's the concept! In many organizations expense budgets are developed by the lines of management prior to the new fiscal year. As the year begins, monthly or quarterly reports are reviewed by a handful of people (usually executives and/or financial analysts). Typically the reviews of budgets vs. actuals are conducted by sifting through numerous reports making reactive financial course corrections.
Often these reactive changes cause a "Domino Effect" and by the 4th quarter the company is on financial lock-down the remainder of the year. The chain reaction of events often stifles all positive momentum forward and quarter-end earnings.
Contrast this approach with a proactive reporting structure designed to review the results of each day's expenditures (including long-term blanket purchases) and predicts the company's trends for the year. Also imagine each of the mid or front line managers have tools to automatically monitor their budgets and set alerts when the projections indicate their budgets are going to be negatively impacted. Now the company is using a proactive Expense Management approach with all hands on board moving toward the same financial goals.
Prorizon can deliver this capability and much more.
Here's the foundation for real Expense Control within a Spend Management Program:
Process: An automated "ERP Light" Procurement Ecosystem tied into your core IT systems tuned with specific controls and alerts designed to meet your organizational needs. (This is not your father's ERP system.)
Spend Analytics: The process is designed to capture transaction specifics to simplify data analysis (collect, cleanse, classify & analyze) to answer: What, When, Whom & How
Spend Management: Instituting controls & optimization to reduce "maverick" spend; gain economies of scale and ensure compliance.
Total Cost Management: Proactive global visibility designed to enhance executive decisions to reach reasonably predictable outcomes!
How Does Spend Management Make Us Money?
Prorizon provides the visibility to make course adjustments for more predictable outcomes. We provide real-time Dashboards, Tracking Indicators and Alert Notices so you can:
- Track budgets against actuals and see projected trends
- Generate alerts when key budget milestones are in jeopardy
- Id commodity price changes when they happen
- Spot and/or control maverick purchasing
- Ensure purchase prices are in line with contracts
- View more timely spend analytics
- Track vendor performance
Prorizon Deliverers :
Our tool is built for business users! Instead of wading through voluminous lines of printed detail or studying key results on splatter plot graphs, the Prorizon user simply describes the key data points to be studied and then let our Comm-Plete Procurement system report the results in easy to read dashboard charts.
What about constant milestone monitoring? Prorizon has that too! Just setup Tracking Indicators to monitor spend at either a macro or micro view of the organization components (i.e. business units, regions, locations or G/L accounts). Designate budget tolerances then let our system track the associated expenses and compare actuals to your budget plans.
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Learn more about:
Procurement
RFQs
Contract Management
Service Orders
Budget Tracking
Asset Management
Warehouse Management
Accounting Reconciliation
Reporting & Analytics
Change Order Processing
