So many things can go awry when it comes to reviewing and approving your organization’s spend, especially when it comes to managing different departments and budgets.
What if you could get everyone on the same page?
We created Purchasing Intelligence for our Suplari AI-driven insights system to do just that. We prioritized adding this extension when we realized what a huge part of procurement purchasing entails — and our customers told us how much they needed it.
Purchasing Intelligence analyzes your entire organization’s purchasing process to bring it all under one system. It improves the process by surfacing, cleaning, normalizing, and categorizing all purchasing data in your procurement system. Not only does it eliminate overspending, it improves compliance and policy adherence, and mitigates fraud.
Here are the three main purchasing problems companies tell us they face in procurement spending — and how Purchasing Intelligence curbs them.
Problem 1: Not Following Purchasing Policy
Managing multiple moving pieces and people in your organization is challenging at best. When your employees travel or expense items, how do you know they are following approved practices?
Without an AI-driven insights platform, it’s nearly impossible to keep track all of spend. While people can catch some line items in employee travel and expense budgets, the only 100 percent foolproof way to capture all that data accurately and in real time is with a tool like Purchasing Intelligence.
Purchasing Intelligence can specifically monitor, find, and alert you to spending that falls out of your established protocols. This eliminates questionable spending practices — like a manager approving a hotel stay that falls out of your approved list — and saves you money.
Problem 2: Fraudulent or Rogue Spend
Is everyone in your organization following proper purchasing practices? In an ideal world, they would, but in the real world, employees can often sign off on an invoice for more than was approved, or even go rogue and spend without approval.
Purchasing Intelligence can help you find and stop spend that isn’t preapproved with a purchase order. Additionally, it flags anything over the approved spend amount, and helps identify fraudulent or rogue spending, because the best time to stop wrongful spend is before it happens.
Problem 3: Overspending
Is approving invoices for over a predetermined amount an issue in your organization? When employees approve spend your company didn’t budget for, it can erode profits and confidence in decision-making.
By giving your people the power of Purchasing Intelligence, they will never question budgets or overspend again. Suplari removes the mystery of all spending, including invoices that weren’t properly reviewed and paid. It frees both you and your employees from the process of finding and reviewing errors — and keeps everyone on the same purchasing path going forward.
The Solution: AI-driven Insights in Purchasing Intelligence
Purchasing Intelligence is easy to apply to your existing procurement system and begins working almost immediately. Within the first 30 days, it will start surfacing areas that can be improved across the purchasing process of your entire organization.
Along the way, we’re here to fully support you and interpret the results, find more potential savings, and help you develop a plan to execute additional improvements to your purchase process.