Reviewing Contract and Supplier Spend
Spend Visibility
Many organisations still maintain inconsistent, manual processes; documents are all paper based, and there is no central repository for contracts.
framework not only provides this central repository for all your contracts, but also introduces proper processes and controls, automated compliance reporting, and organisation-wide visibility.
framework provides contract managers with the time to focus on reducing costs, and maverick spending, rather than gathering data for analysis.
Increasing the visibility of an organisations contracted spend with framework will encourage the effective review of contracts and suppliers, resulting in the elimination of unnecessary spend by around 10%.
framework can improve contract spend visibility:
Invoice Management
Uncovering Invoice Errors
It has been reported that around 15% of supplier invoices are inaccurate.
With frameworks quick on-line verification, you can easily check a received invoice against the forecasted spend amount, ensuring that invoices are accurate prior to payment and they are based on what is contractually agreed.
Tracking Invoices
framework tracks invoices statuses. The status can be modified at each stage of the authorisation and payment process, enabling approved personnel access to the information they require.
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Budget Forecasting
It is invaluable for every organisation to be able to forecast what the future expenditure is likely to be in any given area of the business.
framework creates forecasting spend schedules for each contract, each amount being accurate to the contracted payment terms.
framework's flexible management reporting allows accurate business intelligence and spend forecasting.
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Monitor Savings
Rationalising suppliers and renegotiating contracts can yield significant savings and reduce year on year costs.
framework logs the savings you have made from renegotiations. Reviewing these logged savings can help to justify future spend and enable proactive decision making.
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Manage Outsourcing & Chargeback
framework manages outsourcing contracts and internal chargeback, applying client definitions and recover portions and enabling teams to be presented with only the information that is relevant to the contract category. framework also reports the impact analysis should a client leave, and details un-recovered costs.
Main benefits to outsourcing organisations and companies utilising internal charge-back:
- Save time and resources of contract and supplier management
- Improve budget accuracy and financial forecasting
- Provide meaningful impact analysis on a ‘what if’ scenario
- Track and reclaim any un-recovered costs
- Improve client costs management and quickly uncover savings
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Spend Visibility 
