Most companies only realize 55% of forecasted savings due to a lack of resources to implement savings and to monitor compliance.
As companies look to maximize savings from procurement initiatives, auditing the results becomes a critical step to ensure success.
Source One typically starts all projects with an audit of prior purchases and spend, to help identify rogue spend areas and non-compliance with existing contracts or pricing agreements. Often, our initial audit will identify areas where suppliers did not satisfy the terms of existing contracts. In these situations, Source One will assist our client in pursuing credits for the goods or services that were not compliant.
Source One's auditing services can help you with:
At the end of a strategic sourcing intiatives, our job is not done. Unlike other providers, Source One actively monitors your ongoing purchases to ensure that compliance is met both internally and externally to your organization. We also monitor the life-cycle of your procurement activities and make you aware of any additional potential savings opportunities that may develop in the marketplace after your original strategic sourcing initiative was completed.
Contact Source One to discuss Procurement Auditing or Cost Recovery.
