Mid-sized companies often spend outside of their approved budget, leading to a lack of visibility and control. Sudhir Bhojwani, CEO of ORO Labs and former SAP Ariba product leader, discusses the challenges faced by mid-market companies in procurement. The main difference in procurement spending between enterprises and mid-market companies is the maturity of the procurement function. Managing procurement spend is particularly challenging for fast-growing companies due to limited resources, lack of processes, and increasing regulatory oversight. Tools are crucial in establishing controls and changing employee behavior. Without proper tools, spending remains unmanaged.
Frequently Asked Questions
Q&A: Unmanaged procurement spending at mid-market companies - Supply Chain Digital
Unfortunately, there are no specific Frequently Asked Questions (FAQs) available in the search results that directly address unmanaged procurement spending at mid-market companies. However, there is relevant information related to procurement in mid-market companies and spend management solutions. Here are a few key points that may help inform the answer to the query:
1. Mid-market procurement differs from enterprise procurement:
Mid-market procurement may have different requirements, priorities, and resources compared to larger enterprise organizations. Understanding these differences can help mid-market companies develop effective procurement strategies. (Source: Five Questions Mid-Market Procurement Organizations Should Be Asking)
2. Spend management solutions for mid-market and enterprise organizations:
PairSoft is an intuitive web-based and mobile spend management solution trusted by mid-market and enterprise organizations. Such solutions can help companies manage their spending and improve their procurement processes. (Source: PairSoft)
3. Controlled procurement spending for mid-sized companies:
Mid-sized companies can face challenges in controlling unmanaged procurement spend. Implementing effective spend management strategies can help them gain control over their procurement processes. (Source: Procurement Magazine)
Although the specific question about unmanaged procurement spending at mid-market companies is not directly addressed, the information above can provide insights into the topic. For more comprehensive answers to specific questions, it may be beneficial to consult additional sources or conduct a more targeted search using specific keywords.