Contract Compliance
Mitigate Risk, Cut Costs, & Increase Savings
SpendMend Contract Compliance
Your organization does business with thousands of vendors. Most of these relationships are governed by one or more contracts. It is unlikely that your in-house team has the time or the specialized expertise to make sure the deals you have negotiated are the deals you are consistently receiving. SpendMend has spent over 30 years perfecting an end-to-end contract compliance solution to ensure contracts are thorough and effective while making certain that all third parties are performing and invoicing in compliance with their negotiated agreements.
SpendMend Contract Compliance Process
The Impact of a Contract Compliance Audit
According to the International Association of Contract and Commercial Management, nearly 40% of commercial contracts fail to deliver their full expected financial benefits. Non-compliance can potentially cost companies between 0.5% and 5% of their annual spend. For any organization trying to cut costs and increase savings wherever and whenever it can, a contract compliance audit will deliver immediate and long-term impact.
The Benefits of SpendMend Contract Compliance
Having a successful contract compliance program is valuable because it will identify and mitigate contract risks, improve contract management, and lead to realizing unexpected profit. Benefits include:
Identify and Recover Overbillings
Gain Root Cause Analysis on Errors
Strengthen Contract Language
Improve Financial
Enhance Internal Controls
Verify Data Reported By Suppliers
"SpendMend’s experience led them immediately to my highest risk contracts and made an immediate impact. The team was hard working and creative and found several other problem areas that needed attention. The service was unlike any I had seen."
Director of Procurement, $27B Medical Manufacturer
Medical Supplier Contract Compliance Overview
Why Does Contract Non-Compliance Persist?
Despite their best efforts, organizations continue to suffer from contract non-compliance in the cost cycle.
Key reasons for this are:
Supplier Self-Reporting
Invoices submitted by suppliers do not align with the contracts
Large Contract Volume
One or more contracts in place with thousands of vendors
Internal Issues
Contract errors due to change, turnover, training, complex processes, etc.
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