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 28 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.
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 an immediate and long-term impact.
The Benefits of SpendMend Contract Compliance
Improve Financial Terms
Enhance Internal Controls
Verify Data Reported By Suppliers
DATA SHEET
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.