Most organisations have robust, efficient systems and processes around their revenue generation or their direct spend on raw materials and stock, but few have the same degree of focus around their indirect spend. Employees are often allowed a large degree of freedom to buy what they require, with the main reason being to avoid introducing any controls that result in a delay to the provision of goods or services.
This typically produces a set of significant problems for Finance, with many manual processes and procedures in place, purchases made without authorisation, a subsequent lack of visibility of commitments until an invoice arrives, possible coding errors, and budgets often overlooked until well after the event. This maverick spend can be damaging enough but can be worsened through malicious and fraudulent behaviour which can run unchecked through these gaps.
The Procurement team similarly suffers; they will have negotiated pricing, and perhaps agreed tiered volume contracts with key suppliers, but witness a lack of spend against those contracts as employees continue to buy from unapproved sources at higher prices.
Deploying a proven Purchase-to-Pay (P2P) application ensures compliance with established approval policies to avoid unnecessary or inappropriate purchases while making it easier than ever for your organisation to quickly get the goods and services it needs from approved suppliers that deliver the best value.
The web-based platform is faster and more transparent for employees, provides managers with greater budget control, increases ‘cost pipeline’ visibility for financial management, speeds PO release to suppliers, enables automated invoice matching and payment authorisation, and captures an electronic history of spend activity for Procurement’s use in spend analysis.
Implementing these controls will reduce the cost of purchased goods and services by increasing your level of overall ‘spend under management’ while reducing risk and eliminating fraud.
After last year’s fantastic event at the Barbican Centre, we’re excited to invite you to another inspiring day full of valuable sessions, networking opportunities, and insights from the very best in the procurement industry. This year, we’re bringing TSM Customer Day to the heart of our community – the Novotel London Tower Bridge.
As businesses navigate an increasingly complex landscape, the need for agile, adaptable technology platforms has never been more critical. Organisations require solutions that not only meet their current needs but can also evolve alongside their business. This is where Ivalua, a leading provider of Source-to-Pay (S2P) solutions, comes into play. At TSM, we are proud […]
London, 1, July, 2024— TSM (Touchstone Spend Management) is thrilled to announce that we have been shortlisted for the prestigious 2024 CIPS Awards. This recognition highlights our transformative project with ISG, which aimed to revolutionise supplier management through a robust Source-to-Pay (S2P) solution. The project, in partnership with ISG, focused on automating onboarding processes, integrating […]
Step into the heart of London’s procurement and supply chain scene with our exclusive networking events, proudly sponsored by TSM. We’re shaking up the usual business gathering vibe to bring you something fresh – think less formal, more friendly chat over a morning brew. TSM is putting the spotlight on industry camaraderie by offering a […]
We are excited to announce a new collaboration between Forestreet and TSM, a consultancy specialising in the implementation of procurement systems. Research shows that 40% of sourcing professionals spend an average of three months completing a single supplier search, yet they can only review a few dozen suppliers from thousands. TSM recognises this industry-wide challenge, […]
London, 10 March 2024 – TSM (Touchstone Spend Management) proudly announces its double shortlisting for the esteemed World Procurement Awards 2024, hosted by Procurement Leaders. The awards recognise exemplary initiatives, leaders, and businesses shaping the future of procurement. Out of a pool of 145 distinguished organisations and individuals spanning 14 categories, TSM has been acknowledged […]
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