Now more than ever technology is becoming a critical component for contract compliance professionals to do their job. While the work to perform contract compliance reviews has traditionally focused on recovering funds, there’s often contention around issues that led to financial leakage in the first place.
Financial leakage won’t dry up anytime soon. It’s the nature of business, regardless of complexity or size, and will continue to occur if companies resist changing their mindset and ways of doing things. Leveraging technology is the key to identifying the cause of leakage and resolving those issues, as well as understanding what needs to be done to help prevent it from occurring again. In addition, the thought process must shift from a post-payment cash recovery to a mindset of prevention. This is where technology offers opportunities for wider scale audit programs, better program management and a forward-thinking model that procurement professionals aim for.
Now is the time to start transforming your contract compliance program!
Below is a summary of actionable steps you can take to get the most out of your compliance audit program:
- Focus on technology-enabled solutions. Technology empowers teams to identify risk faster and resolve the issues quicker.
- Incorporate artificial intelligence and machine learning into the technology platform to enable more opportunity to maximize program value.
- Create sophisticated contract engines to drive targeted vendor selection.
- Seek out solutions with built-in collaboration components to strengthen company supplier relationships.
Including a preventative approach in your program, with solid controls in place, can help with not only recovery opportunities but future cost savings. Technology is one way to combat contract compliance issues and keep your company profitable in the long run. Consider your options for getting the professional guidance needed to help you achieve your goals.
Want to learn more?
Download the Technology’s Impact on Your Contract Compliance Program white paper where we identify two key concepts to leverage technology and expand contract programs for optimal results – applying technology to drive coverage and speed and key areas of technology application.