whitepapers 101 Measures to reduce maverick buying and increase effectiveness

Intro
Maverick buying, also known as "unauthorized purchasing," refers to the purchase of goods and services outside of a company's established purchasing policies and procedures. This often occurs without approval from purchasing managers or department heads and can lead to fragmentation of purchasing processes. Spend is not centralized, resulting in increased costs, inefficient procurement processes, and lack of visibility. To address this issue, we've laid out 101 measures companies can take.

Some measures could be:

• Implement a centralized procurement system
• Develop a purchasing policy that clearly outlines the approval process for all purchases
• Create a preferred supplier list to limit purchases from non-approved vendors
• Implement a system for registration, reporting and resolving purchasing disputes
• Establish a process for reviewing all invoices before payment is made

By implementing these measures, companies can reduce maverick buying and increase the effectiveness of their procurement processes.