Webinar: Stop Chasing Your Own Tail Spend — Tame It

tail spend

GEP, a global provider of consulting, outsourcing and technology solutions to procurement and supply chain organizations, will hold a webinar Thursday, September 10, to discuss how businesses can get a handle on those costs they can’t always see — the tail spend.

It’s not uncommon for a procurement manager to see acquisitions of items or services approved outside of procurement when they review their tail spend. These are purchases that are often bought at a very small level or bought too few times to hit procurement’s radar. But the problems start when those small “insignificant” purchases eventually add up to spend that can ultimately impact a company’s bottom line.

See Spend Matters' seven-part Vendor Analysis of GEP in our PRO review of the suite provider.

This "tail" can continue to grow over time and become quite long and extensive, often as a result of maverick buying, non-compliance and just simple reactive purchasing, especially at a time when "needs must."

In most cases within an organization, indirect spend within the tail spend area gets limited focus from procurement, which, ironically, is why it needs spend management processes the most if we are to avoid what can be a substantial amount of waste in a particular category. 2020 has brought a renewed focus on cost control for procurement leaders — especially these seemingly invisible costs. But if you have poor quality data, poor visibility and manual processes, cost control is nearly impossible to execute successfully.

So in this webinar, GEP’s Senior Director, Prince Kapoor, and Associate Director, Amol Jagdale, will present today’s best practices in tail spend management, explaining the methods and digital technologies that can be used for "seemingly invisible" costs. They also will discuss how we can become more resilient at this time of economic and supply chain volatility, and will detail specific strategies and innovative approaches for gaining visibility, optimizing addressable spend and automating processes.

They aim to convince you that tail spend management (TSM) can actually be a significant source of incremental savings — when done well — despite organizations finding that handling high-volume transactions with an anonymous supply base very challenging.

Get involved in the discussion about:

• How tail spend has been redefined and clarified for today’s procurement needs
• Detailed strategies for gaining a quantitative understanding of spend
• How to drive value in price reductions, supplier base consolidation and improved contracts
• The central role of digital technologies and the opportunities for automation

Following the GEP webinar panel discussion, audience members will be able to take part in a live Q&A session. It’s a great opportunity to gain an in-depth, nuanced vision for success in tail spend management, with experts on hand to answer your questions. Join GEP and Spend Matters:

September 10, 10:00 am Pacific Daylight Time

Register here for the GEP webinar Stop Chasing Your Own Tail Spend — Tame It, Today.

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