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Supply Chain Compliance: A Necessity for Strategic Procurement
Conducting due diligence and maintaining compliance is vital for effectively mitigating risk, sustaining profitability and operating within a regulated environment. Maintaining compliance, however, isn’t for the faint of heart – it is a complex and time-intensive process that is made even more difficult due to lack of actionable and accurate data, constantly changing regulations and limited procurement resources.
While implementing a due diligence process can be daunting, the risks of non-compliance are worse, and can include significant financial impact on your organization. The right technology can automatically monitor procurement non-compliance issues and ensure organizations are in compliance with industry and governmental regulations. The key to success is finding a tool that automates the process, making compliance and reporting easier, while freeing up employees to focus more on strategic initiatives.
Tejari Spend Management Solutions brings visibility and automation into the compliance process, enabling procurement teams to easily:
- Maintaining compliance with industry and government regulations
- Manage supplier relationships and contracts to ensure key compliance standards and performance metrics are being fulfilled
- Report on due diligence and compliance efforts to industry regulators, taxpayers, investors, and government
- Ensure suppliers are incentivized to improve performance and adhere to key compliance factors such as quality standards, social responsibility and sustainable efforts
- Weigh compliance considerations in sourcing decisions
- Improve transparency across the entire procurement process and identify potential risks before they emerge
Tejari Spend Management Solutions are backed by a global team of experienced procurement and industry experts, holistically tracks compliance concerns and automatically alerts procurement of non-compliance issues across the procurement process. Tejari provides organizations with the comprehensive source-to-pay strategic procurement suite to manage compliance, risk and supplier relationships, ensuring customers are fully addressing compliance and risk issues unique to their organization.
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