Overall, spend management practices in the financial services sector have seen solid improvements over the years. But, purchased services spend management remains a challenge particularly in the financial services sector. Managing performance-based spend, at scale, requires an integrated and upgraded set of capabilities and there is room for improvement for financial institutions.
It’s common knowledge that organizations waste millions every year by overpaying or undercharging service contracts. Regardless of how effectively the service agreement may have been negotiated, the proof is in the ongoing compliance to it.
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