In our ongoing series about the traits and responsibilities of top procurement officers, we want to explore the idea of compliance management. What is it in relation to your procurement department, how can you keep up with it, and can an MSP be of any assistance? Here are some of the things you need to know about compliance management.
What is Procurement Compliance?
The critical thing to note about procurement compliance is that there’s not one uniform standard across the industry. There are some common traits that you’ll see from place to place. They may include how much of the company spend that procurement impacts. Or you may track how well you’re doing in terms of utilizing designated suppliers as well as their performance. Other aspects of compliance may include on-time payments, interaction with accounts payable departments, or how your sourcing aligns with your guidelines.
How Do You Prioritize?
Because there is a lack of cohesion even within the procurement industry, what it comes down to is your prioritization. Not everything you’ll come across as a compliance issue should be given the same weight. Part of your job in procurement is to determine which aspects of the job are most important at any given time. For that reason, learning how to prioritize is paramount.
Checks and Balances
But because procurement professionals are human, there is always room for error. If you determine something is a specific priority, something else might get left on the table. Throughout that process, you may have to regroup in terms of compliance if the wrong thing was left undone. That’s why it’s always good to have a checks and balances system within your organization. This ensures that nothing falls out of compliance.
How an MSP Can Help
For these reasons, a managed service provider can help your procurement department stay on task, double-check processes, and reinforce compliance. A partner, especially in terms of your staffing processes, will be able to handle everything from start to finish, ensuring that your contingent workforce is being hired and managed in a way that’s compliant with the current employment laws. That allows you to be hands-off to prioritize other aspects.
Can your procurement department benefit from an MSP?
Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, utilizing our Managed Services Provider (MSP) model and Vendor Management Solutions (VMS) technology. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings? Contact us today.