How does corporate governance make a difference in the purchasing area?

Far from being a trend, the processes help companies establish themselves in an increasingly fast-paced and competitive market.

Warren Buffett of Berkshire Hathaway, Mary Barra of General Motors, Lowell McAdam of Verizon, Larry Fink of BlackRock and other CEOs of large American companies signed, in 2016, a document which lists ways to improve corporate governance in the United States.

The idea behind this signature is to make companies in the country adopt more transparent and effective policies, promoting credibility with the public. And let's be honest? Without governance, there is no way to establish a positive scenario, both inside and outside the organization.

But how does governance help in purchasing processes? Keep reading the article!

 

Why have governance within the purchasing area?

When we bring the concept of governance to the purchasing area, we can come across several growth opportunities for the sector. Having a 360° view of purchasing provides a valuable competitive advantage in a world driven by data and information. However, this can only be achieved through a technological solution that includes all information in a single environment.

An example is the tool e-Procurement of the Electronic Market, which offers mapping of all purchasing-related processes and also allows the creation of interactive graphics.

But, after all, how does corporate governance make a difference in the purchasing area?

 

The benefits of corporate governance in the purchasing area

Transparency in all processes

When we talk about purchasing processes, there are countless problems that can occur, such as breach of contract, non-payment, late deliveries, etc.

For this reason, it is essential to have transparency in all processes, in order to understand whether business is taking place in accordance with the company's premises. This is only possible by promoting corporate governance in the purchasing sector through technology that provides accurate information on transactions, order numbers, delivery lead times, amounts moved, etc.

This will help the company analyze possible gaps and facilitate auditing of the area.

 

Purchasing decision making

Corporate governance is, above all, synonymous with decision-making. In a digitalized world, information and data are worth their weight in gold.

Therefore, having governance with the help of a technological platform can provide companies with data, providing an end-to-end view of the purchasing area, which facilitates strategic decision-making for the business.

Having control over everything that happens in the sector can often be the game changer your company needs to grow in the market and overcome day-to-day challenges.

 

Demand forecasting and risk management

As previously mentioned, having corporate governance in the purchasing area, in addition to offering a view of all the processes that occur in the sector, also brings a series of data and information.

This data is essential for decision-making. However, it is possible to have much more than this, if analyzed correctly. Knowing how to explore information and being aware of the market can provide intelligence to predict demands, risks and weaknesses in business.

This way, purchasing teams can anticipate and organize themselves, ensuring better costs and delivery times. This same forecast can also help minimize risks related to the supply chain, since it is possible to predict possible stock shortages and delays in the merchandise.

 

If you want to achieve corporate governance in your company, we have the ideal solution!

Meet the platform e-Procurement of the Electronic Market. In addition to controlling, from end to end, all processes related to purchases, you can analyze data and easily create interactive, intelligent dashboards, offering a transparent and strategic vision of the business.

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