{"id":33605,"date":"2023-06-13T06:19:43","date_gmt":"2023-06-13T06:19:43","guid":{"rendered":"https:\/\/merlinsourcing.com\/?p=33605"},"modified":"2024-06-28T07:01:16","modified_gmt":"2024-06-28T07:01:16","slug":"5-tips-to-control-and-prevent-maverick-spend","status":"publish","type":"post","link":"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/","title":{"rendered":"5 Essential Strategies for Maverick Spend Management"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"33605\" class=\"elementor elementor-33605\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8f6c09d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8f6c09d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-widget-wrap elementor-element-populated elementor-element elementor-element-496961a\" data-id=\"496961a\" data-element_type=\"column\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8601156 elementor-widget elementor-widget-text-editor\" data-id=\"8601156\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Is your company losing money due to unauthorized spending outside of your procurement process? Are your team members hesitant to make purchase orders because of the complexity of the system? Then, the possibility of financial risks caused by unaccounted maverick spending may\u00a0exist in your organization. According to the <strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.cips.org\/supply-management\/opinion\/2014\/october\/five-things-you-need-to-know-to-tackle-maverick-spend\/\">Chartered Institute of Procurement &amp; Supply (CIPS) study<\/a><\/span><\/em><\/strong>, maverick spending\u00a0accounts for up to 80% of all invoices in many organizations. \u00a0If this continues, several businesses may experience a loss of revenue, and it will become increasingly difficult to control the procure-to-pay (P2P) cycle. Moreover, the maverick\u00a0spending\u00a0may also hinder progress towards ESG targets and create a significant risk in terms of legal compliance. Yet, this does not have to be the case! There are some ways that can help minimize financial risks and control an\u00a0organization&#8217;s maverick spending.<\/p><p>Here, in this blog\u00a0we will explore:<\/p><ul><li>What is maverick spending?<\/li><li>Types of maverick spend.<\/li><li>What are the reasons behind maverick spending?<\/li><li>How maverick spending affects your business?<\/li><li>Top 5 tips to help identify and control maverick spending.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcd1433 elementor-widget elementor-widget-text-editor\" data-id=\"fcd1433\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_61 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" >Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#What_is_maverick_spending\" title=\"What is maverick spending?\">What is maverick spending?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#Types_of_maverick_spend\" title=\"Types of maverick spend\">Types of maverick spend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#What_are_the_reasons_behind_maverick_spending\" title=\"What are the reasons behind maverick spending?\">What are the reasons behind maverick spending?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#How_maverick_spending_affects_your_business\" title=\"How maverick spending affects your business?\">How maverick spending affects your business?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#Top_5_tips_to_help_identify_and_control_maverick_spend\" title=\"Top 5 tips to help identify and control maverick spend\">Top 5 tips to help identify and control maverick spend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_maverick_spending\"><\/span><em><strong>What is maverick spending?<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Purchases made outside of agreed-upon contracts are referred to as maverick spending. Such spending often disregards established procurement processes and can prove costly for organizations. It also results in businesses losing out on discounts and supplier credibility in addition to damaging\u00a0 <em><a href=\"https:\/\/www.youtube.com\/watch?v=rvxAGb2hlqc\" data-factors-click-bind=\"true\"><b><u>supplier relationships<\/u><\/b><\/a><\/em> due to unethical business activities.<\/p><p>For instance, Maverick spending might occur when an individual worker purchases without seeking consent from their management or when a department incurs expenses that exceeds the allocated budget.<\/p><h2><span class=\"ez-toc-section\" id=\"Types_of_maverick_spend\"><\/span><em><strong>Types of maverick spend<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Maverick spending falls into the following three primary\u00a0categories:<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33617\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1.png\" alt=\"Types of Maverick Spend in procurement\" width=\"1200\" height=\"629\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1.png 1200w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1-1024x537.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1-768x403.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-1-16x8.png 16w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p><ul><li><h4><em>Maverick spending that is uncontrolled and unknown<\/em><\/h4><\/li><\/ul><p>An invoice from an unknown supplier is referred to as uncontrolled and unknown <a href=\"https:\/\/bit.ly\/42G6nf3\" data-factors-click-bind=\"true\"><span style=\"text-decoration: underline;\"><em><strong>maverick spending<\/strong><\/em><\/span>.<\/a> Also, there isn&#8217;t any prior experience working with those suppliers, nor there is\u00a0a contract\u00a0to verify their services.<\/p><ul><li><h4><em>Semi-known &amp; semi-controlled maverick spending<\/em><\/h4><\/li><\/ul><p>This might occur, for instance\u00a0when a supplier with whom you may have previously dealt, with submits an incomplete invoice. The invoice might be\u00a0backed by a contract, but the contract may not be comprehensive, or the invoice may not be clear about what was requested and whether it was approved or not.<\/p><ul><li><h4><em>Known and semi-controlled manner<\/em><\/h4><\/li><\/ul><p>It often originates from an established contract and a vendor that has been approved. Yet, key information is missing from the contract. If employees do not have standard operating procedures (SOPs) to follow or choose not to adhere to existing ones, it can lead to a semi-controlled or known maverick spending.<\/p><h2><span class=\"ez-toc-section\" id=\"What_are_the_reasons_behind_maverick_spending\"><\/span><strong><em>What are the reasons behind maverick spending?<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>In a survey by <span style=\"text-decoration: underline;\"><em><strong><a href=\"https:\/\/get.coupa.com\/rs\/950-OLU-185\/images\/19-Maverick-Spend-Report.pdf\" data-lf-fd-inspected-yn8j1xymlyaxw0rk=\"true\" data-factors-click-bind=\"true\">Hackett group<\/a><\/strong><\/em><\/span>, one of the leading reasons for maverick purchases for 75% of procurement specialists, is a lack of self-service or guided buying tools. However, maverick spending is influenced by a variety of other factors, amongst them some of the common ones are:<\/p><h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33621\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2.png\" alt=\"Reasons behind maverick spend in procurement\" width=\"1200\" height=\"629\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2.png 1200w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2-1024x537.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2-768x403.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-2-16x8.png 16w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h2><ul><li><h4><em>De-centralized purchasing<\/em><\/h4><\/li><\/ul><p>Most procurement policies are decentralized and ad hoc, which forces supervisors and managers to exert their decisions\u00a0and &#8220;twist&#8221; the standards and guidelines as required. And when that takes place, repeated out-of-policy spending normalizes itself.<\/p><ul><li><h4><em>Paper-based procurement methods<\/em><\/h4><\/li><\/ul><p>Organizations\u00a0may be depending excessively\u00a0on paper-based procurement techniques\u00a0to make purchases and hire services, which is another common cause\u00a0for maverick spending. With paper-based purchasing systems, it is challenging to collect and evaluate spending data, making it practically impossible to identify cases of uncontrolled spending.<\/p><ul><li><h4><em>Maverick spending due to a competitive environment<\/em><\/h4><\/li><\/ul><p>In certain situations, despite the employees being aware of the existing contract that covers a purchase they need to place, they keep procuring supplies from a different provider since the alternative is less expensive and they are interested in saving the company money.<\/p><ul><li><h4><em>Lengthy and inefficient procurement processes<\/em><\/h4><\/li><\/ul><p>Maverick spending may be the outcome of ineffective procurement processes. When the P2P strategy is poorly defined or the approval process for purchase requisitions (PR) and purchase orders (PO) appears drawn out, the majority of procurement executives become confused and irritated. In these situations, these procurement professionals prefer to violate the procurement standards and seek simpler, and faster approaches to fulfil their business requirements, which lowers profitability and increases operational risk exposure.<\/p><ul><li><h4><em>Significant Indirect Spending<\/em><\/h4><\/li><\/ul><p>Indirect spending accounts for <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/spendmatters.com\/2022\/09\/20\/6-successful-tactics-for-efficient-indirect-spend-control\/\" data-factors-click-bind=\"true\">50%<\/a><\/strong><\/span><\/em> of a company&#8217;s purchases. It is typically distributed across a variety of categories in organizations, making it challenging to develop consistent processes and controls, which might result in increased maverick spend.\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"How_maverick_spending_affects_your_business\"><\/span><strong><em>How maverick spending affects your business?<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The lack of traceability isn&#8217;t the only issue with maverick\u00a0spending. Prolonged, unauthorized spending in a business can result in poor reporting, and working capital concerns, and eventually results in\u00a0the requirement of risk mitigation techniques.<\/p><p>Other impacts on the company may include the following:<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33607\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3.png\" alt=\"Impacts of maverick spend in procurement\" width=\"1200\" height=\"629\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3.png 1200w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3-1024x537.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3-768x403.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-3-16x8.png 16w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p><h2><span class=\"ez-toc-section\" id=\"Top_5_tips_to_help_identify_and_control_maverick_spend\"><\/span><strong><em>Top 5 tips to help identify and control maverick spend<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>\u201cMaverick spending\u201d can be a cause for concern, but businesses can take preventative measures to identify and\u00a0control unknown or unapproved spending to ensure that the procurement processes\u00a0are managed\u00a0strictly and in accordance with the negotiated contracts.<\/p><p>Here are the top\u00a0five strategies for identifying and controlling maverick\u00a0spending:<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33625\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4.png\" alt=\"top\u00a0five strategies for identifying and controlling maverick\u00a0spending\" width=\"1201\" height=\"628\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4.png 1201w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4-1024x535.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4-768x402.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/infographic-4-16x8.png 16w\" sizes=\"(max-width: 1201px) 100vw, 1201px\" \/><\/p><ul><li><h4><em>Identify\u00a0maverick spending using spend analysis<\/em><\/h4><\/li><\/ul><p>The first step in identifying\u00a0the source of maverick spending is to determine where it occurs and how it affects your bottom line. To do this, perform a <span style=\"text-decoration: underline;\"><em><strong><a href=\"https:\/\/bit.ly\/3XhespP\" data-factors-click-bind=\"true\">spend analysis<\/a><\/strong><\/em><\/span> of all your <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/460L8re\" data-factors-click-bind=\"true\">direct and indirect spending<\/a> <\/strong><\/span><\/em>\u00a0and create spend visibility in the following manner:<\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33629\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5.png\" alt=\"Identify maverick spending using spend analysis\" width=\"1200\" height=\"629\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5.png 1200w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5-1024x537.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5-768x403.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2023\/06\/Infographic-5-16x8.png 16w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p><ul><li><h4><em>Review and implement clear procurement policies<\/em><\/h4><\/li><\/ul><p>Reviewing your maverick spending policy is necessary when\u00a0you are aware of the extent of maverick spending and have determined its\u00a0causes.\u00a0 Educate your employees about how maverick spending impacts an organization and make sure that the updated\u00a0policies are\u00a0completely understood by all\u00a0employees with\u00a0spending responsibilities.<\/p><ul><li><h4><em>Simplify the approval process<\/em><\/h4><\/li><\/ul><p>Your purchase approval process should be strong enough to prevent maverick\u00a0spending, yet simple enough that employees don&#8217;t find it to be a hassle.\u00a0 One standard approach is getting the procurement manager\u2019s consent for purchases over a specified limit. For immediate responses, these managers should\u00a0directly\u00a0contact the finance or procurement divisions.<\/p><ul><li><h4><em>Improve your P2P (Procure-to-Pay)\u00a0cycle<\/em><\/h4><\/li><\/ul><p>P2P cycle is an integral part of an \u00a0organization\u2019s\u00a0procurement function. To ensure effective P2P operations, it is crucial to establish a strong link between the accounts payable department and procurement functions. Maintaining stringent controls over payments and supplier relationships is a hallmark of a robust P2P cycle, and it helps in minimizing the maverick\u00a0spend.<\/p><ul><li><h4><em>Introduce automation and utilize strategic sourcing initiatives<\/em><\/h4><\/li><\/ul><p>An <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/42uoHrC\" data-factors-click-bind=\"true\">e-procurement<\/a><\/strong><\/span><\/em> software for businesses offers\u00a0a centralized system that allows you to automate your procurement processes and make purchases online. A reliable <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/www.youtube.com\/watch?v=FHvnmrOaDYo\" data-factors-click-bind=\"true\">e-procurement<\/a><\/strong><\/span><\/em> software also lets you enhance spend visibility providing real time insights into spending patterns and trends while minimizing the workload of your spend\u00a0approval teams.<\/p><p>Maverick spending can be attributed to both the procurement method and vendor selected. <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/42AWmA1\" data-factors-click-bind=\"true\">Strategic sourcing<\/a><\/strong><\/span><\/em> when used in conjunction with the best e-procurement software platforms, enables organizations to negotiate the best possible price and terms. Also, it minimizes the <a href=\"https:\/\/bit.ly\/42wYhp7\" data-factors-click-bind=\"true\"><strong><em><span style=\"text-decoration: underline;\">supplier risk<\/span><\/em><\/strong><\/a> associated with purchasing from unverified or new suppliers.<\/p><h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong><em>Conclusion<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Maverick spending is a significant problem for businesses everywhere as it can lead to substantial financial losses if not identified and addressed promptly. Digital procurement makes sure that businesses detect maverick spending\u00a0before it causes a significant loss. The amount of spending that exceeds the company budget every quarter can be\u00a0reduced by features like compliance monitoring to automatically flag non-compliant transactions and transactional recordkeeping to identify unusual spending patterns. However, selecting the appropriate strategic procurement software that is user-friendly and offers external support is equally crucial to optimize the benefits.<\/p><p>MeRLIN is a <a href=\"https:\/\/bit.ly\/3N0wCY8\" data-factors-click-bind=\"true\"><em><span style=\"text-decoration: underline;\"><strong>strategic sourcing software<\/strong><\/span><\/em><\/a> that can manage an organization&#8217;s direct and indirect procurement requirements by combining advanced analytics with capabilities for <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/3oSo39M\" data-factors-click-bind=\"true\">supplier relationship management<\/a><\/strong><\/span><\/em>, <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/43CxclO\" data-factors-click-bind=\"true\">category management<\/a><\/strong><\/span><\/em>, <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/42wYrwJ\" data-factors-click-bind=\"true\">eSourcing<\/a><\/strong><\/span><\/em> (RFx and eAuctions), contract management, requisition management, and eProcurement. <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/bit.ly\/42vyKwt\" data-factors-click-bind=\"true\">Contact\u00a0us<\/a><\/strong><\/span><\/em> to find out how <em><span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/youtu.be\/V990kUVMcCs\" data-factors-click-bind=\"true\">our solution<\/a><\/strong><\/span><\/em>\u00a0can help\u00a0you in\u00a0proactively managing\u00a0your maverick spending.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Is your company losing money due to unauthorized spending outside of your procurement process? Are your team members hesitant to make purchase orders because of the complexity of the system? Then, the possibility of financial risks caused by unaccounted maverick spending may\u00a0exist in your organization. According to the Chartered Institute of Procurement &amp; Supply (CIPS)&hellip; <a class=\"more-link\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/5-tips-to-control-and-prevent-maverick-spend\/\"><span class=\"screen-reader-text\">5 Essential Strategies for Maverick Spend Management<\/span> weiterlesen<\/a><\/p>","protected":false},"author":14,"featured_media":33633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,18],"tags":[157,154,159,158],"class_list":["post-33605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spend-analysis","category-strategic-sourcing","tag-impacts-of-maverick-spend","tag-maverick-spend","tag-prevent-maverick-spend","tag-reasons-behind-maverick-spend","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Tips to 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