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No matter the industry, market segment or program size, concerns regarding out-of-policy spending, fraud detection and card misuse remain the same. Does my corporate, university or government purchasing card program have the proper compliance and auditing controls in place? What steps can my organization take to improve its procurement program?
JPMorgan surveyed dozens of its purchasing card customers to gather some of the industry’s best practices for building and maintaining a solid card program.
More»Leading Companies Share Real-World Tips on Implementing T&E Program Best Practices
Advances in technology have transformed the global marketplace at a dizzying speed, creating a landscape no one imagined only a decade ago. Instant and efficient electronic transactions are now an expectation rather than a convenience, and the Internet has become an essential component of twenty-first century commerce and communication. However, the same technologies that fuel our economic growth have created areas of vulnerability that threaten the integrity, availability and confidentiality of enterprise information and customer transactions.
Higher educational institutions of all sizes are being asked to do more with less. With enrollments skyrocketing, state schools are fighting the impact of state budget gaps, while private institutions face shrinking endowments. The result is staff reductions and hiring freezes that must be offset with increased efficiency. As boards of trustees increase budget scrutiny, every possibility must be examined to reduce expenses, while maintaining the highest levels of academic achievement. The procurement process is an effective area for colleges and universities to increase cost savings opportunities.
JPMorgan Vice President Mark Beard, an International Treasury Consultant, describes alternatives a firm can utilize in their overall global strategy for improving efficiency. A global approach to shared service centers offers companies significant potential for cost savings and improved service.
Technological advances will enable the delivery of new models to create best practice environments for the finance function.
Today, the Treasury area is a complex hub of information derived from multiple sources across the globe. Keeping track of this information, not to mention processing and analyzing it, becomes an increasing challenge for which the goal posts are constantly moving.
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