How to kill maverick spending

Profile picture for user gonzodaddy By Den Howlett June 4, 2013
Summary:
Killing off maverick spending is one of the much vaunted claims for spend management. When put in those terms the allure sounds obvious. But what do you do when you have no systems to manage spending? Check out how Storebrand did it, achieving 20 percent savings along the way.

Killing off maverick spending is one of the much vaunted claims for spend management. When put in those terms the allure sounds obvious. But what do you do when you have no systems to manage spending? That's beyond maverick spending...that's the Wild West.

In the 4 min 30 sec video above, Ellen-Carine Martinez, a spend analyst specialist with Norwegian pensions house Storebrand discusses how the business brought spending under control. It took three years and the system touches everyone of the 2,500 employees. Now in its fourth year, the company has made savings north of 20 percent.

More important, how does a business institute such a big change? "We have long fingers" says Ellen at one point. Hmmm...that would worry me, but then she also talks about the value spend analysis and control bring to business users. It's a win-win.

Enjoy.