Jun 3
"For twenty years we tried to eliminate maverick spend. The AI era is about to show us it was never the problem — it was the signal."
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"For twenty years we tried to eliminate maverick spend. The AI era is about to show us it was never the problem — it was the signal."
Why is it time for procurement professionals to embrace their "Inner Maverick!"
User Adoption and the Rise of the AI Chatbots: The End of Maverick Spend, Vendor Rationalization and Change Management
Are AI Chatbots the game changer procurement has been waiting for? Can it really handle 90 percent of everyday procurement work?
As you read the title of today’s post, you may wonder what maverick spend, vendor rationalization and change management have to do with user adoption and AI Chatbots. The simple answer is the end of maverick spend, vendor rationalization, and change management. “So it’s [Merlin Assist Chatbot] is not just for information or for query. It can do everything from say initiation of, let’s say, a…
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Which picture is an example of an "off-contract buy," and which is an example of a purchase made through an "established contract?"
OFF OR ON CONTRACT BUY? The answer to the question of which is an example of an off-contract buy and which is an example of a product purchased through a centrally negotiated contract may or may not surprise you, depending on the commodity type. Hint: Dynamic Flux or Historic Flatline. 30
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Maverick spending is overspending. During negotiation, procurement teams not only negotiate the product prices but also work on other charges
Categorizing your overall spend is essential for eliminating unnecessary expenses and consolidating like-purchases or suppliers, facilitating the opportunity to grow your enterprise through informed decision-making Tail spend (also known as maverick spend or rogue spend), the 20% of your overall purchasing that consists of the 80% of your suppliers, is surprisingly still overlooked by many …