Companies are failing to achieve continuous IT security compliance because they are allowing their procurement processes to become outdated, according to new research from Vertice, a SaaS and cloud spend optimisation platform.
Vertice surveyed 300 global procurement leaders to rate their business purchasing processes across seven key areas, and to also rate their ability to maintain continuous IT compliance – and discovered a clear correlation between an organisation’s procurement maturity and the businesses’ security.
Vertice’s Procurement Impact Report reveals that businesses with an optimised and automated procurement function see a 20% improvement in achieving compliance compared to those with manual and decentralised processes. Alarmingly, only one in six (18%) companies have made the necessary improvements, which include adding automated internal and external compliance checks to procurement request intake forms, along with pre-approved suppliers and intelligently adding suitable compliance stakeholders to the approval process.
Meanwhile the remaining 82% of businesses – whose procurement processes are instead manual, undefined and inconsistent – all struggle to maintain continuous IT and security compliance.
The findings also indicate that procurement leaders are struggling to control shadow IT without intelligent procurement processes in place, with 30% reporting that employees frequently bypass IT and procurement checks to adopt new suppliers. This issue is particularly prevalent in the US, where over one-third (34%) of leaders worry that maverick spending will become increasingly challenging unless their procurement functions are modernised.
Vertice’s report discovered that the US is significantly lagging behind the UK, with almost half (44%) of businesses in the lowest maturity levels, whereas two-thirds (67%) of UK businesses are in the more advanced stages of procurement maturity with more reliance on automation, AI and integrations.
Despite the significant benefits that procurement maturity brings to companies, many leaders are facing a growing number of risks and challenges when establishing high-performing procurement functions. Worryingly, 37% of respondents say that procurement is not a strategic priority versus other initiatives, and 35% say their organisation is not willing to invest in the skills to tackle the issue.
Eldar Tuvey, CEO and Founder of Vertice, says, “Procurement is an important catalyst to business compliance; the secret weapon that often goes unnoticed. Quick, intelligent, integrated processes can equip teams faster, and without compromising safety and compliance. But most procurement departments have been unable to mature their outdated, manual processes, throttling the businesses’ progress and putting compliance at risk.”
Among other benefits, Vertice’s research found that businesses with the most advanced procurement processes are:
• 34% faster to deploy innovative projects
• 29% faster in bringing new products and services to market
• 27% more efficient than their peers
• 22% more effective in controlling budgets
(Compared to those relying on manual, decentralised and reactive processes).
To help procurement teams accelerate their maturity, deliver strategic impact quicker and support compliance better, Vertice today launched Intelligent Workflows, a procurement orchestration tool built to simplify and accelerate purchasing processes, and ease the manual burden on busy procurement teams.
Intelligent Workflows introduces smart, pre-emptive decision-making into the procurement process – including automated pre-approvals and routing, and simplified but accurate compliance – and also granular control and visibility into every ongoing purchase, renewal and intake.
Eldar continues, “Modern procurement teams’ roles are increasingly broad and complex. And in fast-growing or rapidly-changing businesses, procurement processes aren’t always keeping up – meaning procurement teams are finding themselves filling in the gaps manually. It’s a step back for procurement when the business is trying to make leaps forward.
“Intelligent Workflows is the boost these teams need. Our new procurement orchestration tool brings automation and intelligence to the purchasing process, by eliminating manual approval routing and re-routing, anticipating bottlenecks, and reducing the daily workload for procurement teams – all while improving control and speed of outcomes.
For more from Vertice, click here.
The post Underinvestment blamed for IT security compliance failures appeared first on Data Centre & Network News.
Companies are failing to achieve continuous IT security compliance because they are allowing their procurement processes to become outdated, according to new research from Vertice, a SaaS and cloud spend optimisation platform.
Vertice surveyed 300 global procurement leaders to rate their business purchasing processes across seven key areas, and to also rate their ability to maintain continuous IT compliance – and discovered a clear correlation between an organisation’s procurement maturity and the businesses’ security.
Vertice’s Procurement Impact Report reveals that businesses with an optimised and automated procurement function see a 20% improvement in achieving compliance compared to those with manual and decentralised processes. Alarmingly, only one in six (18%) companies have made the necessary improvements, which include adding automated internal and external compliance checks to procurement request intake forms, along with pre-approved suppliers and intelligently adding suitable compliance stakeholders to the approval process.
Meanwhile the remaining 82% of businesses – whose procurement processes are instead manual, undefined and inconsistent – all struggle to maintain continuous IT and security compliance.
The findings also indicate that procurement leaders are struggling to control shadow IT without intelligent procurement processes in place, with 30% reporting that employees frequently bypass IT and procurement checks to adopt new suppliers. This issue is particularly prevalent in the US, where over one-third (34%) of leaders worry that maverick spending will become increasingly challenging unless their procurement functions are modernised.
Vertice’s report discovered that the US is significantly lagging behind the UK, with almost half (44%) of businesses in the lowest maturity levels, whereas two-thirds (67%) of UK businesses are in the more advanced stages of procurement maturity with more reliance on automation, AI and integrations.
Despite the significant benefits that procurement maturity brings to companies, many leaders are facing a growing number of risks and challenges when establishing high-performing procurement functions. Worryingly, 37% of respondents say that procurement is not a strategic priority versus other initiatives, and 35% say their organisation is not willing to invest in the skills to tackle the issue.
Eldar Tuvey, CEO and Founder of Vertice, says, “Procurement is an important catalyst to business compliance; the secret weapon that often goes unnoticed. Quick, intelligent, integrated processes can equip teams faster, and without compromising safety and compliance. But most procurement departments have been unable to mature their outdated, manual processes, throttling the businesses’ progress and putting compliance at risk.”
Among other benefits, Vertice’s research found that businesses with the most advanced procurement processes are:
• 34% faster to deploy innovative projects
• 29% faster in bringing new products and services to market
• 27% more efficient than their peers
• 22% more effective in controlling budgets
(Compared to those relying on manual, decentralised and reactive processes).
To help procurement teams accelerate their maturity, deliver strategic impact quicker and support compliance better, Vertice today launched Intelligent Workflows, a procurement orchestration tool built to simplify and accelerate purchasing processes, and ease the manual burden on busy procurement teams.
Intelligent Workflows introduces smart, pre-emptive decision-making into the procurement process – including automated pre-approvals and routing, and simplified but accurate compliance – and also granular control and visibility into every ongoing purchase, renewal and intake.
Eldar continues, “Modern procurement teams’ roles are increasingly broad and complex. And in fast-growing or rapidly-changing businesses, procurement processes aren’t always keeping up – meaning procurement teams are finding themselves filling in the gaps manually. It’s a step back for procurement when the business is trying to make leaps forward.
“Intelligent Workflows is the boost these teams need. Our new procurement orchestration tool brings automation and intelligence to the purchasing process, by eliminating manual approval routing and re-routing, anticipating bottlenecks, and reducing the daily workload for procurement teams – all while improving control and speed of outcomes.
For more from Vertice, click here.
The post Underinvestment blamed for IT security compliance failures appeared first on Data Centre & Network News.