P-card transactions facilitate in-depth spend analysis
The accuracy and relevancy of data in organisations is becoming more important. With more spend being moved onto cards, data on card transactions is quickly becoming a necessity, finds Anita Carolus, Nedbank Corporate Card National Sales Manager, in her interactions with clients.
This is certainly a contributing factor to the success of procurement card programmes around the globe, notes Carolus. A procurement card offers up to third-level in terms of data. Furthermore, an on-line portal or a data feed ensures that a company knows who bought from where, what exactly they bought and for how much.
Although clients consider data to be important, they use it for different purposes, the most popular of which are:
• Enhanced reconciliation.
• The identification of supplier spend patterns.
• The detection of fraud or misuse of cards.
For many of Carolus’s clients data made all the difference. It integrates seamlessly into their enterprise resource planning systems, making reconciliation easier and less time-consuming. When the data received was analysed, clients could easily determine who the top suppliers were both in terms of frequency and monetary value. This enabled clients to negotiate discounts strategically and build stronger supplier relations.
Most important, for one particular client, was that the data provided an in-depth look at the details of where and when cardholders are spending. Analysis of the data identified inconsistencies in spend patterns and highlighted wasteful spend. As a result, tighter policies were put in place and the company linked the data to its human resource systems to identify instances where cardholders are spending on weekends or during leave periods.
It is clear that without the data the procurement card programme offers, this client’s operations would not have been the great success that they are today.
For more information on how your company can benefit from the data that a procurement card programme offers contact Anita Carolus at firstname.lastname@example.org.