Are you stressed that your company is spending too much money on office supplies and wasting finances on useless materials?
In a turbulent period of global crisis and uncertain financial markets, optimization is even more important than it was during times of abundance.
Many companies think of shifting to less expensive offices. While that may reduce rent expenditures, it's likely to have little effect on consumables like water, paper, and office supplies.
In the past, perhaps you've wondered about how much you're spending on those supplies on a monthly or annual basis. That is a smart way of approaching optimization on all levels instead of solely focusing on large expenses like rent.
Every dollar you save is another dollar that can be invested in important projects.
Without taking a systematic approach to evaluating the procurement of office supplies, your concerns might feel unfounded after only a cursory inspection. However, it is entirely likely that the cost of office items is inflated and can be easily reduced to alleviate strain on your budget.
This is especially true for big companies with hundreds of people who have access to unlimited office supplies, such as paper or pens. Companies usually have to provide for the staff, but how often are they looking at the rates of consumption?
According to analysts, the cost of overconsuming basic materials can reach nearly 5 million dollars for a mid-size company.
Solutions for Optimization
In order to exclude multiple purchases of the same items and effectively control the flow of supplies, you definitely need an automation program based on up-to-date calculation models.
Our intelligent machine learning platform, Evinent Analytics Anti-Fraud, can be your trusted helper in detecting instances of efficiency, fraud, or anomalous activity.
By utilizing our platform, you will be able to evaluate your supply chain processes regarding various materials, products, or consumables.
With a help of this tool, for instance, you can identify which departments consume more than average and check the most suspicious transactions. For example, you may wish to monitor individuals who frequently request large amounts of money to cover office supply needs.
The Outliers Tool is a priceless feature incorporated into the Evinent Analytics platform. This tool gives you a chance to observe only abnormal data and track questionable operations to prevent further losses.
Furthermore, metrics and charts generated within the platform provide summaries of key information and highlight trends in abnormal data sets.
The potential learnings from this case study apply to virtually any industry where you, as the individual responsible for organizational efficiency, may be eager to know how your company spend its money and eliminate overconsumption of materials.