Glossary What is Maverick Spending?
By null / 2 Jan 2023 / Topics: Procurement Managed services
Maverick spending is when employees purchase or use assets unapproved by the IT department in a business. Many organizations have strict processes and restrictions on technology based on vendor contracts and security protocols. Maverick spending can harm an organization’s bottom line, introduce incompatible technology and increase security risk.
Maverick spending happens when an employee works around an organization’s existing procurement processes and partners. Implementing more controls and reducing employee access to shopping capabilities through an e-procurement platform can help businesses eliminate maverick spending.
E-procurement tools to stop maverick spending
An e-procurement platform that’s equipped to eliminate maverick spending will include several capabilities, including:
- Approval workflows that increase order visibility by allowing you to set custom rules that each order must follow.
- Custom catalogs, where only pre-approved products are available to purchase.
- Company standards to establish product lists that can be purchased as a group in a single order.
