Outside services spending is much larger and much more strategic than other types of spend for most enterprises, and it is almost as large as direct spending. However, there is far less consistency or centralized supervision of services spending than on goods, often resulting in a procurement process that is fragmented, inefficient, and slow, with significant cost leakage.

In addition, services deliverables must be carefully monitored to ensure their quality, timeliness and contract compliance throughout the term of the contract. This can be time-consuming and error-prone, and unless compliance is closely managed it can lead to unneeded costs such as undetected contract overruns and duplicate invoices. With the increasing use of contingent workers, consulting projects and offshore/outsourcing, the delivery risk of services is increasing and needs to be managed even more closely.

Enterprises in diverse industries have found that sustainable cost savings and process improvements can be achieved through implementation of an end-to-end services procurement and optimization solution. IQNavigator's market-leading solution provides several bottom-line benefits:

Cost reduction: Reduce costs by 10-35% by implementing best -practices for sourcing services, eliminating manual invoice reconciliation, gaining consistent terms and renegotiating with more accurate spending and performance information, and enforcing approvals for all spending, contract extensions and exceptions.

Process efficiencies: Automate the procurement and payment processes to reduce cycle time and cost over 70% while improving the resulting services quality, contract terms, and payment speed and accuracy.

Manage compliance risks: Ensure compliance with company policies, supplier contract terms and government regulations through configurable compliance rules and approval requirements, and enforcement of contract terms and rates. Financial compliance is also achieved through spending approval requirements and process controls, audit-ability, and accurate invoicing and cost allocation.

Visibility: Attain detailed insights into supplier performance, services spending, deliverable quality and value, talent trends and internal demand for services. IQNavigator's distinctive business intelligence capabilities - always real-time - provide visibility and analysis capabilities into spending, supplier performance, and business results.

Optimization: Improve the business results achieved through outside services by aligning services spending with business priorities and initiatives, continually improving deliverable quality and value, and linking purchased services to internal key business measures.