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A Procurement Professional's Guide to Supplier Audits and Vendor Audits 

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A Procurement Professional's Guide to Supplier Audits and Vendor Audits

As a modern procurement professional, you have many responsibilities. As part of your expanding role, you must confront rapid change and market uncertainty. You must evolve, innovate, and optimize. 

In today’s environment, this journey entails keeping cost reduction and risk management as top priorities. But, this must be done while also looking to:

  • New market expansion
  • Continued product development
  • Increasing cash flow
  • Expanding via acquisition
  • Increasing capital expenditures

A recent survey confirms that these are top priorities for Chief Procurement Officers (CPOs) – but how can you effectively address each priority?

Supplier audits and vendor audits can be valuable tools for enhancing transparency, efficiency, and accountability as you work to create and drive value. Contracts serve as the foundation defining the terms and conditions of your supplier and vendor relationships, and outline responsibilities, deliverables, and compensation. A natural starting point when exploring supplier and vendor audits is to begin by reviewing third party agreements through a contract compliance audit.

This comprehensive guide explores how ongoing and periodic contract compliance audits can aid the efforts of procurement professionals in nearly any industry. Specifically, this guide reviews:

  • The function and process of an audit
  • How audits can help you more effectively address top CPO priorities
  • Common questions and confusions related to audits
  • The benefits of engaging an independent contract audit specialist

Get this guide now to learn more about the connection between supplier audits, vendor audits, and contract compliance audits – and how they can help you meet key procurement objectives.