GDPR is a strict EU data privacy law, with penalties, that requires compliance to protect personal data processed by companies in non-EU locations that do business with European Union Member States residents. Financial services companies, including financial institutions, and payment service providers (PSPs), must also comply with GDPR. GDPR is General Data Protection Regulation.
Financial Operations Hub
Spend analysis is the repetitive process of grouping and reviewing procurement data and processes, vendors in the supply chain, and purchases by category to find cost reduction and operational improvement. Spend analysis improves strategic sourcing, vendor selection, supplier management, contract pricing, payment terms, spend management, financial results, and cash flow.
The strategic sourcing process enables a business to assign value to sourcing decisions by building a diverse supply base. It’s about not putting all your eggs in one basket, as they say, and keeping your options open. Strategic sourcing is a collaborative process that improves efficiency and streamlines operations.