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Procurement fraud poses a significant threat, and automated systems assist in addressing this issue by identifying irregularities in financial transactions. Automation can highlight suspicious behaviours, such as inflated invoices or duplicate payments, thereby lowering the risk of undetected fraud. By incorporating these systems, organisations can establish ongoing monitoring to thwart fraudulent activities before they inflict substantial damage.

Incorporating automation into procurement processes not only increases efficiency and accuracy but also enhances an organisation’s ability to identify, prevent, and mitigate risks, ultimately protecting the business from potentially damaging events.

What is the critical role of human expertise in mitigating risks in the procurement process? 

While automation and technology are powerful tools for mitigating procurement risks, human expertise remains indispensable, particularly in strategic decision-making and navigating complex, unpredictable situations. Risk professionals acknowledge the importance of human skills, with 47% emphasising upskilling on emerging technologies, 45% highlighting the need for leadership support, and 38% pointing to the value of organised data infrastructure. 

Get in touch with Kronos Group to mitigate risks in the procurement process

If you’re looking to strengthen your procurement strategy and mitigate risks effectively, Kronos Group’s procurement consulting services can help. By leveraging the perfect balance of automation and human expertise, we ensure that your procurement processes are agile, compliant, and resilient. 

Don’t leave your supply chain exposed to unnecessary risks—partner with us today to optimise your operations and secure long-term success. Reach out to Kronos Group to take your procurement to the next level.

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