PROCUREMENT TECHNOLOGY
With the continual growth of supply chains and their value to companies , it should come as no surprise that they are often the targets of fraud attacks and come with a range of different issues that procurement teams have to keep in mind . Moreover , with the evolution of technology , these chains are becoming ever more layered , with more players at the table , meaning more interactions and , more importantly , more transactions .
The global supply chain management market size is projected to reach US $ 19.3bn in value by 2028 . With it having access to all sorts of products , it is not surprising that it finds itself under pressure , not only from a value creation perspective but also from issues such as fraud , including lies about the origin of goods , manipulation of financial and inventory records and counterfeit products .
Procurement fraud , a typical type of fraud , remains prevalent and poses a significant concern for businesses of all sizes and sectors worldwide .
The PwC Global Economic Crime Survey 2024 reveals that procurement fraud is among the top three most disruptive economic crimes globally in the past 24 months , following cybercrime and corruption .
While ample data and enterprise resource planning systems support diligence in procure-to-pay processes , advanced technology can also enable sophisticated procurement fraud by criminals .
Speaking after the publication of this report , Ryan Murphy , Global & US Forensics Leader , Partner , PwC US , said : “ Companies have an opportunity to build compliance programmes that support businesses in maintaining trust and building resilience , contributing to the confidence to transform , invest and grow . With the right data and insights , risks can be taken with confidence .” In 2023 , Procurement Fraud in the UK jumped up 13 %, with the figure of fraud
190 October 2024