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For procurement departments in financial services, risk mitigation is as important as cost control. Because tail spend, also known as nonstrategic spend, constitutes up to 90% of an organization’s spend by volume, it represents a significant source of risk. Thus, procurement departments within financial services organizations stand to gain from adopting a robust tail spend management strategy. Further, the trend toward large-scale digitization in financial services provides incentives for procurement to be early adopters of digital solutions.