There is no doubt that running a business requires spending money. So, there are all types of expenses a company accrues, from start-up expenses to sourcing business assets to improvement costs. As expenditures may vary depending on the type of business, monitoring these expenses is crucial to a company’s success. And this is where spend management comes in. Fundamentally, spend management is a set of practices that ensure organizations make procurement and sourcing decisions in the interests of both the bottom line and company efficiency. It is about maximizing value from company spend while decreasing costs, mitigating financial risk and improving supplier relationships. Primarily, spend management is related to procurement and encompasses spend analysis, strategic sourcing and supplier relationship management. Also, spend management software helps chief procurement officers and chief financial officers maintain spend visibility.
Through taking a big-picture view of spending, more addressable spend can be brought under management, driving more organizational value. However, the value is derived from greater efficiency, lower supply costs and risks, more effective collaboration and improved productivity. Apparently, spend management begins with the digitalization of sourcing, contracting, and purchasing processes, along with processes for managing suppliers, invoices, and payments. Functions like these are then consolidated into one simple, intelligent process carried out on a single cloud-based platform integrated with a digital business network. All of this makes it possible to gather and analyze all spend data, gaining insight into company spending across the entire organization. Hence, using spend management software, you can turn insights into action in an interconnected, end-to-end process.
No doubt, investing in a spend management solution can mean the difference between a failing and thriving company. So, spend management helps you pinpoint where exactly you’re losing money and where you can optimize spending habits, reduce risks, and streamline cash flow. Companies need 'spend management' to stay in business and improve an organization’s bottom line. Successful and effective spend management will leverage real-time analytics and insights to drive better decisions, create value, and cut costs.
The significance of a resilient supply chain, and procurement’s ability to secure it, has become increasingly apparent throughout the current crisis. Therefore, applying spend analytics to the procurement function can help an organization find a better balance between cost and speed and also use the resulting understanding to make better decisions throughout the crisis and beyond.
Group Futurista is glad to present to you the opportunity to learn more about Spend Management and the benefits it can entail for your business by joining the 'Future of Spend Management' virtual summit with revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their valuable insights.Join and grab your passes for free!
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