With strong revenue growth remaining elusive for many companies, businesses are taking a hard look at their spending to increase profit margins and net income. Poor spend visibility makes it difficult for businesses to effectively control costs, ensure budget compliance and eliminate maverick spending, negotiate with suppliers, comply with contracts, and achieve competitive advantage.
Thirty-percent of senior finance executives would like their organization to be more focused on analyzing spending, Oxford Economics reports. Forty-eight percent of those surveyed say that percent of total spend under management is a valuable metric to their organization.
But spend management remains elusive for many businesses, largely because manual or semi-automated payables systems make it difficult to access critical spending information such as: