Spend management as a discipline has traditionally been the domain of the procurement department, with finance being at the end of the chain to process invoices, and mired with lack of visibility to support cost containment. CFOs are demanding FP and amp;A to review spending trends for cost containment opportunities, however lack the granular visibility needed to make “surgical” instead of broad cuts. With the added insight new technologies offer, Business Spend Management (BSM) has emerged, and is empowering finance leadership to better understand, and influence, how resources are being used. With increased visibility across all spend types, finance professionals are better able to make the informed decisions necessary to ensure their company remains competitive.
This guide outlines how BSM technology can solve the challenges of legacy spend management processes and systems, unlock cash flow, improve liquidity, reduce risk, and enable sustainable growth.