Knowing exactly what business expenses will be incurred. Or better yet; being able to predict within certain margins what expenses will be incurred, makes a company healthy and decisive.
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Organizations today are under increasing pressure to do more with less. That means using working capital as efficiently as possible, which includes managing spend. Organizations with a proactive approach to their spend improve their bottom line and better position themselves for future success. Learn how purchase to pay automation increases spend under management.
Indirect spend is often given lower priority by Procurement because purchasing management on direct spend directly affects sales figures. However, this thinking ignores the fact that ordering frequency for indirect spend is usually much higher than for direct spend, meaning that the hidden costs associated with finding and ordering products for secondary business activities can be significant. Read other arguments for increasing spend under management.
Spend analysis provides insight into an organization's overall spending and helps discover spending patterns and trends. This information can be used to improve decision-making around purchase-to-pay issues and identify areas where potential cost savings can be made. Without accurate and complete spend data, it is not possible to get an accurate picture of where an organization is spending its money. Learn more about Basware Spend Analytics.
Automation is not a panacea for improving efficiency. It starts with optimizing current processes, and then automating more as necessary to handle requests accurately while avoiding new errors.
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