As you hire more and more employees, the more complicated business spend management gets. If you are not proactive with the right process and software in place, you might feel like gathering financial details from various departments is like herding cats.
According to Project Management Institute (PMI) which conducted a global survey, every twenty seconds, organizations waste about $1 million because of inefficiencies in project management practices and business strategies.
Unfortunately, wasteful spending runs rampant in corporate America. All it takes is the right business spend management software to change all that.
We are about to give you three reasons that business spend management will help your business and we guarantee it to increase profits. Are you ready for it? Let’s go!
What is Business Spend Management?
First, let’s discuss what business spend management is. Spend management refers to the practices that organizations take to ensure sourcing and procurement decisions are best for the company. This includes efficiency and bottom-line dollars.
It maximizes the value of the money that the company spends while mitigating financial risk and decreasing costs. When you implement business spend management, it helps to improve supplier relationships.
Now, let’s talk about how business spend management software can come to your rescue.
- See Your Spending in Real-Time
The best reason to get business spend management software is that you get total visibility into your business spend. You can see all the expenses. As a transaction happens, the software automatically records it and captures all associated data.
The business spend management software will update the database for you instantly, so you get real-time information. You can see all payments that are made by the company, no matter the department. There is no need for spreadsheets because the data is already available.
Why is real-time visibility so valuable? It allows you to predict disruptions, lower labor costs, provide better risk management, and save on costs altogether.
- Operate More Efficiently
Inefficiencies in your business can cost you. According to IDC research, a company can lose its revenue up to 20% to 30% because of processes that are not efficient.
Reduce financial loss by improving your operational efficiency. Implementing business spend management software is a simple way to stop the financial bleeding because you can operate efficiently. Just ask Bento, they are experts on closing the loopholes to stop wasteful spending.
- Accurate Data
The challenge with manual data entry is that it is prone to human error. When a human makes an error on your financials, that affects profitability.
Business spend management software will not make a mistake. You can count on accurate figures and no duplicate entries. Plus, you can automate data collection, which will improve the quality of the data you have.
Spend Wisely with Business Management Software
Business spend management can be tricky if you do not use the help of software. Using software lets you see your spending in real-time, operate more efficiently, and ensure that your data is accurate.
We hope you will take these three reasons as good advice to implement the right business spend management software. For more great content on digital technology, we’ve got the information you need! Visit us again soon.