We all know spending is changing, but does anyone know what to do about it?
Corporate spending was evolving even prior to the pandemic, as more and more employees were spending with less and less oversight. Now, as companies find themselves in a constant state of flux and employees vacillate between working from home and working from the office, those changes are becoming even more dramatic.
To keep up with corporate spending innovations, efficient and automated processes are essential. Finance leaders are accelerating initiatives tied to cost optimization, working capital management, and real-time visibility- prioritizing AI, predictive analytics, RPA, and reporting. Digital transformation calls for intelligent spend management.
No matter how much it changes, spending is a constant. And the easier you make it for employees to buy what they need to get business done, the more order and oversight you will get. To see where you stand on spend management, ask yourself the following questions-
• Does your expense report process support your policies, and vice versa? Take a closer look at your expense policies and procedures to ensure consistency and efficiency.
• How adaptable is your spend management? When faced with unexpected challenges, the key to maintaining success is adaptability. Spend managers need to be ready and able to adapt a solution. This is important during all economic times, but especially now.
• What’s the experience like for both back-office teams and end users? Automation helps to improve the employee experience and secures teams to focus on more valuable work.
To learn the other three questions in the checklist and find out how you can improve your spend management, download the checklist today.