Future Proofing Of Business With Spend Management Solutions

Proper spend management can ensure that organisations make procurement and sourcing decisions in the interests of the bottom line and company efficiency. Spend management helps maximise value from company spending while managing costs, limiting financial risk and improving supplier relationships. 

While speaking at BW CFO World Finance Strategy and Awards 2023, Mahesh V Pillai, Regional Sales Manager, SAP Concur, said, “98 per cent of finance leaders say total control over spending management is important, and everybody believes in having financial control, but 80 per cent of these leaders say that they lack total visibility into travel, expenses and invoices.” 

He said that Concur understands and offers good spending management. It also involves three primary product lines, including travel and expense management and invoices. 

Concur processes 50 billion in terms of travel spend in a year and have 50 thousand customers across the globe.

Pillai emphasised the three critical areas for financial leaders. 

Cashflow and planning working capital: it is important to understand where the company is spending. 

Visibility, Analytics and Reporting: Today, everybody has the data, but data should give you actionable insight. The data without any actionable insight is redundant. 

Control and compliance: The third part is in terms of control and agility, which ensures that business continuity is there.

He concluded with these words, “The whole idea is to integrate the system and make it into one holistic ecosystem so you can arrange ecosystems into one singular platform whether it may be related to travel, expense and invoice.”