Why Now is the time to Digitalize How you Manage Company Spend

The pace of change is unlikely to let up, so it’s a good thing that businesses grew their resiliency while contending with disruptions and the ongoing shifts from work-from-anywhere to hybrid remote to return to office. Supply chain upheavals, inflation, global tensions, and more all point to a future where companies must be ready for anything. That makes now a good time to fully transform your spend management and the technology enabling it. 

Our Ebook, Transform Finance Processes Today for a Better Tomorrow, examines how businesses can benefit from automating spend management by eliminating paper processes and gaining efficiency, productivity, scalability, cost control, and the visibility to make better decisions. Two companion buyer’s guides, on automating expenses and accounts payable, equip business leaders for a digital transition, from best steps to take to what to ask and expect from the technology and solutions providers.    

Learn Why Now Is the Time to Transform Finance 

Continue your exploration of how adopting automated, intelligent solutions for your finance processes can prepare your business for whatever the future holds. 

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The challenges of the times are sizable, and business leaders know it, as 90% of CFOs tell us their top task is preparing for the unexpected. The stakes and benefits of automation are sizable, too, for companies of all sizes, as finance and AP teams save an estimated 134 hours weekly when they use SAP Concur invoice management solutions.*  

What Does True Automation Entail 

Spend management stretches from request to purchase to payment and points in between, and automation encompasses multiple functions as well. With a fully automated solution, employees can snap a photo of receipt, which is read and the information sent to an expense report. Corporate card purchases automatically feed into the system, and intelligent technology (including AI) checks for potential fraud or noncompliance. Expense reports flow to managers, who can approve from anywhere instead of the reports languishing on desks. Auditing occurs automatically, with fewer expenses requiring human attention.  

With spending data integrated into ERP and other systems, you obtain a clearer picture of spending and cash flow. Dashboards and reporting tools make the data understandable and provide insights that allow the business to adjust to changes and pursue opportunities. And the members of your finance and AP teams can focus their energy on strategic work instead of manual tasks and administrative chores. 

What Do You Gain from Automation 

Employees, managers, finance and AP team members, top leadership, the company itself, and even suppliers benefit from a fully automated solutions and processes. Here are some of the ways: 

• Employees and managers spend less time and hassle gathering receipts, submitting reports, and handling approvals. That can even be a recruiting tool for some workers. 
• Productivity grows, as finance and AP teams are no longer expending as many hours matching expenses and invoices, seeking approvals, conducting follow-ups, and auditing. That buys time for more satisfying and strategic work. 
• Scalability increases, as the solutions grow with your business and its complexity, performing not only core functions but checking for value-added taxes (VAT) that can be reclaimed and using AI to review every expense for fraud and other issues. 
• The ability to control costs and budgets expands as data is more accurate and timely, and the shorter invoice cycle enables compliance, minimizes late fees and surprises, and increases the likelihood of early payment discounts. 
• Visibility and clarity with spending improves overall, as you can organize data as needed for your business, find savings, and make better spending choices and decisions. 

What Automation Solutions and Providers Should Deliver 

When researching and pursuing end-to-end automation, the solution and the company delivering it should: 

• Have a track record of stability and innovation serving businesses. 
• Incorporate artificial intelligence and machine learning to reduce errors, find patterns, and ensure compliance and speed. 
• Integrate the solutions with your ERP or other finance systems. 
• Make clear what reporting tools and dashboards are available, how it will protect your data, what level of customer support is included, and whether the solution can reduce out-of-policy spending. 
• Offer a mobile, user-friendly experience that guides employees through questions and fosters adoption. 
• Provide an implementation process that includes training and personalized support to ensure the process goes smoothly and delivers on your investment. 

Learn more: Dig Deeper Into Solutions 

Having learned about why now is the right time to digitalize finance functions and how you manage company spend, consider reading these Buyer’s Guides focusing on what expense and accounts payable solutions should do, steps for successful implementation, and questions to ask providers : 

• Get Expense Automation solutions here.  
• Get Accounts Payable solutions here. 

*2022 Analysys Mason, Travel, Expense, and Vendor Invoice Management Study.