Published By: SAP Concur
Published Date: Aug 07, 2019
"Spend Management is the planning, process, and system of managing business dollars to positively affect the production of products and services. Spend management usualy includes processes relating to procurement, supply chain management, and outsourcing. Optimal spend management relies on the ability to understand and control company spend through automation tools and analytics.
Steps to Strategic Spend Management
All CFOs are concerned with how their company is spending its money. However, this is of particular concern for CFOs of small to mid-size businesses who need to manage their cash flow effectively to survive.
To survive and maintain a competitive advantage, companies need to be strategic in their spend management and identify ways to invest wisely to meet current demands and fuel growth for the future. Expense and invoice management can no longer be viewed as simply a cost center.
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Manufacturing evolved from manual to automated, ad hoc to repeatable. From art to science. Manufacturing has been forced to "industrialize." Aiding in the effort are product lifecycle and supply chain management tools for streamlining manufacturing process and linking together previously isolated stages in the value chain.
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