How Top Performers Manage Company Spend with Digital Transformation
High-performance businesses are able to get things done more efficiently and are more likely to leverage spend data to manage cashflow. These organizations see better business outcomes:
- +26% productivity over the past 2 years vs. -1.7%
- +24% profitability over the past 2 years vs. -2.4%
- +17% faster cash-to-cash cycle vs 2.1%
The 2020 pandemic has taught businesses that cash management is key to responding effectively to change – positive and negative alike. In response, many companies are ramping up their digital transformation initiatives to become more agile, resilient, and remote work-friendly when it comes to managing expenses and vendor invoices, but where to begin? Recent Aberdeen research helps answer this question. Aberdeen conducted two surveys of businesses with fewer than 1,000 employees and broke out the top 20% of respondents based on performance to learn lessons from what they are doing differently for effective spend management, driving productivity – and even profitability. For example, when it comes to what’s holding businesses back from better cash management, they found:The biggest expense management issues are:
- Paper workflows and processes
- Lengthy expense reimbursement time
- High expense-processing costs
- Low remote work productivity
The biggest invoice management issues are:
- Poor remote capabilities (capture, process, approve, pay)
- Manual errors, inaccuracies, and duplicates
- Lack of visibility into consigned or vendor-managed inventory
- Peaks and valleys in invoice volume
Learn more about what Aberdeen found, including steps for better company spend management and the results high-performance companies are achieving by downloading our infographic How Top Performers Manage Company Spend (and How You Can, Too). No matter the challenge or opportunity your company is facing today or in the future, the digital transformation of expense and invoice management processes can give you greater company spend visibility. With more spend insights, you can make faster, smarter data-driven decisions and have the flexibility to better control company spend. Download the infographic to start to learn how to strategically manage spend and access the links to the two Aberdeen reports with even more information.
