Spend management is the way world-class companies control and optimise the money they spend by cutting operating and other costs associated with doing business. Spend management provides visionaries with distinct advantages over their competitors by achieving total cost management, long-term sustainable savings, valuable spending assessments and an increase in procurement efficiency.
Spend management helps organisations achieve increased earnings, by protecting operating profit and with the savings generated, provide more capital to reinvest in the company, its technologies, and future growth.
Best-in-class organisations realise that spend management can help them achieve strategic goals, by protecting corporate operating profits, through the gaining of control over where money is spent across the business.
These companies, on average: