In the last decade, modern finance teams have implemented spend automation. For your organization, this may have led to investments in enterprise resource planning, source-to-pay, expense management systems, and analytics or BI, as well as projects to consolidate supplier information and contracts, outsourcing or shared services consolidation, and efforts to understand and mitigate supplier risk. Today, you take a lean-forward approach toward using proven practices, best-in-class implementation frameworks, and process metrics to ensure continuous improvement. Indeed, you’ve made massive strides.
Despite these achievements toward modernization of your business spend process, you continue to face three challenges when it comes to your business spend: spend leakage, non-compliance, and inefficient process.