Achieving Sustainable Spend Visibility For C-Suites
Spend Visibility
Achieving visibility and control over corporate spend can be daunting task for any organization, especially for Chief Financial Officers (CFOs) and their finance teams. While there are several manual and automated methods available, comprehensive source-to-pay Softwaresolution is the key to achieving greater business insights, optimize spend, and drive greater efficiencies across spend categories. This guide provides step-by-step overview of how to use source-to-pay solution, including the benefits and considerations when choosing spend analytics solution.
1. Understand the benefits of spend visibility tools Spend visibility allows CFOs to better understand the organizations spend patterns, risks, and efficiencies. CFOs, accounting professionals, and their teams can be empowered to find cost-saving opportunities, optimize supplier negotiations, and monitor that all suppliers adhere to their existing contracts. Gaining visibility into spend, savings, and analytics helps organizations quickly identify areas of improvement and identify better supplier relationships.
2. Choose the right source-to-pay solution for your business The ideal source-to-pay solution should integrate with existing systems, workflows, and procurement processes; equipped with advanced data analytics, reporting, and forecasting capabilities; provide secure online access; and enable finance teams to examine the data from the organization-wide view down to the individual supplier and purchase level. Organizations should also consider scalability and ease of use, so they can update and make changes over time as they grow.
3. Utilize the solution to gain greater visibilityOnce source-to-pay solution is in place, organizations will instantly start to gain greater visibility into their spend. This includes insights into their complete supplier and spending portfolio, transactions, contract compliance, process efficiencies, and supplier performance. By leveraging the source-to-pay solution?s analytics capabilities and dynamic reporting tools, organizations can quickly develop spend strategies and easily identify any spend related issues they need to address.
4. Leverage data-driven savingsOrganizations can leverage their newfound visibility to take advantage of data-driven savings opportunities. The best source-to-pay solutions provide spending analytics and powerful reporting capabilities that allow CFOs to identify cost-saving opportunities, better monitor contract performance, compare rates with market prices, and identify sources of risk. The solution?s performance analytics capabilities allow organizations to partner with and select the most reliable, efficient, and cost-effective suppliers.
5. Monitor and refine workflowsA source-to-pay solution can help CFOs stay ahead of their organizations spending by monitoring and refinining their processes, eliminating manual processes and errors, and ensuring compliance with corporate policies. By consolidating all of the organizations data into single platform, organizations can gain insights into spend categories, supplier spend, and any unaccounted spend, and alleviate the burden of manually reconciling invoices and processing accounts.
Organizations can achieve greater spend visibility by leveraging comprehensive source-to-pay solution that integrates into their existing ERP systems, procurement processes, and other business applications. By applying the right solution, CFOs can gain greater control over their organizations spend and reduce costs. Understanding the benefits of source-to-pay solution, choosing the right one for their business, leveraging the data for greater visibility and savings, and using the solution to monitor and refine their workflows, CFOs and their teams can reap substantial rewards from utilizing an automated source-to-pay solution.
