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Digital Transformation in Payments and Spend Management

Lower Costs, Increase Efficiency and Strengthen Control

Payments and Spend Management

Organizations have traditionally handled the multiple components of payments and spend management in a scattershot manner due to the legacy of paper-based systems used by individual business units. As a result, even when they switch from paper to software, organizations often make siloed technology and process improvements one by one. These decisions limit a business unit’s ability to fully achieve the benefits of the software. Digital transformation efforts in this area therefore miss the opportunity to provide senior executives, including the CFO, with a clearer picture of spending.

Digitally transforming payments and spend management goes beyond simple automation. CFOs and controllers should assess their existing methods and technology against the goals of avoiding unnecessary outlays, enhancing controls, increasing operational efficiency and using analytics to increase the effectiveness of money spent. The objective should be to digitize all aspects of payments and spend to the greatest extent possible, and as quickly as possible.

 
 

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