Using Technology to Gain Value in Spend Management
There has long been a desire on the part of CFOs to have their departments play a more strategic and active role in the management of their organization. Many envision moving Finance from a backward-looking stance of “bean counting” to an action-oriented business unit. This also likely involves changing the tone of its relationship with the rest of the organization, making it a facilitator as much as a control mechanism. However, achieving this goal can often be elusive. Many in Finance are so consumed by dealing with tactical, day-to-day issues that they are unable to focus on achieving strategic objectives.
In particular, finance and accounting departments devote a considerable amount of time to managing and controlling organization expenses, especially business travel and employee spend. Dealing with heavy transaction volumes presents the department with three significant challenges:
- They must have timely insight into the details of every expense transaction to enable managers to make the best decisions.
- They must make it as easy as possible for employees to comply with the organization’s travel and indirect spend policies.
- And they must be able to handle spend-related processes as efficiently as possible.
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