Meet the Challenges of the New Normal
High-performance businesses are able to be more efficient and are more likely to leverage spend data to manage cashflow. These organizations see better business outcomes:
• +26% productivity over the past 2 years vs. -1.7%
• +24% profitability over the past 2 years vs. -2.4%
• +17% faster cash-to-cash cycle vs 2.1%
You know that automating processes of expense management saves time and money and gives you more control over employee spend and cashflow. But do you know if you’re leveraging technology and taking advantage of everything it has to offer? To help you answer that question, Aberdeen conducted two surveys of businesses with fewer than 1,000 employees and broke out the top 20% of respondents based on performance. The research presented some interesting findings and what we learned were three ways you can extend the way you manage your company expenses and vendor invoices management into a competitive advantage to improve business outcomes today and tomorrow.
Expense management issues are:
• Paper workflows and processes
• Lengthy expense reimbursement time
• High expense-processing costs
• Low remote work productivity
Vendor invoice management issues are:
• Poor remote capabilities (capture, process, approve, pay)
• Manual errors, inaccuracies, and duplicates
• Lack of visibility into consigned or vendor-managed inventory
• Peaks and valleys in invoice volume
Learn more about what Aberdeen found, including steps for better company spend management and the results high-performance companies are achieving by downloading our infographic 3 Ways to Up Your Expense Management Game to Meet the Challenges of the New Normal.
By further honing and optimizing the management of your expense and invoice processes to cover more types of spend, increase efficiencies, and enact more spend control, your business can navigate present challenges and be prepared for the future.
To learn how you can further transform your expense and vendor invoice management processes, read the full Aberdeen reports / Knowledge Briefs (links can be found in the infographic) or contact your Client Success Manager.