The nature of company spending has changed significantly within the last five to ten years – and is poised to continue evolving over the next several years. With changes in spending, the ways that you track and manage spending have become more complex as a result.
In addition, many organizations still have several shortcomings in the way they manage their spending. For example, accounts payable teams can’t effectively influence and direct spending if all they’re doing is orchestrating a manual process. Budget managers aren’t actually managing their budgets if they’re just tracking what’s getting spent and not actively influencing how budgets are used. And finance managers can’t ensure payment terms and negotiated rates on every transation if they don’t have the tools.
By integrating and connecting travel and expense spending with p-card and invoice expenses, you can make the process of managing all the ways your employees are spending simple. But the real opportunity is much greater.
Get more value out of every dollar you spend
According to a recent report from IDC, “Organizations are looking at a variety of cloud-based technology solutions to lower their capital expense profile, increase employee productivity, lower costs for managing operational functions, and drive new capabilities that have a direct impact on business performance.” To help finance leaders better understand where they stand with their current spend management solutions, IDC created a model for the five stages of maturity, the lowest maturity stage being manual processes and spreadsheets with the highest maturity stage ultimately resulting in integrated solutions and intelligent processes using predictive AI and machine learning.
IDC found that, although many organizations may feel that they are fairly advanced, there may still be gaps in the way they track spending that restrict their ability to forecast accurately and use every dollar efficiently. According to the research, the benefits of reaching your highest maturity of expense, travel, and invoice solutions could be far more significant than you’d expect.
What's the business value of SAP Concur?
In the course of their study, IDC interviewed seven large organizations, asking participants a variety of quantitative and qualitative questions about the impact of deploying SAP Concur solutions. What they found was that “these organizations were realizing significant business value.” By better integrating expense, travel, and invoice spending all together and adding more controls to their SAP Concur solution, survey respondents were able to take strategic control of their spending and get more return out of the technology investments they’ve made.
The organizations’ employees also reported improvements in productivity from being able to do more with less, ease of use and integration, and reductions in the costs of business trips. Furthermore, the organizations also found increases in compliance with business policies.
Ultimately, among the business benefits IDC observed, some of the highlights included:
- Accounts payable staff were 30% more efficient
- Staff time costs for invoicing processing was reduced by $105,000 annually
- Discounted average benefits of $4.62 million
Read the full report today to find out how mature your current solution is and how SAP Concur can help drive more efficiency and cost savings for your organization.