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Why Business Spend Management Needs a Serious Revamp?

Business Spend Management is undergoing a major digital transformation & tech leaders like Coupa are expanding the trajectories of this transformation. Read to know more

If there’s one lesson that the pandemic has taught almost all businesses, it would be the significance of efficient and effective spend management models. Several businesses shut down due to the lack of funds to sustain in the market, many enterprises and companies were on the verge of shutting their doors because they couldn’t figure out a way for how to survive and still be in the position to take care of their employees. And all of this was a resultant of a major blow, not just to the economy, but the entire world and its operations, pushing the businesses the necessity of revamping their business spend management needs.

What is Business Spend Management?

Every organization has a financial story that has multiple characters and scenarios in which money is being spent to power different processes. And the ways and channels of streams these funds are allocated and spent, along with what they bring to the firm, for eg., IT, CRM, HCM, etc., is known as business spend. And the way the organization manages via distinct models and strategies is known as business spend management.

What is the importance of a good business spend management software?

As the world moves to a digitized version of operations, it is important that businesses understand the advantages and significance of undergoing digital transformation for each of their processes. Procurement becomes e-procurement and spend management is transformed via an innovative Business Spend Management software. Some of the advantages of a business spend management software include –

  • Factual data helps in making informed decisions
  • Cost cutting becomes an all inclusive task as opposed to isolation of it
  • Mobility in management makes it easier for organisations to keep an eye on all its spend
  • Operational efficiencies become an integrated goal of all tasks
  • Integration of other significant functions becomes easy
  • Clarity on different spend policies and real-time visibility into the expenditure and spend
  • Enhancement of processes

The story of difference

One of the biggest providers of end-to-end Business Spend Management software, Coupa is making a difference in the way organizations handle their spend activities, especially during challenging times such as these.

A multinational pharmaceutical corporation, Sanofi, that has employees across several countries, was finding it difficult to manage its spend management, procure-to-pay for its 22 systems and 40 sub processes, leading to frustration amongst the team members due to the inefficiencies and lack of global visibility. So, the leadership team decided that it was time for them to get better control over their spend management, while staying compliant with the local policies and regulations. And that is when Coupa came into the picture. Sanofi selected Coupa for a comprehensive business spend management to refresh its P2P process, built-in-compliance, minimal IT burden, and exceptional UX with agility in usage. 

With that, Sanofi was able to consolidate its previously distributed P2P process down to just one platform along with being able to see and manage all its spend holistically. And with Coupa, Sanofi was able to get €10 billion under management and all of its spend being backed by purchase orders, increasing the compliance and predictability of spend.  At 60,000 users strong, 95% of the Sanofi team is happy and satisfied with the Coupa platform. 

Coupa recently made headlines forming a joint venture with Japan Cloud – “Coupa K.K.” aimed at expanding Coupa’s Business Spend Management offering adoption in Japan. With Japan and its industries being at the forefront of digital transformation, Coupa envisions to be a catalyst for their supply chains transformation journeys and spend management practices for maximizing the value of every dollar spent by them.

Top 3 reasons To consider Coupa as your next Procurement software ( From the Horse’s Mouth) 

Coupa adds value on three points: 

global visibility, 

compliance, 

and user adoption” Sebastien van de Wiele, Industrial Pharma Sales Supply Chain BP, Sanofi.

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.

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