With the world of tech moving at lightning speed and the need for improvements and cost-cutting growing ever greater, project selection and designing a digital roadmap can seem like a daunting task. Companies needing to pivot are revisiting pre-pandemic plans, reprioritising and setting a new path forward, leaving budgets in flux and operations in limbo.

For many CPOs, limited visibility on spending practices and the lack of standard processes across departments and siloed business units can be crippling when trying to optimise spend.

Business Spend Management (BSM) is a somewhat new breed of software that encompasses all of the ways a business spends its dollars. Unifying cross-company

processes for procurement, expense and invoice management as well as contract lifecycle management, supplier information management, inventory, advanced sourcing, budgeting, and analytics empowers better management of spend through consolidation and improved intelligence and visibility that affords insights-driven decision making.

As the pressures to reduce the costs of doing business continue, procurement must look outside of direct spend for cost improvement and budget-cutting opportunities. BSM consolidates data so you can design efficient, cost reduction focused processes

Benchmarking Spend with AI

For more than a decade, Coupa’s Community Intelligence has been leveraging big data to garner insights on how businesses spend their dollars. Coupa’s nearly $2 trillion worth of spend on the platform allows you the ability to benchmark your spend against similar organisations. You can also source suppliers based on trustful verified ratings.

By leveraging both BSM and Community Intelligence, medium to large-sized organisations can improve spend visibility across silos, locate financial inefficiencies, reduce waste, cut bloated budgets and mitigate supply chain risk, giving you fast, verifiable ROI.

At a time when procurement is under the gun to realise cost savings, BSM empowers organisations with the data and control they need to better spend their dollars.

For more information on Coupa’s platform, go to https://www.coupa.com/.