What is Spend Management?
Both an art and a science, spend management is a blend of reducing financial risk while maximizing the value of company dollars spent. In combination with spend management software, financial leaders and accounting experts gain greater visibility into the health of a company’s procurement process. By diving into these spend analyses, organizations can work to boost supplier relations, budgeting, sourcing, and contract management.
Spend management strategizes and implements processes for controlling company spend through reconciliation and visibility. Spend management typically encompasses the entire arc of non-payroll company finances from the initial swipe of a corporate card to reimbursement (or payment of a bill).