Digital transformation started long before the pandemic. Remote work or work from home started around the time of digital transformation – long before the pandemic. Corporate spending has been evolving as employee spend undergo fewer oversight.
However, as employees and companies struggle to find the answer between work-from-home and work-in-the-office, there is an opportunity for companies to transform corporate spend management.
Finance leaders are accelerating initiatives tied to cost optimization, working capital management, and real-time visibility- prioritizing AI, predictive analytics, RPA, and reporting. Digital transformation calls for intelligent spend management.
No matter how much it changes, spend is a constant. And the easier you make it for employees to buy what they need to get business done – in the right way – the more order, oversight, and visibility you’ll get. To see where you stand on spend management, and to find out how to improve, ask yourself the following questions.
Does your expense report process support your policies, and vice versa? Take a closer look at your expense policies and procedures to ensure consistency and efficiency.
How adaptable is your spend management? When faced with unexpected challenges, the key to maintaining success is adaptability. Spend managers need to be ready and able to adapt a solution. This is important during all economic times, but especially now.
What’s the experience like for both back-office teams and end users? Automation helps to improve the employee experience and secures teams to focus on more valuable work.