Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on squeezing margins higher by increasing sales momentum while being judicious about costs. This involves automating and controlling operating expenses through various platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are becoming increasingly recognized for their simplicity and security. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. The global value of virtual card transactions is expected to grow significantly, indicating their potential to enhance cash flow visibility and efficiency in B2B spending.
What recent developments are shaping spend management platforms?
Recent advancements include Paylocity's acquisition of Airbase to create a consolidated spend management platform, Coupa's addition of over 100 AI-powered innovations, and Corpay's launch of a mobile-ready spend management solution. These developments aim to simplify corporate payments and enhance expense management through better integration of transactional data.
Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by COR Concepts
COR Concepts provides Information Governance, Records Management and Enterprise Content Management (ECM) consulting and training services. The company is built on the belief that any Information, Records or Document Management initiative should be designed to extract the maximum business benefit for the organization.
We bring together Compliance, Risk Management and Operational information requirements in a way that delivers benefits to each one of these diverse business units. Our approach is to use an array of industry standards and best practice methodologies to ensure that each implementation will stand the test of time.
We see information governance and records management as an integral part of any Enterprise Content Management implementation and focus on building a solid platform including a records management policy, records management procedures, file plans and a solid change management infrastructure. Building and implementing governance structures is becoming essential for success and we design structures to ensure that all governance aspects are included.
Sign in with LinkedIn