The spend management landscape: where do we go from here?
We’ve identified the industry trends that have shaped the burgeoning sector of spend management, but what will the landscape look like as it, and technology, continue to advance? Here’s what we think you can expect from spend management in the coming years as it evolves:
Ever-improving user experience for accountants: Design thinking expects continual iteration and improvement based on user experience and needs. That will include things like expanded mobile apps support, increased opportunities for customizations, and greater levels of machine learning to improve data management.
Proprietary budgeting and FP&A tools: Spend management is ultimately about being able to control spending against a budget. Greater integration into budgeting and planning systems will add another layer of visibility and control in the spend management process. When integrated with forecasting tools, spend management can be used to quickly and easily implement budget changes as market conditions change.
Greater integration with cash management tools: Accounts payable is an important lever to optimize working capital. Expanding spend management to include cash management tools will support this goal.
Proprietary risk management tools: Managing the risks associated with making payments will increasingly be available from within a spend management platform. This includes operational risks (vendor risk management, third-party risk management, information risk management), and financial risks (FX, interest rate, concentration risk, liquidity risk).
What can be accomplished with spend management?
Analysis of total non-payroll spend with real-time data.
Empowered employees who can easily acquire what they need, while limiting errors, abuse, and fraud.
Elimination of the need for things like expense reports and reconciliations.
Ability to rapidly deploy mid-year budget changes by adjusting approval policies and spending limits.
Healthy spend culture, leading to greater accountability and productivity.
Mark Hawkins
Former President and CFO, Salesforce
Those that are always forward-leaning tend to prosper, at least in my assessment.
If you’d like to see firsthand what a strong spend management solution can do, please feel free to request a demo from Airbase.
The spend management landscape: where do we go from here?
We’ve identified the industry trends that have shaped the burgeoning sector of spend management, but what will the landscape look like as it, and technology, continue to advance? Here’s what we think you can expect from spend management in the coming years as it evolves:
Ever-improving user experience for accountants: Design thinking expects continual iteration and improvement based on user experience and needs. That will include things like expanded mobile apps support, increased opportunities for customizations, and greater levels of machine learning to improve data management.
Proprietary budgeting and FP&A tools: Spend management is ultimately about being able to control spending against a budget. Greater integration into budgeting and planning systems will add another layer of visibility and control in the spend management process. When integrated with forecasting tools, spend management can be used to quickly and easily implement budget changes as market conditions change.
Greater integration with cash management tools: Accounts payable is an important lever to optimize working capital. Expanding spend management to include cash management tools will support this goal.
Proprietary risk management tools: Managing the risks associated with making payments will increasingly be available from within a spend management platform. This includes operational risks (vendor risk management, third-party risk management, information risk management), and financial risks (FX, interest rate, concentration risk, liquidity risk).
What can be accomplished with spend management?
Analysis of total non-payroll spend with real-time data.
Empowered employees who can easily acquire what they need, while limiting errors, abuse, and fraud.
Elimination of the need for things like expense reports and reconciliations.
Ability to rapidly deploy mid-year budget changes by adjusting approval policies and spending limits.
Healthy spend culture, leading to greater accountability and productivity.
Mark Hawkins
Former President and CFO, Salesforce
Those that are always forward-leaning tend to prosper, at least in my assessment.
If you’d like to see firsthand what a strong spend management solution can do, please feel free to request a demo from Airbase.
