How Top Performers Manage Company Spend with Digital Transformation

High-performance businesses are able to get things done more efficiently and are more likely to leverage spend data to manage cash flow. These organisations see better business outcomes, including:

· +26% productivity over the past 2 years

· +24% profitability over the past 2 years

· +17% faster cash-to-cash cycle

The 2020 global pandemic has taught businesses that cash management is key to responding effectively to change – positive and negative alike. In response, many companies are ramping up their digital transformation initiatives to become more agile, resilient, and remote work-friendly when it comes to managing expenses and supplier invoices, but where to begin?

Recent Aberdeen research helps answer this question. Aberdeen conducted two surveys of businesses with fewer than 1,000 employees and broke out the top 20% of respondents based on performance to learn lessons from what they are doing differently for effective spend management, driving productivity – and even profitability. For example, when it comes to what’s holding businesses back from better cash management, they found:

The biggest expense and invoice management issues are:

· Paper workflows and processes

· Lengthy expense reimbursement time

· Poor remote capabilities (capture, process, approve, pay)

· Manual errors, inaccuracies, and duplicates

Learn more about what Aberdeen found, including steps for better company spend management and the results high-performance companies are achieving by downloading the infographic.