Checklist: 7 Ways to Improve Financial Decisions with Data

Best-in-Class companies are 30% faster than All Others at capturing company spend data.

As the global pandemic continues into 2021, companies have been forced to find innovative ways to support their financial decision-making. According to Aberdeen’s recent expense and invoice management survey, top companies are better at managing cash flow, budget tracking and auditing for budget compliance. These Best-in-Class companies are seeing a significant increase in productivity — and even profitability — making them more resilient during the current economic downturn.

Learn from Best-in-Class companies to help understand how a business continuity plan and resiliency can optimise expense and invoice management. Here are some of the seven activities Aberdeen recommends:

· Capture company spend data with expense / invoice management solutions. Best-in-Class companies around the world are 30% better than All Others at capturing company spend data.

· Access data in the necessary timeframe. Best-in-Class companies around the world are 31% faster than All Others at accessing their data when it is needed.

· Manage cash flow by connecting disparate data to create real-time spend insights. Best-in-Class companies around the world are 15% more likely than All Others to leverage spend data to better manage their cash flow.

· Track / manage budget to forecast for future growth. To ensure future growth, top companies are using company spend data for budget planning and forecasting.

Get all 7 activities by downloading the Aberdeen 7 Ways to Improve Financial Decision-Making with Company Spend Data checklist.