Editor’s note: Today’s article highlights the findings from a new Ardent Partners research study, “How SMBs Can Manage Company Spend,” which was sponsored by spend management solution provider, ExpenseWatch. The report, which discusses how smaller organizations can make the case for centralizing spend management operations and support programs with spend management automation, is available for download by clicking here.
The majority (54%) of small- and mid-sized businesses (SMBs) today face a monumental challenge that has plagued them for decades: reduce operational costs while improving overall cost savings to the bottom-line. However, while SMBs have come a long way over the years, many of these businesses lack the resources, budget, expertise, and overall “reach” of larger, enterprise-size companies; therefore, the advantages that their larger peers sometimes take for granted aren’t typically utilized in smaller businesses.
Ardent’s research routinely assists organizations of all sizes in improving key spend management processes, boosting the strategic value of the Chief Procurement Officer (CPO) and the procurement function, and understanding the value of automation and innovative solutions. In a new research report, sponsored by spend management solution provider, ExpenseWatch, and available here for download, Ardent presents a strong case for why SMBs must make spend control a priority now.
Only 21% of SMBs today cite their spend management and spend visibility as “Very Strong,” a critical factor that speaks to their general lack of automation, spend control, and intelligence into corporate spending. SMBs often prioritize growth and expansion, and will always require significant funds to put back into the business. By controlling spend and developing strong spend management processes and capabilities, routine cost savings from these efforts can easily be reinvested back into the greater business.
The new research report also highlights:
- The growing need for companies of all sizes to leverage and harness the power of spend management automation. While solutions for controlling spend were only available to larger-size businesses in the past, the advent of cloud technology has made spend management automation accessible even to organizations with small technology budgets.
- The value that spend management brings to the global executive team for ongoing visibility efforts. As the notion of “Big Data” permeates into businesses both large and small, it is crucial for SMBs to maintain a level of visibility into spending to effectively forecast, budget, and plan for the future.
- How spend management automation can improve not only general company-wide spending, but also improve processes related to accounts payable and expense management.
SMBs are in an exciting position in today’s business world. As technology and automation become more accessible, and as the world becomes more networked through globalization, these businesses will be able to thrive and grow. Click here to download the new research study.
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