Today, businesses are grouping different types of expenses under the T&E umbrella. To make expense management more strategic, its three pillars such as spend, procurement and invoicing have to be consolidated into a single function, aligning much in the way we have combined our various forms of communication with one tool – the smartphone.
Each function works separately; however, there is nothing specific that these should be communicated separately. That’s where the spend management platform comes into picture.
The process starts with procuring all items that a company needs, followed by ordering through the procurement system. Then, you will add the items to your expense report or you can even order it and have an invoice sent to the company. In this process, you are using different systems for the same purpose, with each system yielding a different result.
The reason is that your business processes have been automated at different points of time. These systems will not help you get a bigger picture on spend, which results in a problem over the long run. If you are managing invoices, procurement, and expenses using separate tools, you have to gather data across various systems. Also, you will not be able to get accurate figures out of it.
Therefore, having a holistic system that provides you complete visibility and eliminates silos would work well for businesses. A unified spend management solution is more feasible and manageable and can give you a better insight on overall spend. As the solution integrates all the systems, it will be very easy for you to get the data from every area of spend. Also, its open platform nature will allow you to easily integrate with other applications. So, all the business operations can be run efficiently without any delays.