Spend Management Platforms and Why They Are Crucial to Sales and Ops Teams
Spend wisely, and your money will last longer. How can B2B teams use this to their long-term advantage?
Calculative spending is not only important in our daily lives but it is important for businesses as well. And the importance is accelerating day by day. Every business procures raw materials and other requirements to run its daily operations. As procurement has become a digitally-driven process, there are many challenges to cater to.
Digital enhancement and transformation channel us more towards proper spend management in the supply chain. It is important to keep a tab on controlling and managing expenses to avoid operational inefficiencies, rising costs of operations, and more common cash flow problems.
Spend management, today is blended with real-time analytics and human intelligence and it helps businesses in the following ways:
- Strike better sourcing opportunities by identifying a high-value supplier
- More transparency and visibility through accurate data analysis.
- Reduction of reckless spending and more cost-saving opportunities.
- Mitigating the need for labor-intensive processes, which consume more resources.
In modern times, marketers and sales people must leverage the capabilities of an integrated spend management solution to realign their priorities and make strategic decisions to benefit their business function eliminating all the risks.
Read More: Understanding the Digital Commerce Market
Top-rated Spend Management Platforms
1. Trip Actions
Trip Actions is rated as the third-easiest to use by G2. It is a modern, corporate card, and all-in-one travel expense management platform helping more than 8000 customers across the globe to enjoy control over their spending. The tool is appreciated and trusted by finance teams and travel managers alike. The platform is powered by smart technologies and it offers real-time data to help companies keep traveling safer, reduce unwanted expenses, and drive more productivity.
Prominent features are:
- It automates expenses and takes the control of how the company spends.
- Helps to close books faster with account integrations and auto-categorization features.
- Travel booking made easy.
Airbase is a modern spend management software helping companies with AP automation, bill payments, expense reimbursements, corporate cards, and real-time reporting. It is a unified system for all expenditures and companies can enjoy full visibility and control over expenses. The prominent features are:
- It offers corporate cards – physical and virtual with controls.
- Easily processes invoices. ACH, check, and international payments to 200 countries.
- Employee reimbursements are made easy as it has a mobile app for requests and approvals, eliminates expense reports, and more.
Companies can simplify their spending with Ramp. The software saves around 3.3% of total spending for more than 10,000 businesses. It can bring the same benefits to your organization as well. Ramp is a perfect tool for finance teams of every business size and industry.
Some prominent features are:
- Automation remains at the forefront of Ramp.
- It offers the right tools for better insights and controls.
- Companies can save time with next-generation finance tools.
- Cards, expenses, and bills are handled smartly.
- It offers tailor-made plans for businesses.
Get Brex, reduce bureaucracy and improve the efficiency of your finance teams. The spend management tool helps to create a culture of financial discipline and speed. Companies can easily catch hold of their global spending, check their real-time gain, break down silos of different systems, and provide their accounting teams with more accuracy through automation.
The primary features of the tool are:
- Auto-generate receipts to understand expense policies across all the cards.
- Managers can focus on expense policy exceptions and anomalies.
- It can be integrated with our tools in your system easily.
Divvy is another popular expense management and budgeting software out there. It is an intelligent accounts payable software that can reduce time spent on AP by 50%. The prominent features of the product are:
- It is an all-in-one expense management platform.
- Allows options to grab better credits for business.
- Better expense management with the help of a Divvy card.
Managing the finance function brings a lot of hustle and chaos, but Spendesk helps to bring calm to the chaos. Spendesk is an all-in-one spend management platform for modern finance teams. The tool is helping 3500+ finance companies to make their decisions faster. The prominent features are:
- It offers company cards, manages invoices and expenses, and gets approvals easily.
- It has an in-built capability for accounting automation.
- The tool makes budgeting very easy for your account teams.
7. Mesh Payments
The last on the list is Mesh Payments, which offers finance teams a clear insight and full control over their corporate expenses. The team knows everything happening to the finances and they can optimize processes as required. The prominent features are:
- Companies can manage payments with accurate company insights, controls, and automation.
- It saves hours of work and gets the most out of corporate spending.
A spend management platform helps to take a big-picture of your spending. You can address and control your expenses to drive more organizational value. The value is derived from greater efficiency, more effective collaboration, improved productivity, more effective collaboration, and low supply costs and risks.