Top 9 challenges facing spend management professionals in 2019

We surveyed senior Finance and Procurement professionals during Proactis ReThink '18 to identify the key spend management challenges they are facing in 2019.  The results highlighted a number of interesting trends.  The good news is that Proactis can provide access to a wealth of knowledge and expertise that can help you overcome these challenges and we have provided more details below.
  1. “Access to data across multiple systems”
Managing spend across geographically-dispersed locations, multiple business units or operations in multiple countries results in special challenges that go beyond those of an organisation with a simpler environment. Data is often dispersed across regions, and even countries.

Learn how to tackle the issues that a multi-location, multi-business unit organisation is likely to encounter with spend management
 
  1. “Integration into one system”
The ability to accurately uphold important company information and ensure data integrity is critical for most businesses. Typically, large and growing businesses with multiple disparate systems find it difficult to move and access data, making them slower at identifying important business information. This particularly applies to spend management.
 
Find out about Proactis’ integration points that utilise industry standards and tools to make integration into a system environment easy to implement and manage
 
  1. “Securing budget for investment”
Organisations should look to their software solutions for quick returns and hard savings. The ultimate aim is to free up budget to reinvest in key areas around the business. Savings are often ‘hidden’ in the midst of software being used, especially in inflexible, legacy systems.
 
Explore how you can achieve quick returns and hard savings from your AP processes
 
  1. “Using a purchasing system in a services environment”
Services are mostly intangible and, in most cases, cannot be seen in physical form. Organisations with low requirements for tangible goods face different challenges, such as receipting work that is complete, visibility and auditability. A spend management solution should seamlessly support the purchasing process for goods AND services.
 
Assess your Purchasing and Accounts Payable process with this practical guide
 
  1. “Having to do more with less”
The world is moving to a new, more challenging economy; the digital economy. It’s an economy where organisations of all types must find ways of doing more with less in order to effectively compete or serve. Forward-looking organisations know this. And they know waste is what gets in the way.
 
Download this guide for a practical way to get started in the pursuit of the savings that are found in the Purchase-to-Pay cycle for most organisations
 
  1. “Reduction of paper invoices”
In many organisations, invoice processing is the single most paper-intensive, “high touch” manual activity. Even organisations that have largely automated their front office, operational and supply chain functions often still process invoices manually. Companies that rely on traditional invoicing processing practices, which are burdened by inefficient, manual tasks, find themselves at a competitive disadvantage to companies that have transformed this process.
 
Read how Four Seasons Healthcare reduced manually-intensive and error-prone aspects of invoice processing
 
  1. “Improve and automate Purchase-to-Pay”
After payroll, the biggest source of cost in almost all organisations is the procurement of the expense items, outside services, and capital items needed to support operations - the items that present the "cost of doing business". Value is lost due to excessive time taken to do manual tasks, and many purchases are made from non-preferred sources (with no visibility).
 
Discover how to achieve greater control and visibility of your spend by automating the entire process
 
  1. “Managing risk and compliance”
In today’s complex world, risk management is just as critical to an organisation’s financial health and competitive performance as efforts to produce cost savings. The negative impact of a single event on an organisation’s financial position or reputation is potentially huge, even devastating.
 
Learn about the key elements of an effective supplier risk management system
 
  1. “Effective Tail-Spend management”
Tail-spend is an area that is often ignored, or at least not closely managed, because there are so many suppliers and the idea of tackling them can seem overwhelming. Procurement professionals spend the majority of their time managing the big core areas of spend where the numbers are larger and savings are more quickly won.
 
Achieve savings from tail-spend management
 
 
Proactis is committed to helping spend management professionals to rethink how they buy and sell all types of goods and services to deliver greater bottom-line value.  If you are  facing any of these challenges, and are interested in finding out more, contact us today.