07 January 2019
- Proactis, the global spend management and B2B eCommerce company, today announced the results of a survey that gathered feedback from senior Finance and Procurement professionals during Proactis ReThink '18 to identify the key spend management challenges for 2019.
The survey shows synergies, not only between the challenges facing different types of organisation, regardless of their size and sector, but also between individuals and the organisation as a whole.
Budgets are tight, and removing spend and waste has never been more important. With Procurement departments under increasing scrutiny to deliver cost savings, the need to do more with less (less staff, less money) is a challenge facing both individuals and organisations.
Managing spend across geographically-dispersed locations, multiple business units or operations in multiple countries was also identified as a key challenge for 2019, while many individuals are looking at ways to remove manual intervention in the invoicing process and improving and automating their entire Purchase-to-Pay process.
For organisations, risk management and compliance are just as critical to an organisation’s financial health and competitive performance as efforts to produce cost savings. Managing risk and compliance is a challenge, especially when faced with unauthorised purchases across the organisation.
Penny Godfrey, EVP Group Marketing at Proactis said: "This research shows that 2019 will present a range of challenges for many organisations and individuals. Some of these will be new challenges, some a continuation of the same problems, whether due to a lack of budget or perceived lack of options. What is clear from the survey results is that selecting the right spend management solution to meet these challenges is one of the biggest things that will positively impact their organisation’s bottom line.”