Implementing an agile spend management system that works for you
Being able to react quickly gives companies a major advantage.
Recently, companies and their Finance and Procurement departments all over the world have been forced to change and adapt. Some companies have been better placed to do so.
Some companies have been able to change their processes, and supply chains, to make ventilators, protective masks and gowns. For example, Proactis customer Honeywell
expanded its production at the aerospace facility to manufacture N95 masks for Covid-19 protection. And other institutions, such as the University of Sussex
, have been able to embrace technology to ensure they can keep functioning and, in this example, delivering higher education.
If recent events have taught us anything, it’s to expect the unexpected. This mindset brings the need to develop agile strategies that can change, adapt, and minimize risk should your environment shift overnight. Experts even state that an agile P2P system is the linchpin for your spend management and wider strategy.
Agile spend management systems enable your company to adapt to changes in order to supply availability, pricing, invoicing and payments, to name a few. Here are five ways that an agile spend management system can support your needs:
Enable quick, controlled purchasing
Your employees should be able to find and buy the goods and services they need to do their jobs. Agile spend management systems give employees easy access to content in various forms (catalogs, contracts and/or supplier websites
) to purchase specific goods and services that are available from authorized suppliers
This capability is essential to achieving a high percentage of spend under management and prevent purchases from unapproved suppliers. Employees are far more likely to buy the right item from the right supplier when it’s easier to do so than it is to buy from another source. Providing employees with the ability to search for and select the item or service that best fits their needs streamlines the purchase process for the employee and dramatically drives higher on-contract spend