Duty of Care
Is Your Spend Going Through the Proper Channels? Or is it Just Going Away?
It might be hard to imagine now, but there was a time when you didn’t have to think about how much facemasks cost, or how many disposable gloves you needed in the office. Or, for that matter, how to source HDMI cables for the home offices of every single one of your employees.
There was time when business was business as usual, and now, all that’s up in the air. Along with many of the spending controls you might have had.
How do you get that control back? Well, if you ask your peers (as EIU did in a recent survey of 552 senior executives in 11 countries), you’ll learn that 91% of those executives say technology-driven expense management systems are key to meeting spend policies and protocols across your business.
The EIU report goes on to say a staggering 95% agree that using real-time data analytics (made possible, of course, by those tech-driven systems) has helped their organizations keep spending and operations in line with company goals.
EIU Report: In Tech-Led Pursuit of Sound Financial FootingSee The Survey Results
It’s going to take tech to get back on our feet.
Prospering in this pandemic – let alone working through it – is a prospect many businesses aren’t sure how to achieve. But they do know that managing the impact of this tumultuous year is only possible with a solid financial foundation.
And, if there is a silver lining in any of this, it’s that the coronavirus is becoming a catalyst for long-term change – at least in terms of smarter spending and decision making.
So what kind of tech will help make your business more financially surefooted? According to the report, executives are relying heavily on emerging technologies like cloud, Artificial Intelligence, machine learning, automation, and other innovations to achieve strategic priorities. Expense management solutions which utilize these high-tech tools not only provide oversight into spending, they deliver the data that drives better decision making, along with consistency and clarity.
Imagine that in this day and age: Consistency and clarity in your spending. Imagine knowing that your employees – wherever they may be working – are picking the right suppliers, the right products and services, and the right price, so that you can get the best value for your budget. Imagine having crystal-clear visibility into all of it, so that you’re actually able to manage it.
Your counterparts aren’t imagining it, they’re doing it. And the tech they’re turning to automates and audits their spending processes, so they can be confident they know where every bit of the budget is going and that it’s all going through the proper channels.