Spend management is the continuous process of collecting and analysing financial data to improve the way money is spent to grow the business. It’s a step towards defining and mapping the overall ecosystem, which facilitates improved performance and reduces waste. Effective spend management allows teams to redeploy funds as needed in response to change. Spend management takes traditional expense recording processes and shifts them online. Companies that conduct spend management can automate repetitive, manual tasks, helping employees redirect their time and energy towards growth-focused activities. Digital spend management seeks to leverage information that businesses already have and make it useful. Find out more about the different aspects of Spend Management.