Moving Forward: How Better Spend Management Drives Better Decisions

To understand how businesses are turning today’s turbulence into business strength that will see them through to tomorrow’s opportunities, we commissioned EIU to survey 552 executives in 11 countries. The infographic shows the summary of the survey results that most executives consider spend management an important key in building better control over their business’s future.

Business need to move forward with meaningful, actionable insights in order to respond today’s volatile business environment. The path to getting better data includes:

• Capturing more spend by making spend-related work easier for employees
• Allowing for increased controls of that spend through automated rules and auditing
• Expediting workflows for faster processing times
• Providing more timely, accurate data in accessible dashboards and reports for smart decision making

A finance digital transformation calls on companies to make significant business decisions that will increase organizational agility. Financial leaders are questioning how to manage spend in a way that can ensure their business is ready for whatever the future brings. Findings from the executive survey show:

• 93% of executives agree that maintaining organizational agility is the only way to navigate uncertainty. Firms need to establish organizational agility in order to be more prepared in the case they face an unexpected business challenge.
• When asked about top strategic priorities for the next two to three years, “increase use of data and analytics” was chosen most often by the surveyed executives, emphasizing the importance of business analytics and data driven decision making.
• 95% of survey respondents say that using real-time data analytics had helped their organizations ensure their spend and operations align with company goals. Intelligence-driven travel, expense, and invoice management tools transform spend management processes to provide more real-time data and visibility businesses need to stay in control.

Download the infographic to learn more about how executives are better managing spend in order to drive better decisions.