Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on two main strategies: increasing sales momentum and being judicious with costs. This involves automating and controlling operating expenses through advanced platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are gaining traction, with their usage expected to grow significantly. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. Currently, only about 2% of accounts payable transactions utilize virtual cards, indicating a substantial opportunity for efficiency improvements.
What recent developments are shaping spend management platforms?
Recent developments include Paylocity's acquisition of Airbase to enhance its spend management capabilities and Coupa's introduction of over 100 AI-powered innovations. Additionally, Corpay has launched a mobile-ready spend management platform to simplify corporate payments.
Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by Precoh
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