Have you heard about Spend Management Technology and decided that you don’t need it because your business can do without it? Read on and find out whether your organization really needs to invest in sourcing technology such as a cloud based spend management platform.
1Is your spend visible?
Can you account for all the spending within your business? If you already know what everyone within your organization is spending and what they are spending it on then you don’t need a cloud based Spend Management Platform. A Spend Management Platform will allow you to track your spending and provide you with accurate reporting tools. It will allow you to review purchases and create reports by supplier, category and department. It will enable you to access this information in real time so you can always be sure that your reports are up to date and accurate. If your business can already do this then you don’t need to invest in technology to do it for you.
2Are you happy with the service your suppliers provide?
Do you feel that you have a good relationship with all your suppliers? Do you work well with all of them and know that they give you the best products, services and value for money? If you do then you don’t need a Spend Management Platform. A good cloud based Spend Management service will provide you with the ability to rate and monitor the performance of your suppliers and allow you to fairly evaluate new suppliers to maintain a top performing supply chain.
3Are your business processes as efficient as they could be?
Do you feel your staff are extremely efficient and don’t waste time on administrative tasks or low pay off activities? If your business processes are already automated and efficient then you don’t need a Spend Management Platform. A Spend Management Platform should allow you to improve operational efficiency by capturing orders and automating the process. It will enable you to reduce the time spent dealing with suppliers and customers by making repeat ordering and contract management more efficient. You could even provide customers with their own storefront which should encourage them to spend more on your products or services whilst making it quicker and easier for you to process their orders.
4Does your business need to make cost savings?
Is your business as profitable as you think it could be? Do you think that there is no capacity in your organization for cost savings? If you don’t need to make savings then you don’t need a Spend Management Platform. Businesses that implement a Spend Management Platform can expect to see savings of between 15% and 40% as a result of improved efficiency and spend visibility.
Do you still think you don’t need a cloud based spend management platform ?
NEXT STEPS: If you’ve changed your mind and would like to find out more about what a Spend Management Platform can do for you then request a call back from one of our team who will be happy to help you or book a demo so you can see for yourself for what our Platform could do for you. Alternatively why not download our white paper “Considerations when choosing a print procurement system.”