Why is spend management rising so fast up the boardroom agenda of successful organisations? Look closely and you’ll see five critical factors all coming together at the same time
By now, any forward-looking Finance or Procurement executive will either be very aware of spend management, or feverishly trying to find out more. Independent industry statistics suggest the return from well-implemented spend management initiatives can exceed 10 times the investment. What’s more, you don’t need to wait for years – the benefits can start to come through within months.
But why is ‘now’ the time to adopt spend management at a strategic level if you haven’t done so before? What’s convinced so many organisations to take this path? And why are things different to a few years ago?