There’s a growing interest in spend management among public and private organisations. And finding new ways to control expenditure on goods and services has become a quest for many. But what’s driving this trend?
Today, organisations face intense macro-economic pressures. Almost every sector is impacted by financial turbulence, tight profit margins and growing competition. Disruptive business models and technologies are all part of the new economy – and are often lauded and encouraged.
“We advise companies to be disruptive,” Deloitte Chief David Cruickshank told the Economic Times in 2017. Meanwhile, websites like CNBC even publish a ‘Disruptor 50’ – a kind of FTSE 100 for transformational companies.(2) But how are more established companies able to respond to increased customer demands and nimbler, innovative competitors within industries that are transforming fast – and often beyond recognition? How can a well-established commercial organisation increase it’s profitability and Public Sector organisations increase return from budget, say by 5% per annum, accompanied by a satisfying surge in shareholder and customer value?