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“Money Attracts Money” is a common phrase in the business world. You need to spend some bucks to make your business grow. Money is the lifeblood of every big and budding enterprise; raw materials, employees’ salaries, and maintenance are just breadcrumbs of company expenditures. Hence monitoring and managing your financial expenditures is a paramount responsibility, or it will take a toll on company revenue.
The last five years starting from wars, pandemics, crises, climate, and economic downfall, have put the expenditures management competencies of modern businesses to the test.
It’s impossible for organizations to escape turbulence caused by the event. Still, organizations that are most strategic and quickest to react and make informed decisions will likely have an edge against their competitors. Organizations with poor expenditure management fight an uphill battle to stay in the competition. If this is your story, and you’re looking for a way out, this article is for you. Here we will cover every corner of spend management and why your business needs it.
Spend management is the process of tracking, controlling, analyzing, and optimizing a company’s overall spending to protect them from financial downfall or revenue loss. The spend management process includes vendor/supplier relationships management, procurement expenses, business travel, software subscriptions, and entertainment expenses.
In the broadest sense, spend management is the art of managing and planning business expenses to minimize waste. The spend management includes the following operations-
The primary agenda behind spend management is to manage company purchases holistically, remove risks, maximize value, and provide the best total cost of ownership. Top-tier procurement organizations Align spend management on managing and controlling their out-of-policy spending.
Money fuels business, which makes spending management among the priority operations for business that works strategically and brainstorm to garner better results and growth. Without clear insights and understanding of organizational expenses, companies can face economic downfall and face financial crisis. Having a well-mapped expense management system helps organizations avoid financial crises and bag massive profits by eliminating unwanted expenses and controlling spending.
If you’re still weighing the pros and cons of spend management and having thoughts that it can improve the spend management process of your workforce, then here we have listed some primary key benefits of having spend management-
Powering your business workforce with a well-implemented spend management system will provide you with clear data insights so you can make informed decisions. Information is usually captured, aggregated, and managed in a highly-encrypted software interface. Having the data on real-life spending from departments will give you insights into how your company really spends.
Spend management software allows you to have real-time tracking. With clear purchasing guidelines, approval workflows, and the right tools, you can keep track of spending visibility and diagnose potential problematic issues on time.
By using a spending management system, managers can make sure they handle the money they owe and the money owed to them in a timely manner. They can predict how much they need to pay and how much they will receive, so they can plan ahead and have enough cash available. This helps them avoid having to borrow money and keeps their cash flow stable.
Having a smart spend management system will not only protect companies from economic crises. but also diagnose and eliminate inefficiencies that can hinder and slow down work processes in the future. Whether it’s a process that involves too many unnecessary approval steps, spending more than the budget allows when issuing a purchase order, or making a less-than-ideal choice of the delivery company, once these issues are identified, they can be improved.
Spend management is not only used by top-tier companies that work with large amounts of expenses but also for small and medium businesses aiming for sustainability, scalability, and profitability. With a smart spend system you can create right purchasing guidelines that cover costing reports from scratch.
Today as business runs with data and money, having a right spend management tactics has become a necessity. Spend management is the art of managing, controlling, analyzing overall spending to get a massive ROI (Return On Investment) on every dollar you spend. The core USP of a spend management is that it allows employees to spend from the underlined project budgets without waiting for approval from the financial team or higher management.
In the broadest sense, a spend management system offers organizations improved flexibility and agility while ensuring stringent compliance and improved control for employees and admins.
The answer is simple, poor spend management policies which can significantly impact the financial health of companies. Here are few reasons justifying why companies have budgeting hiccups at month end-
Foggy visibility, inaccurate data, and poor tracking can leave you with the budgeting hiccups at the end of the year. With the highly-advanced spend management system, you can have real-time tracking of your overall spending.
The procurement policy or purchase policy is a document that outlines the roles, responsibilities, and limits for using company funds. It provides guidelines for how money should be spent within the organization. The poorly communicated or adopted teams may not know what is expected of them. This can lead to misunderstandings, non-compliance, and missing approvals.
The aftermath of unclear policies is a complex process. You need to have processes that should be intuitive and easy to follow for company purchasers. Sluggish purchase processes will make people withdraw and leave.
Companies mostly turn to the budget-saving mode when they notice overspending in the financial year. However, there are better approaches than digging well when you’re thirsty which might disrupt your entire business process. With a spend management system, you’ll get real-time data on overall expenses to map your cost management strategy accordingly.
Poor spend management carries significant risks that can have detrimental effects on business operations and financial stability. Overlooking or underestimating this crucial financial process can lead to various negative consequences, including:
Inadequate spend management can disrupt the financial stability of a company. It can result in cash flow issues, budget overruns, and difficulties in meeting financial obligations. This instability can hinder business growth and jeopardize its long-term viability
Poor spend management systems can cause insufficient control, unclear guidelines, and suboptimal workflows. This will directly increase procurement expenses in general.
Poor spend management can lead to inaccuracies in your financial reporting. This mismatch can impact decision-making, investor confidence, and compliance with regulatory requirements. It undermines transparency and trust in the organization.
Futile spend management can affect relationships with your vendors and suppliers. Issues such as late payments, disputes over-invoicing in the supply chain process that can lead to a loss of business partnerships.
Neglecting proper spend management can result in missed opportunities to save costs. By not optimizing purchasing processes, negotiating favorable contracts, or identifying more cost-effective alternatives, the company may incur unnecessary expenses and miss out on potential savings.
Ignoring proper spend management practices can expose the company to compliance and legal risks. This includes failing to comply with regulations, engaging in unethical practices, or violating contractual agreements, which can lead to fines, legal disputes, and damage to the company’s reputation.
The benefits of spend management software are nearly limitless. Reliable spend management software provides companies with a comprehensive and centralized interface for extracting value from the procurement process.
It improves efficiency
Spend management software 10x the accuracy and speed of your business processes, including-
Avoiding out-of-policy expenses is as important as monitoring where your cash is flowing. Using an effective spend management platform minimizes risks in a number of ways:
The highly-advanced spend management software provides a complete integrated interface with your existing accounting software and ERP solutions with administrative access:
Effective spend management software generates valuable business intelligence through analytics and insights, empowering smarter spending and sourcing decisions. By leveraging this intelligence, procurement teams can shift their focus from tedious data entry and exception handling to strategic planning and relationship building.
The insights derived from business intelligence enable teams to evaluate internal practices, vendor performance, and overall spending patterns. This facilitates informed decision-making and the implementation of policies that drive efficiency improvements.
Furthermore, this heightened intelligence contributes to profitability and reinforces a resilient supply chain, safeguarding business continuity against unforeseen disruptions.
Now that you have sensed the importance of the spending management system. Know what you should look for in a spending management system for better financial efficiency. While there are galaxies of spend management systems, how to land on the right one? Well, for that, keep on reading the next section that will help you navigate the right spend management software for your business.
So, you’re looking for spend management software, right? But what are the primary features you’re looking for in an ideal spend management software? The essence of the best spend management software lies in the it provides for solving your problems. If you’re just getting started and looking for a solution, then keep reading this section-
The USP of the spend management software is to manage the expense of top-tier and SMB enterprises. Businesses use spend management software to track their cash flow as efficiently as possible. Manual expense management is vulnerable to human error, which can bring a huge loss of revenue. You don’t want this to happen to you, right? To avoid such scenarios, you need to power your business financial operations with a smart and reliable spend management system that records overall expenditures in real-time and gives you a clear report of where your budget is spending.
Nowadays, suppliers expect different payment channels and even offer special discounts for the privilege. Having a smart spend management system will provide different payment options. This will also build better supplier relationships as well.
The essence of spend management software is to provide you real-time history of the overall expenses of your organization. This functionality is invaluable as it helps businesses to save external expenses and make more savings in less time.
Retrieving receipts, invoices, and POs can be frustrating and consume a lot of time. A spend management software will provide you the ease of retrieving data effortlessly and keeping track of your every document. This functionality also gives you the ease of matching documents to double-check transactions.
Managing your expenses is not rocket science, but with a calculated approach, you’ll be able to easily track your expense obligations and manage them easily. Here we have mentioned a few steps through which you can easily manage your spending in a smarter way-
The first step to ace budgeting is identifying all the primary channels you make expenses from, indirect or direct.
Once your expense channels are identified, the next step is to build a smart system to manage it efficiently. This step includes creating a purchase workflow. Having smart spend management will be a suitable software for this job.
Centralize all your expense data into a single location, providing a clear and comprehensive visualization of the information. This consolidated data can be easily filtered and analyzed, enabling you to make sense of the data sets more effectively.
While Excel is an option, it may not be suitable for processing data in formats other than its own. Therefore, it is often more beneficial to have a spend management system specifically designed with built-in spend reporting capabilities.
Adopting such a system eliminates the need to rely on multiple tools and makeshift solutions, ensuring everyone has access to a unified and reliable source of truth for expense-related information.
Are you looking for the best business spend management solutions? We have got your back! We provide advanced and smart spend management solutions that will automate your expense management at all levels. Contact us now! Save more! Schedule a Free Demo. Make informed decisions with our smart spend management software.
Mobile games are a new trend these days! With games like PUBG and others, people have become addicted and hooked to play it online. Such is the craze of online mobile games, that many got banned because of the influence created in the society. Mobile games have gained a lot of popularity since the exponential increase of online users all across the globe. Talking about the statistics, mobile games are emerging to become one of the most high revenue generating businesses in the world.
The year 2023 is seeing a remarkable and noticeable increase in the demand of online mobile games. If you are an aspiring game developer or a flourishing game app development company, then listed below are some great inspirational ideas for mobile game ideas:
Amongst all the most trending and latest mobile game ideas, this idea is selected for some valid reasons. As the world is becoming connected as one single umbrella, mobile games that address or are related to real world issues are preferred as compared to others. The real world issue could be anything, be it an environmental issue, political issue, pandemic issue or others. It is predicted that mobile games that hit global concerns are going to become popular in the year 2023. Just to quote an example here, the war of mine is a game that lets users experience the reality and horror of war. This mobile game puts the pressure on players to play the role of a civilian who is caught in a conflict and must do everything that aids for their survival. This game gives the players a harrowing and unique experience that stays with them even when they are not playing the game.
AR and VR mobile game ideas are surely going to hit the trend this year in 2023. With the advent of this new technology, players who are excited to immerse themselves in an experience that takes them to another world are going to love this new format of mobile games. As the new technology keeps pacing up with the latest camera and better sensory receptors in the mobile, we can surely expect some great AR and VR concept related mobile games that catches the interest of mobile gamers at the first instant. One of the great examples of this mobile game idea is the Rec Room which uses the latest cutting edge and world class technology to provide all gamers a unique, immersive and interactive gaming experience.
Over the past few years, this mobile game idea is gaining popularity amongst players at a big scale. Nowadays, mobile game players are always looking for games that are highly innovative and unique in the experience and India game app developers are obviously the right choice of people to develop these indie mobile games. The reason why these indie games are becoming so popular with gamers is that they provide a unique gameplay or story and are also extremely low in the budget. Some of the most trending and popular examples of these indie mobile app categories would be Monument Valley, StarDew Valley and Alto’s Adventure.
Social interaction is undoubtedly becoming one of the most significant parts of the mobile gaming experience. And one of the best ways to unleash this factor is by developing mobile apps that give a multiplayer gaming option to gamers. Trending mobile games such as the Brawl stars and Among Us have created a huge fanbase of mobile gamers as these allow them to experience a competition against each other.
Board games are a forever craze among gamers and this makes it certain that this mobile game idea is getting on its way to become one of the most liked game genres of all times.
What makes board games popular is its engaging and interactive experience that keeps gamers hooked throughout the game. What is best about it is that it can be played with multi gamers and is suitable for all age groups.
Angular 14 is undoubtedly one of the most popular and widely used web app development frameworks that has made the life of developers much easier and simpler. Over the years, its simple application has helped web app developers develop some of the fastest, most scalable, and most reliable single-page web applications. The angular 14 benefits are numerous, which is why there is so much craze about this web app development framework among developers.
The latest update that has gone 100% ivy in the previous release of angular 13 comes with all new primitive components. The latest update has something more exciting and helpful for all developers.
Angular 14 has brought in many new updates and exciting features to improve web development. Some of the most notable updates are:
The new and advanced version of Angular 14 features have some imperative improvements to debug and identify potential errors in the coding. But the most helpful and essential update in Angular 14 is the introduction and collaboration with the standalone components. Earlier, all components were needed to be a part of the module. This latest development has helped create self-contained components that can be easily reused in any project.
One of the important goals of Angular 14 was to ensure that forms should become user-friendly. In the general types, you can be assured that your value will match where it should and that these could avoid any unexpected errors, if any. The angular 14 feature of auto migration makes sure that there is an upgrade in old and new apps on top of the existing codebase.
The most significant and highly awaited angular 14 benefits is the introduction of the streamlined page and title accessibility feature, which is helping the developers in one way or another. The users can now easily navigate through pages that have complex or lengthy titles. This new angular 14 feature lets users quickly find a page with the first few titles.
The dev tools for Angular 14 can now be accessed offline too. There is no need to fret if you are short of an internet connection; the DevTools of angular 14 are now available offline. This new feature has come up as a great time saver for developers. With this new highlight, you can quickly inspect the angular 14 components and run diagnostics in real-time analysis.
There are some changes and additions in the (Content Development Kit) of Angular 14. The new set of new primitives includes:
Meet the new Google AI conversational chatbot that’s taking the world by storm!
Yes, we are talking about Google Bard. This is the new talk of the digital town. With the much talked about success of the Open AI’s Chat GPT, Google Bard is Google’s response in the AI chatbot genre. Now that the waitlist is over, here is everything that you need to know:
As the name suggests, Bard is Google’s new conversational and experimental AI chatbot similar to the Chat GPT. And that is why both of these chatbots are constantly being compared with each other. However, one of the biggest differences between these two chat services is that Bard will pull out its information sources across all web pages.
Google Bard was launched on February 6, 2023, in an official statement from Google’s CEO Sundar Pichai. Though it is an entirely new concept, it works on the LamDa (Language Model for Dialogue Applications) model developed two years ago.
Recently, Google unveiled its waiting list on March 21, 2023. The waitlist will have limited access to UK and US users on a rolling basis. The early user access and information will be taken as feedback to improve its AI chatbot services.
It was a rough start and launch of the Google Bard as it displayed wrong and inaccurate information on the James Webb Space Telescope. The very first response coming out of the AI chatbot prompt reply from Google Bard was factually inaccurate. People noticed it swiftly, and this created a spark of controversy around the launch of Google Bard.
Chat GPT has become an instant internet sensation since its launch. Within the first week of its inception, it got millions of users. Because of its immense success, the biggest tech giants, including Google, are trying their best to get into the hot spot as soon as possible.
The same week that Google launched Bard, Microsoft introduced a new AI-enhanced Bing based on a next-generation OpenAI big language model tailored exclusively for search.
While Bard argued it has no negative aspects, it conceded that it might be used to harm reputations, propagate misinformation that incites violence, and sway elections.
Even though there are some obvious flaws, it is still an outstanding chatbot service. The main challenge right now is that Bard only responds to certain prompts, so the users will have to ask it numerous times to write code, translate languages, and conduct many other activities it can accomplish besides writing text.
Though Google Bard is now available through the waitlist, it is still unclear how long it will take for everyone to use it. There is no set timetable for its widespread useability all across the globe.
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