Digital Transformation in Business Spend Management

Category : Finance

Read the latest wallpaper on Whitepapers Online titled Digital Transformation in Business Spend Management   Business Spend Management (BSM) is a software category. It does the consolidating of all their sourcing, procurement, supplier & risk management and travel & expense management.

Its OK to Get Rid of the Old Junk and Bring In The New Stuff - Without Compromising Security

IT leaders, since they moved from mainframe terminal to desktop computing in last few years, have undergone the biggest overhaul of their solutions. They have moved all of their software across all the business functions to cloud.

Add More Value: Deliver Software That Actually Gets Used and Loved

People who the software has been bought for need to actually use it, something which does not happen very frequently and becomes one of the biggest frustrations for IT leaders.

You Know It Best: Waiting 2 Years for Results is So 2000s

The pace of business is increasing continuously, but there are software providers that say their projects need 2 years or more to bear fruition. Software today needs to deliver solutions quickly while meeting all business needs and being adaptable at the same time.

Rethink Risk: Sticking With Your ERPs Offering May Be the Greatest Risk of All

IT leaders can pick the safest choice for an ERP system for their business but that does not mean it would be the best choice because it can be a solution that does not get adopted in to the company, has high ownership costs and could possibly get changed within a few years.

You’ve Paid a Lot for Your ERP, Get Some Real Value from It

An ERP system is a company’s backbone because it handles the money, keeps all your data and helps your business run. It does not mean it can handle all business processes.

Your Team Shouldn’t be Highly Paid Ticket Takers. You Are Better Than That

It is a long process to adapt a new solution into an existing system architecture. You also have to educate the vendor’s development team at the same time, and also manage the maintenance of the solution.

Do Not Compromise: Get Real Spend Management Solutions from the Best

Companies neede to have a seamless, integrated, out of the box and ready to go solution. There are multiple products available from one software vendor and can need installations of a lot of separate applications which are written on varied different code bases and multiple versions of the same system.

Put Yourself Back in the Innovation Driving Seat

IT teams need to benefit from bringing new innovations into the company. This has not been taking place because in a lot of cases what happens is the business units are the ones who have been bringing the new cloud systems into the company. So instead of taking lead, the IT Teams end up playing defensive against the innovation led by business units.

Key Takeaways:

  • Business Spend Management consolidates sourcing, procurement, supplier & risk management and travel & expense management for companies
  • BSM software helps IT Teams bring innovative software into the company which also lasts longer
  • ERP software needs to be picked based on the needs of the company and not popular opinion

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