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Text Content

___


 * GET STARTED
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 1. Learn
 2. Blog
 3. How Optimized is Your Spending

2022-12-08


HOW OPTIMIZED IS YOUR SPENDING?





TAKE OUR SPEND OPTIMIZATION ASSESSMENT AND FIND OUT YOUR GRADE.START THE QUIZ

What’s the first action most CFOs will take in the face of a recession?
According to Deloitte’s CFO Signals Survey, it’s to reduce or more closely
manage operating costs at their organization.¹

So it’s clear why there has been a collective corporate belt-tightening this
past year. Employee expenses have been heavily scrutinized, vendor contracts
renegotiated, and headcounts reduced. It’s a theme that will continue in the
year ahead as organizations grapple with slower growth, high inflation, and an
uncertain global economy.

But, as any good finance leader knows, effective cost management is not one size
fits all. Elon Musk may have no problem issuing wholesale changes to Twitter’s
expense and travel policy and eliminating numerous allowances in one fell swoop,
but most companies will opt to identify areas for savings via more precise
methods.

That’s where Spend Optimization comes in. An organization that has fully
optimized its spend has complete visibility into all areas of cash flow across
the business including employee expenses, corporate travel, and accounts
payable, and can quickly identify opportunities for cost savings or rebates
through data insights.

By utilizing automation and analytics, an organization that has optimized its
spend can avoid wasteful practices such as duplicating vendor payments,
incurring late fees on invoices, or approving out-of-policy expense claims. At
the same time, armed with streamlined digital processes that minimize friction
for finance and end users alike, it reduces the time its teams spend buried in
spreadsheets, so they can focus on more strategic work.

Today, we’re making it easier for any organization to quickly assess how far
along it is on the path to Spend Optimization. With the launch of our Spend
Optimization Grader, you can receive tailored recommendations for efficiently
and effectively improving your corporate spend processes.

By understanding how your organization currently ranks within Emburse’s Spend
Optimization model, you can learn what changes are needed to improve
efficiencies and the overall performance of your organization, even in the face
of economic headwinds. Becoming fully optimized doesn’t happen overnight; it’s a
transformation that requires planning and focus. Based on our experience helping
over 16,000 companies optimize their spend, we’ve gathered the insights needed
to identify some of the top problem areas that can hinder performance within
finance, AP and travel departments. Once you complete the assessment, your
instant results show you exactly where you are on the maturity model and provide
clear, practical steps to help you reach the next stage.




HOW DOES THE SPEND OPTIMIZATION GRADER WORK?

You’ll take a simple five-minute online quiz answering questions about your
current expense management, corporate travel, and accounts payable processes.
After completing the questionnaire, you’ll instantly see your Spend Optimization
Grade, and a snapshot of the impact your current spend processes are having on
your business.

You’ll also receive detailed recommendations for improving efficiency in each
spend function. For example:

 * How to minimize time on manual expense approvals and improve real-time spend
   visibility with virtual cards
 * How to reduce out-of-policy travel bookings and take better advantage of
   rebates - and even how to improve the employee experience and carbon
   footprint of your business travel program
 * How to automate and integrate payment solutions to sync spend data between
   your AP, finance, and procurement departments for optimal cost control


WHAT DOES YOUR SPEND OPTIMIZATION GRADE MEAN?

There are four stages of Spend Optimization. Your grade shows you which stage
you’re in and how to reach the next stage.









Ad hoc - reactive with primarily manual processes. If you’re at this stage, you
likely rely on spreadsheets, email, manual data entry, and paper checks. You
don’t yet have the ability to optimize the timing of payments or reimbursements
and have few proactive controls, relying on manual spot-checking for compliance
after the fact.

Managed - basic spend controls in place. Those at this stage have some tools for
basic automation and reporting and limited spend controls, but may struggle with
slow approval times and a lack of actionable spend insights.

Accelerated - increased control and agility but few actionable insights.
Companies at this stage have automated controls and processes, resulting in
faster reimbursement and payments, but data is siloed, and you’ll want to
bolster your analytics capabilities to identify cost-saving or cash flow
improvement opportunities.

Optimized - digitally transformed across the entire spend spectrum. If you’re at
this stage, you are able to make strategic spend decisions based on data,
directly impacting opex, revenue, and cash flow as well as team productivity.


DOES THE SPEND OPTIMIZATION GRADER HELP ME SAVE?

Yes! You’ll uncover inefficiencies in your process that can result in wasted
spend or missed savings opportunities. Not only that, but you’ll identify ways
to save time and increase productivity, which is essential at a time when
skilled resources are scarce.

Furthermore, if you would like to discuss any of the recommendations in more
detail, you can book a free consultation with an expert directly within the
Grader.

2023 will come with its fair share of challenges. But, the Spend Optimization
Grader will help you identify wins, both big and small, and arm you with a plan
to optimize your spend further so that you can ring in the new year with
confidence.

Ready to optimize your spend? Get your personalized Spend Optimization grade.

¹ Deloitte CFO Signals, 3Q 2022


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RELATED CONTENT


SPENDSMART TRAVEL TRENDS - Q4 2022




KEY FINDINGS FROM THE 2023 SPEND MANAGEMENT TRENDS REPORT




WHAT’S AHEAD FOR THE NEW YEAR: OUR 2023 PREDICTIONS




2022’S CRAZIEST EXPENSES




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Solutions
 * Expense Management
 * AP & Invoice Management
 * Emburse Pay Solutions
 * Emburse Analytics
 * Emburse Audit
 * Travel Management

Products
 * Abacus
 * Captio
 * Cards
 * Certify
 * Chrome River
 * ExpenseWatch
 * Go
 * Nexonia
 * Spend
 * SpringAhead
 * Tallie

Learn
 * Emburse Blog
 * Emburse Podcast
 * Events & Webinars
 * Case Studies & Testimonials
 * Customer Training
 * Spend Optimization

Other Resources
 * Partner Programs
 * Integrations

Company
 * About
 * Mission
 * Leadership
 * Awards
 * Careers
 * News Releases
 * Press Coverage




SOLUTIONS

 * Expense Management
 * AP & Invoice Management
 * Emburse Pay Solutions
 * Emburse Analytics
 * Emburse Audit
 * Travel Management


PRODUCTS

 * Abacus
 * Captio
 * Cards
 * Certify
 * Chrome River
 * ExpenseWatch
 * Go
 * Nexonia
 * Spend
 * SpringAhead
 * Tallie


LEARN

 * Emburse Blog
 * Emburse Podcast
 * Events & Webinars
 * Case Studies & Testimonials
 * Customer Training
 * Spend Optimization


OTHER RESOURCES

 * Partner Programs
 * Integrations


COMPANY

 * About
 * Mission
 * Leadership
 * Awards
 * Careers
 * News Releases
 * Press Coverage

Support
Get support
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hi@emburse.com
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