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This statistic underscores the significance of strategic spend management, even within technologically advanced resources. Key Strategies for Effective Spend Management Below are proven strategies for CFOs to enhance spend management, complemented by our firsthand experiences of supporting businesses with these approaches.
As more technology emerges to sit between a company’s accounts payable (AP) platform and its vendor’s accounts receivable (AR) portal, service providers are looking to ease friction in a multitude of ways, from accelerating payments and cash flows to easing contract negotiations.
“These technologies mean tighter processes and increased efficiency.” For B2B buyers, they include the human error of manual data entry, the risk of fraud and a transparent audit trail; for the vendorsmanaging accounts receivable, those challenges include delayed payments or long payment cycles.
SirionLabs provides multinational companies with a way to manage and analyze supplier contracts and provide auditing and other solutions with the information. “Traditional procurement technology doesn’t cut the ice; managing the vendor after signature is the order of the day.”
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