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Effective technology expense management is essential for companies looking to optimize budgets and stay competitive in today’s fast-paced digital landscape. However, managing these expenses can be challenging, with common pitfalls leading to overspending, inefficiencies, and missed opportunities for cost savings.
Technology is embedded in every corner of the modern enterprisefrom SaaS subscriptions and cloud infrastructure to telecom and mobile services. As organizations scale, so do their technology expenses. What if TEM was thought of as a strategic lever for CFOs and CIOsa way to align technology investment with business value?
Delving into the key trends shaping the treasury landscape in 2024, the focus is on themes such as staffing challenges, macroeconomic risks, technology adoption, and strategic financial management. Staffing challenges and technology adoption Staffing emerges as a central theme for corporate treasurers.
As Private Equity and Venture Backed startups mature into larger businesses with a proven business model, the challenge with managing cloud expenses has become a pain point for the CFO, CIO and PE owners. These companies have built their businesses from the ground up based on cloud-based technologies like AWS, Azure or GCP.
To be prepared, CFOs must keep in mind of the following for better business travel costmanagement : Utilising new technology CFOs are increasingly leaning on sophisticated travel management systems that offer not just data but insights. It’s an acknowledgment that the human element is critical in managing travel costs.
Managing information technology transformations is becoming increasingly essential for companies to remain competitive and improve operational efficiency. In this article, we will outline the importance of IT costmanagement and discuss various strategies that can help organizations generate value through cost savings.
Key Risks Without Financial Planning Our experience with clients identifies three common challenges organizations face when effective costmanagement is not considered when preparing for AI investments: Constrained Budgets: Limited resources force delays in essential IT projects.
However, managing cloud costs effectively is a complex challenge that demands strategic focus. For technology leaders, particularly in private equity-backed companies, cloud spend management is a critical lever for driving profitability and value creation. For technology executives, the stakes are high.
This being said, though, what’s really unique about us is that we run our own bank: We have our own CEO and our own CFO and executive management team, and we operate much like a community bank. They have access to quick, local decision-making, but we have the capital, liquidity, and technology products of an $80 billion bank.
CostManagement Strategies a Key Priority for this Next Cycle With the task of raising and deploying new capital more challenging, PE sponsors are increasingly compelled to optimize the financial management strategies of their current portfolio companies. Spend management has taken center stage.
Consider a financial services company that managed to scale its operations by prioritizing cash flow optimization. By employing advanced forecasting tools and real-time financial reporting, they maintained a healthy cash reserve, allowing them to invest in new markets and technologies confidently.
Managing software licenses is a critical aspect of modern IT and financial management, and E78 is here to help. With our expertise in technology expense management (TEM) , we empower organizations to control budgets, ensure compliance, and optimize technology investments.
They are now using technology as a lever to reduce costs and innovate. Historically, banks have faced high-cost pressures exacerbated by their legacy systems. To optimize costs, banks are reducing the number of applications and investing in technology that enhances customer experiences while maintaining efficiency.
Effective technology expense management is essential for companies looking to optimize budgets and stay competitive in today’s fast-paced digital landscape. However, managing these expenses can be challenging, with common pitfalls leading to overspending, inefficiencies, and missed opportunities for cost savings.
Effective technology expense management is essential for companies looking to optimize budgets and stay competitive in today’s fast-paced digital landscape. However, managing these expenses can be challenging, with common pitfalls leading to overspending, inefficiencies, and missed opportunities for cost savings.
Costmanagement and operational excellence are critical to sustain value creation, offset delayed exits, and maximize returns. Add-on acquisitions provide a fast track to scale, especially in sectors like healthcare, technology, and professional services. years, the longest since 2005 ( McKinsey & Company ).
Managing telecom expenses can be a daunting task, especially with companies working with multiple vendors, services, and technologies. Without a clear strategy, telecom costs can quickly escalate, resulting in inefficiencies and unnecessary spending. One main reason for outsourcing is the requirement for specific skills.
Benjamin Soh, founder and managing director at Singapore-based ESG data and technology company ESGpedia , believes finance leaders are well-positioned to drive both sustainable growth and cost efficiency, given their oversight of financial strategy, risk management, and capital allocation.
This shift, according to Omdia, has set the stage for cloud computing to become the dominant technology for the next decade, with the cloud market reaching a crucial turning point, with more than 50% of workloads now running on some form of public cloud.
The release stated the partnership will let companies pay costs via a credit card, while accessing on-demand liquidity alongside costmanagement tools. The service is expected to launch in 2021 in Luxembourg after regulatory processes, and after that it will be debuted in other European markets, the release stated.
Key Risks Without Financial Planning Our experience with clients identifies three common challenges organizations face when effective costmanagement is not considered when preparing for AI investments: Constrained Budgets: Limited resources force delays in essential IT projects.
But could mobile order-ahead technology have a place in another industry? Hospitality has been slow to adopt this technology, with 80 percent of survey respondents reporting that they did not yet offer it — despite recognizing the growing consumer demand. Only 29 percent had plans to invest in mobile ordering technology in 2017.
However, managing cloud costs effectively is a complex challenge that demands strategic focus. For technology leaders, particularly in private equity-backed companies, cloud spend management is a critical lever for driving profitability and value creation. For technology executives, the stakes are high.
The COVID-19 pandemic has accelerated the adoption of various technological advancements to keep up with the evolving market and the shifts. The rapid adoption of this technological advancement led to unexpected challenges in managing cloud costs, a concern finance leaders must handle properly for the organisation.
The new reality will be marked by low bookings; tight margins; financial pressures on online travel agents; and the need for costmanagement. He said that technology can help relieve some of the pain points of B2B travel payments. “This made the need to optimize operational inefficiencies secondary,” he said.
Fuel Oil LCs are highly time sensitive where every second counts and we believe this Blockchain technology will help to manage time efficiently and also ensure increased efficiency and better costmanagement,” Moinuddin Hasan Rashid, Group Chairman and Managing Director, United Group, said.
Today in B2B payments, Unifiedpost reveals acquisitions to build out its B2B platform, while Tally Solutions launches eInvoicing technology in India. Navisteps Lands $1 Million For SMB Travel, CostManagement. While expense and travel management solutions are not new, they traditionally target large enterprises.
Cloud financial management provider Sage Intacct is one company seeking to leverage APIs to better serve SMBs. recently, with the technology connecting business clients to third-party costmanagement services and more. The company expanded its API-based accounting platform into the U.K.
In the face of the severe economy situation and the internal and external challenges of enterprises, CFOs expanded role sees them leading transformation initiatives and increasingly turning to technology as an enabler. Seventy-seven percent of the respondents reported expectations of them had increased over the past two years.
At the same time, banking’s traditional finance operating model is evolving—digital innovation and cloud-powered technologies are being used to automate transaction processing, manage data and risk, and enable strategic and actionable insights. DOWNLOAD NOW.
In financial accounting , Cost of Goods Sold (COGS) is recorded as a debit because it reduces a company’s net income and is debited to reflect a decrease in retained earnings, an equity account. Optimizing CostManagement in Business Effective costmanagement is crucial for maintaining a healthy bottom line in any business.
The tool comes with Genesys Essentials and Genesys Advances, the company explained, to support spend management, compliance, operational costmanagement and scale for mid-market and high-growth companies. ”
"Due to the fluidity of the situation, as a business, we had to dynamically manage operations and re-allocate resources to optimise the business outcome," she confided. Inflation and supply chain disruptions resulted in higher cost of doing business. Then there is the talent issue.
MicroTech , which provides information technology services to government entities, is partnering with costmanagement tool CostPerform , in order to boost functionality for IT payment processes, according to a press release.
The Gartner survey, which was conducted to look into senior business executive views on current business issues, as well as some areas of technology agenda impact , revealed that CFOs and CEOs are similarly aligned on growth, as both groups select it as their top business priority for 2024-2025.
“It’s critical that CFOs adopt a cloud-based strategy for business spend management that enables them to have visibility and control over their spend to make more strategic and informed decisions about their business.”. 1 threat to CFOs’ abilities to make a positive impact on their companies’ financial positions.
Traditionally, CFOs come from accounting, and they’re known as people who can handle financing strategy, costmanagement, reporting needs and standards of accounting. That work is also changing as technology takes accountants from number-crunchers to strategic advisors.
The payments landscape is not exempted from these shifts, what with the current talks of digital transformation and technological advancements. Managingcosts and improving efficiency For chief financial officers, one of their concerns is the balancing act between costmanagement and payment efficiency improvement.
This will serve as a guide for CFOs to embrace change, prioritise cost efficiency, and stay attuned to the ever-changing technological landscape. The year 2024 sees a strategic focus on robust costmanagement, cash flow optimisation, and liquidity planning.
In today's fast-paced and technology-driven business environment, it is essential for small businesses to stay competitive and efficient. Embracing technology, such as virtual bookkeeping, can help streamline processes, save time, and reduce costs.
That, Adelson noted, is another massive obstacle for SMEs that don’t always have the right banking and FinServ relationships to manage accounts receivable across platforms, both online and off. But automation in accounts receivable — including invoice generation and payment acceptance — is key to costmanagement, research says.
Angeline Mesny Sanford , senior manager, channel marketing at Bottomline Technologies , says lessons on cost control that is back in fashion, not just in finance but across the business; digital processes and payments that need to be embraced, now more than ever; and transforming the way businesses pay suppliers must be properly looked into.
The Importance of Financial Forecasting Informed Decision-Making: With accurate financial forecasts, small business owners can make informed decisions regarding investments, expansions, and costmanagement. Optimized Cash Flow Management: Effective Business Cash Flow Management is crucial for small businesses.
In addition, during the quarter we were very satisfied with the progress made in our Transformational CostManagement Program and with the strong cash flow we delivered.”. We are confident our strategic plans are the right ones to drive long-term sustainable growth going forward. per the announcement.
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