Total Spend Management Benchmark Report for Manufacturing in Europe

Traditional spend management approaches typically yield 2% to 3% in savings relative to overall spend. Top performers this year saved far more by applying total spend management best practices.

• Total spend management is becoming essential for profitable growth, as finance leaders focus on controlling organizational spending in an increasingly complex, uncertain world.
• A total spend management platform provides finance leaders with crucial visibility into company resource use.
• Greater visibility into all spending, from COGS to operating expenses, enables leaders to fund growth through disciplined spend control.

Download now to learn!

The time between requesting a contract and the contract being signed

• Long contract cycle times delay the business benefits of new agreements, and they create the risk that the business starts working with a new supplier before the contract protections are in force.
• Teams can respond more quickly to supply issues by accelerating the time to bring new suppliers and awarded bids into contract and purchasing.
• Faster contract execution removes uncertainty in the supply chain, leading to better planning and quicker business enablement.

Download now to learn!

The percentage of invoices processed through any electronic, automated means

• It improves compliance by using automated controls to match invoices to POs, apply account coding, and route for approval according to Designation of Authority rules.
• Suppliers gain real-time visibility into approval and payment status, which can reduce time spent on updates.
• AP can optimize payment timing to either maximize Days Payable Outstanding or capture early-payment discounts.
• With visibility into invoice data, treasurers and cash managers can plan for upcoming payments and reduce cash shortfalls.

Download now to learn!