2024 Total Spend Management Benchmark Report

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 emerging as a reliable, sustainable, and comprehensive approach to ensuring profitable growth. Sales forecasts may stay unpredictable, so CFOs and finance leaders are paying closer attention to what they can control – spending practices across their organizations.
• An investment in a total spend management platform gives CFOs and finance leaders the visibility they need to understand how resources are being used across the company.
• Increased visibility across all spend types, from cost of goods sold (COGS) to operating expenses, helps leaders fund their company’s growth through ongoing and disciplined spend control.

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The total amount of invoiced spend linked with approved POs.

• Finance teams can inspect each transaction before the spend is committed and control costs in real time to meet targets and increase working capital.
• AP generates accurate accruals without follow-up when teams have greater and earlier visibility into spend that’s committed but not invoiced.
• It helps lower operating expenses since it’s more likely to go onto negotiated contracts, resulting in lower prices and better terms.
• Virtual cards help streamline pre-approved spend. Teams can increase liquidity by driving card rebates and optimizing the card’s payment cycle.
• Fraud prevention is more robust when more invoices are matched against POs automatically.

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The percentage of invoices tied to digital payments out of all the total electronic invoices processed on the Coupa platform.

• They enhance risk mitigation. Digital payments improve payment security and fraud detection through additional control mechanisms and AI-driven learning.
• AP teams work much more productively with touchless operations. Digital payments reduce manual work to increase SG&A efficiency, and they enable automatic reconciliation.
• Teams can also see which payment to make when, without error. This creates more opportunities to optimize working capital and manage cash through virtual cards and early-pay discounts.
• It’s easier to strengthen relationships with suppliers when they know they’ll be paid – in the right amount, on time, and consistently.

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