Total Spend Management Benchmark Report for Manufacturing

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.

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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.

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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.

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