Total Spend Management Benchmark Report for Multi-Location Companies

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 spend put through pre-negotiated contracts to enable better prices and terms.

• Finance teams have more options to lower operating expenses. Procurement’s role is critical: negotiate lower pricing in the future with contracted
  suppliers by channeling more spend through each
  contract.
• AP teams can improve cash flow when higher amounts of spend are covered by favorable payment terms in each contract.
• Higher on-contract spend reduces financial risk because it prioritizes relationships with suppliers who have risk-related contract protections in place.

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