Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on squeezing margins higher by increasing sales momentum while being judicious about costs. This involves automating and controlling operating expenses through various platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are becoming increasingly recognized for their simplicity and security. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. The global value of virtual card transactions is expected to grow significantly, indicating their potential to enhance cash flow visibility and efficiency in B2B spending.
What recent developments are shaping spend management platforms?
Recent advancements include Paylocity's acquisition of Airbase to create a consolidated spend management platform, Coupa's addition of over 100 AI-powered innovations, and Corpay's launch of a mobile-ready spend management solution. These developments aim to simplify corporate payments and enhance expense management through better integration of transactional data.
Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by Reliance Infosystems
Reliance Infosystems Group is a Microsoft Advanced Specialization Partner with Solutions Partner designations in Modern Work, Digital & App Innovation, Infrastructure and Data and AI. The group is championing business transformation for major verticals Across MEA, UK, US and Canada. We are focused on helping enterprise and midsize businesses transform their core operations to become agile, scalable and simplified by leveraging the expansive technology innovations, speed, reduced cost and unparallel flexibility resident in Microsoft Cloud. Our future-geared approach to Microsoft Cloud practices won us both the 2017, 2021 and currently 2024 Microsoft Partner of the Year for Nigeria and Botswana
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