On average, 40% – 45% of a company’s revenue goes to procurement spend. This makes spend management a critical business function, arguably the most critical.
Yet, a recent IDC survey of more than 800 respondents worldwide revealed that more than 50% of organizations are still working with fragmented applications to manage spend. They’re feeling the impact in the form of excessive logistics costs, high inventory-carry costs, low margins, and challenges with achieving compliance.
No wonder 95% of the organizations surveyed say they plan to invest in and deploy an intelligent spend management platform in the next two years.
For further insights, download this white paper. It will help you explore the benefits you can achieve when people, process, and technology come together to empower the future of spend management.