Spend Management Platforms: No Longer Just for the Big Boys

Procurement organizations large and small all have issues they need help with. The problem is not all of them realize it.

For reasons from pressure to secure cost savings to lack of qualified resources, many procurement groups remain blind to process inefficiencies or daily headaches that could be easily relieved: misplaced purchase orders, byzantine spreadsheets, forgotten contract renewals, papers stacked to the ceiling.

These were and continue to be real issues that plague procurement organizations. But larger corporations often find such horror stories more relatable than do small and middle-market companies.

One reason for this is that the larger and more complex a supply chain is, the more likely mistakes become and the greater the consequences. It’s no wonder, then, that technology providers tend to orient themselves toward larger procurement organizations, with whom their sales and marketing strategies more strongly resonate.

The unfortunate result of all of this is small and middle-market firms have found themselves locked out of the opportunities that technology such as spend management platforms offer procurement. But emerging technologies and new pricing models are now allowing spend management platforms to address the needs of companies of all sizes.

Cloud-based platforms and big data are helping procurement groups interpret and organize spend data that can be mislabeled or spread across multiple systems. Solutions are becoming more affordable, and from conversations with procurement professionals at middle-market companies, we’re hearing that user interface (UI) and user experience (UX) play an increasingly important role in technology selections. Features that were recently a luxury, such as real-time communication frameworks, mobile functionality, and integrated dashboards, are now expected. Providers that don’t offer these capabilities will be left behind — and so could procurement organizations (of all sizes) that fail to take advantage of them.

Spend Matters Founder and Head of Strategy Jason Busch explains that a standard UIX nowadays “will typically bring integrated guidance that helps the user walk through the proper workflow for each key function it supports. It will also enable true collaboration, not just email or asynchronous messaging.

If your company is considering a spend management platform, or if you would like to learn more about the developments making these platforms more accessible, stop by for the webinar Spend Management for the Middle Market on September 27 or view it on-demand afterward. Featuring Lynn Gabriel, chief operating officer of Mainstream Fiber Networks, and Jorge Andujar, customer success manager at Procurify, the event will cover the keys to success for adopting a spend management program.

The Spend Matters PRO series Measuring the Procurement Technology User Experience: More Than Just a Pretty Screen also provides in-depth analysis of the development of UI and UX is making spend management systems more accessible.

Spend management platforms  are no longer just for the big boys. Sign up for the webinar to learn how your organization can benefit today.

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