Adopting Spend Automation to Maximize New Funding

A SAP Concur blog post aimed at companies that have received new funding recommends digitizing and automating spend management—employee expenses, vendor invoices, and travel costs—to maximize the value of that funding. It says automation can improve business intelligence and actionable insights, help make contingency plans, strengthen working capital, improve spend visibility, and find cost-saving opportunities. It cites data showing roughly 20% of expenses fall out of policy and organizations lose an estimated 5% of revenue to fraud each year, and a 2022 Analysys Mason survey showing companies saw positive ROI within 8 months on average after implementing travel and expense and/or vendor i…