SAP Concur Advises Higher Ed to Automate Spend Management to Prevent Misspending

SAP Concur published an article noting that faculty and staff at colleges and universities are spending more of their institution's money across more spend categories and using more payment methods than ever before. For finance departments still struggling with manual processes, accurately tracking spending is challenging. The article recommends that institutions adopt modern spend management solutions to increase visibility, prevent duplicate payments, flag unusual transactions, and take advantage of discounted supplier rates. It also outlines critical steps such as automating all spending, embracing an open strategy, strategically managing spending, and reviewing spending.