5 Smart Steps to Strategic Spend Management and Why They Matter for Growing Businesses

SAP Concur published five steps for strategic spend management in growing businesses: understand the business impact of spend management, build flexibility into processes, give everyone real-time insight into spending, simplify and automate compliant spending, and align spend strategy with broader business goals. The article cites Ben Wright of Oxford Economics saying a spend-management strategy is critical not only to control costs but to potentially drive growth and profitability. It recommends mapping spending rules to goals such as cashflow resilience and sustainable travel, including eco-friendly travel options in booking tools, enabling mobile receipt capture, and integrating expense,…