Editor’s note: Today’s article highlights the findings from a new Ardent Partners research study, How SMBs Can Manage Company Spend, which was sponsored by spend management solution ExpenseWatch. The report, which discusses how smaller organizations can make the case for centralizing spend management operations and support programs with spend management automation, is available for download by clicking here.
The majority (54%) of small- and mid-sized businesses (SMBs) today face a monumental challenge that has plagued them for decades: reduce operational costs while improving overall cost savings to the bottom-line. However, while SMBs have come a long way over the years, many of these businesses lack the resources, budget, expertise, and overall “reach” of larger, enterprise-size companies; therefore, the advantages that their larger peers sometimes take for granted aren’t typically utilized in smaller businesses.
Ardent’s research routinely assists organizations of all sizes in improving key spend management processes, boosting the strategic value of the Chief Procurement Officer (CPO) and the procurement function, and understand the value of automation and innovative solutions. In a new research report, sponsored by spend management provider ExpenseWatch and available here for download, Ardent presents a strong case for why SMBs must make spend control a priority now.
Only 21% of SMBs today cite their spend management and spend visibility as “Very Strong,” a critical factor that speaks to their general lack of automation, spend control, and intelligence into corporate spending. SMBs often prioritize growth and expansion, and will always require significant funds to put back into the business. By controlling spend and developing strong spend management processes and capabilities, routine cost savings from these efforts can easily be reinvested back into the greater business.
The new research report also highlights:
SMBs are in an exciting position in today’s business world. As technology and automation become more accessible, and as the world becomes more networked through globalization, these businesses will be able to thrive and grow. Click here to download the new research study.
About the Author:
Christopher J. Dwyer is a Research Director at Ardent Partners, a Boston-based supply management research and advisory firm. He is considered a thought leader in the spend management industry, with recognition from Supply and Demand Chain Executive Magazine as a “Pro to Know” in 2013. He has written hundreds of research studies and reports on the evolution of contingent workforce management procurement, finance, and other key functions (such as expense management), and can be reached at firstname.lastname@example.org or on Twitter (@CJD_Ardent). Visit www.cporising.com to read more of his research.
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HOW SMBS CAN MANAGE COMPANY SPENDING
NEW WHITEPAPER from Ardent Partners. Download now for compelling insights and recommendations on how your small or midsized organizations can best manage company spending.
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