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What is vendor management and why is it important?

Airbase

These formalized lists of requirements are sent to the possible vendors to complete to give in-depth information about the company’s capabilities. Regular reporting that is available from spend management systems can help you stay on top of how well your vendors are serving your company’s objectives. Contract negotiation.

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Analyze, align, automate: How to optimize financial systems.

Airbase

If it takes a couple of weeks to finish the month-end close, for example, there is a problem with the systems and the processes that provide the necessary information. Typically, we end up with disparate systems.” Optimizing systems and processes through consolidation has far-reaching implications across a company.

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Spend under management: The procurement KPI you should be tracking at any stage.

Airbase

Traditionally, this meant largely unmanaged spending since companies were never sure how much was put on cards. As a result, they lacked real-time control over that spend. There are different definitions of spend under management. The most narrow refers to the percentage of strategic purchases with a negotiated price.

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Will there be a recession? How spend management improves agility in the face of uncertainty.

Airbase

Year-over-year consumer spending also rose, suggesting that people have, and trust that they will continue to have, disposable income. With so much contradictory information, agility is key. Processes need to support quick pivots and adjustments, especially when it comes to managing company spending.

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Leading analyst IDC recognizes innovation in procurement solutions.

Airbase

One of their overarching goals is to help technology buyers make informed decisions to achieve their business goals. Controller Eoin Hession confirms the importance of usability: “Airbase is an impeccably streamlined, user-friendly spend management system designed for all employees. They really enjoy using the system.”

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Changing The Conversation: From Spend Management To Margin Improvement

PYMNTS

The rise of the gig economy and the popularity of remote work are among the factors that are laying bare the need for better spend management systems and technology. In addition, they can help businesses better inform their decisions by collecting data and offering insights into operational expenses.