Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on squeezing margins higher by increasing sales momentum while being judicious about costs. This involves automating and controlling operating expenses through various platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are becoming increasingly recognized for their simplicity and security. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. The global value of virtual card transactions is expected to grow significantly, indicating their potential to enhance cash flow visibility and efficiency in B2B spending.
What recent developments are shaping spend management platforms?
Recent advancements include Paylocity's acquisition of Airbase to create a consolidated spend management platform, Coupa's addition of over 100 AI-powered innovations, and Corpay's launch of a mobile-ready spend management solution. These developments aim to simplify corporate payments and enhance expense management through better integration of transactional data.
Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by Cynoteck technology solutions pvt ltd
Cynoteck is a Microsoft Solutions Partner for Business Applications and Salesforce Consulting Partner with more than 150 employees with Microsoft and Salesforce Certifications.
Cynoteck is a dynamic and professional IT services provider that serves enterprises and individuals, helping them meet the challenges of the global economy.
We offer services in the area of ERP & CRM Consultation and implementation, Application development, Mobile application development, Web development & Offshore Development. Our experienced Project Managers apply a mature development methodology, continuously exceeding our client’s business expectations, and ensuring the success of off-shoring projects. We have expertise ranging from consulting on business and technology to creating innovative technology solutions. Our vision shapes the culture at Cynoteck, which lays a strong emphasis on innovation and thought process.
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