The Cost of Doing Nothing
In an era of economic volatility and high inflation, organizations face significant risks from unmanaged enterprise spending, outdated processes, and siloed data. This eBook explores three major trends reshaping spend management and outlines the operational and financial impact of failing to modernize:
- Changing Employee Buying Behaviors: Decentralized purchasing—such as direct bookings, out-of-pocket expenses (which rose 81% from 2022 to 2023), and varied payment methods—erodes spend visibility, leaving 61% of finance leaders lacking near-real-time data.
- Rising Tax and Compliance Obligations: Evolving global tax laws and audit scrutiny increase exposure to non-compliance penalties, with businesses leaving 54% of eligible VAT unclaimed annually.
- The Swift Shift to Implement AI: Outdated, manual spend processes prevent businesses from capitalizing on AI-driven efficiencies, early fraud detection, and automated policy enforcement.
Key Outcome: Modernizing spend management through unified, automated solutions saves finance teams up to 13 hours per week, recovers tens of thousands of dollars annually, and delivers a positive ROI within 8 months.
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