4 Ways Executives Can Approach Spend Management with SAP
In this piece, we share four actions executives can take to better approach spend management with SAP and drive better business outcomes.
It’s likely been a pretty hectic few years as you’ve helped to steer your organization through some difficult times. After all, a recent survey found that over 50% of respondents agree that global and economic trends impacted procurement practices in the last six months and increased the severity of procurement challenges.
Companies are still reeling from various disruptions: supply woes, historically high inflation, labor market challenges, a banking crisis – and whatever unknowns are around the corner. It’s a tall order to keep business running and fulfill orders while mitigating significant risks and trying to control costs – likely without as much visibility and insight as you’d like.
A few takeaways from recent years are:
Most companies could still be much better prepared to withstand ongoing disruption.
Companies that had invested in digitization prior to the pandemic were better prepared to pivot.
The procurement function emerged as a central role in enabling business continuity, protecting revenue, and growth.
The need to accelerate the pace of digital transformation has never been greater, yet where should you focus first? Often companies start with one area – such as sourcing – and the cost savings and benefits they realize give them momentum to continue digitizing other procurement areas.
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This insight was provided by SAP for value-added resellers like Crescense. Contact our team to learn more about SAP’s various procurement solutions.