![]() Without a clear understanding of how its money is being spent, it’s easy for a company to run into trouble-and run out of cash. While marketing is busy spending money on advertising, other departments like IT, HR, and Operations are also chipping away at the company budget. Why is spend management important?īusiness spending tends to happen in silos. Effective spend management can help a business reduce costs, redirect savings to drive growth, and improve the bottom line.Īlthough spend management accounts for any spending related to procurement, purchasing and discretionary costs (things like travel expenses, subscriptions and tools, and incidentals), it typically doesn’t include payroll or costs of goods sold. Spend management is the process a company uses to control its spending. ![]() For example, it can help executives, teams, and individual employees reduce business costs, redirect savings to drive growth, and improve the bottom line. There are many business benefits of spend management.
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