Productiv

Question 1

What is spend management?

Answer 1

Spend management is a solution in which organizations bring in all their spend data into a centralized platform to asses their suppliers, contracts, and expenses to make informed decisions regarding purchases, renewals, and management of expenditures and then take action on those decisions.

Question 2

Who’s involved and what’s the benefit?

Answer 2

An organization’s strategy for Spend Management should include stakeholders from Procurement, Finance, IT, and line of business leaders to ensure comprehensive visibility into all areas of spend to optimize costs, mitigate risks, and improve business efficiency