The digital approaches set to continue unlocking value for businesses

The digital approaches set to continue unlocking value for businesses

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Complex economic environments mean businesses can no longer afford to stay loyal to fixed solutions. 

Coupa’s whitepaper looks into the power of Business Spend Management and how it can unlock value in your business and fuel growth. 

Digital transformation is the way forward, yet there continues to be hesitance as manual processes remain. There is a plethora of pioneering digital solutions in the market, providing great opportunities for companies to continue growing, encourage innovation and efficiency. 

Coupa’s ‘Power of Spend’ report discusses how Business Spend Management is just one of the digital approaches rippling through companies and their procurement teams, transforming their operations for the better. It enables collaboration, augments visibility and helps companies overcome complex challenges, something equally seen in technologies like RPA, AI and ML. 

Companies continue to face common challenges; Coupa suggests how BSM can help them tackle these with 7 key steps: 

Figure 1: 7 reasons why companies need a BSM approach to solve modern day challenges

Spend provides power and transparency for any organisation, tracking all aspects across a business. Investing in various digital tools enables organisational agility, as isolation can be dangerous for any ecosystem. Such tools mitigate risk, can help forecast demand by utilising data, and in some cases can aid sustainability efforts. 

Figure 2: Many of the capabilities impacted by digital technologies – for the better

Ultimately, investing in more digital technologies, through BSM, can connect supply chains and procurement. New digital approaches are reducing issues and risk, and look set to become a dominant working model for leading companies in the near future. 

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