Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on squeezing margins higher by increasing sales momentum while being judicious about costs. This involves automating and controlling operating expenses through various platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are becoming increasingly recognized for their simplicity and security. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. The global value of virtual card transactions is expected to grow significantly, indicating their potential to enhance cash flow visibility and efficiency in B2B spending.
What recent developments are shaping spend management platforms?
Recent advancements include Paylocity's acquisition of Airbase to create a consolidated spend management platform, Coupa's addition of over 100 AI-powered innovations, and Corpay's launch of a mobile-ready spend management solution. These developments aim to simplify corporate payments and enhance expense management through better integration of transactional data.
Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by Blue Nova Technology
Blue Nova Technology, LLC provides an extensive range of tech solutions, specializing in the Light-Life mobile application - an interactive, enterprise software platform. Designed to reshape customer experiences, Light-Life adeptly boosts sales, effectiveness of marketing campaigns, and customer loyalty. It becomes a powerful ally for your business, enabling customers to transact and request services from their devices whilst providing your establishment with crucial insights. A brainchild of innovation, it reimagines business-customer interactions between products, services, and venue boundaries.
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