In business management software solutions, an upheaval is announced under the title "spend management".
The new software generation uses cloud computing as well as World Wide Web communication standards for improved availability and maximum openness. On this basis and with the help of artificial intelligence, the effort required to manage variable costs can be reduced. The consulting firm McKinsey estimates that most companies could save three to four percent of their expenses through improvements in spend management.
Spend management involves a sequence of steps related to the procurement, ordering and payment of products or services. Several operational processes can be listed, all structured by the same sequence of work steps. The sequence and listing can each be used as a scale to measure specific performance characteristics of spend solutions. When the X-axis and Y-axis are set at right angles to each other, the two scales form a coordinate system that shows an overview of the important performance features of a spend solution. The diagram could be extended into the third dimension with the Z-axis, listing different payment methods such as bank transfer, credit card transactions, Bitcoin, Dodgecoin and so on. The three dimensions of the Spend Management Cube make the new software category of spend management visually tangible.
The Zurich-based fintech company Yokoy first attracted attention with its expense management software. Artificial intelligence makes it possible here to automate all work steps, starting with the digitisation of the paper receipt. The accounting department is thus relieved of routine work, leaving more time for focusing on those settlements that are conspicuous and do not seem to comply with the expense regulations. Following customer needs, Yokoy has rapidly expanded its software offering and can now cover the most important areas within the three dimensions of spend management. This includes, for example, the processing of supplier invoices and the support of credit cards. The topic of Bitcoin is also already being considered. The Yokoy software is developed for the needs of medium and large-sized companies, and all modules can be licensed individually.
Interested in a deeper insight into the topic of spend management? Read our whitepaper on the topic here.