Generate Value with Digital Finance Management Solutions
Bring Procurement and Finance together to generate greater value with a Digital Finance Management solution.
A great digital Finance Management solution empowers your business to understand and control every dollar of its spend on both a day-to-day and long-term basis. By consolidating costs centers, budgets, general ledger accounts, and analytic data into a comprehensive platforms, With total visibility into Procurement and Finance’s operations, you’ll better align them to work together and serve broader business goals.
By boosting visibility and automating workflows, digital Finance Management solutions are helping businesses make a bottom-line impact with smarter purchasing decisions and data-backed insights.
Finance Management Pain Points
Claimed savings aren’t reaching the bottom line? These all-too-common pain points could be to blame.
- Budgets aren’t enforced and “savings” get spent in other areas.
- Realized savings (as opposed to negotiated savings) are not tracked and reported effectively.
- Calculated savings are unrealistic or inaccurate.
- Finance’s goals, needs, and specifications have changed.
What Can You Do With Financial Management Solutions?
- Track Spending in Real Time: Track every purchase and request with build-in budget trackers and user-friendly dashboards.
- Manage All Budget Types: Optimize operational budgets, capital expenditure budgets, project-based budgets, and contract-based budgets with ease.
- Consistently Measure and Report: Assess employee and department spend against budgets with improved forecasting and tracking tools.
- Improve Allocation: Identify, aggregate, and assign costs to items and services and separately weigh-in additional costs.
- Automatic Matching: Match spend to budgets based on purchasing information such as cost centers, commodities, and general ledger accounts.
An effective Finance Management solution will do more than boost your Finance team’s capabilities. Selected and implemented effectively, it will bring Procurement and Finance closer together and empower the entire organization to make more strategic decisions and generate greater bottom-line impact. Reach out today to find out what you’ve been missing and take the first steps toward carrying out a digital transformation and building an optimized function.
Learn More About Finance Management Solutions