Spend Visibility sparks new and creative ideas for spend management...and even more ROI
We all know the analyst statistics: companies can save an average of $13 per expense report just by moving from a clunky, old-fashioned process to a modern, mobile, and paperless solution. So many organizations are quick to realize that ROI and close the book on expense management.
But the next major ROI comes through spend visibility. For the first time, organizations are able to see how their non-payroll dollars are being spent and they really start to get creative with new ideas for spend management.
For example, Chrome River customers love to:
- analyze their spend by expense category to uncover strategic sourcing opportunities and areas for better negotiated rates (like hotels, car rentals, etc.).
- pull together in-process credit card and out-of-pocket spend that are not yet exported from the financial system.
- track KPIs such as Open Approvals Aging to fix bottlenecks.
By knowing the volume spend and being able to commit a percentage of that volume, customers have driven signficant savings...savings that often exceed 20%. Customers also love the insight into accruals and the help this gives to period-end close. And who doesn't want to be reimbursed faster! By collecting and analyzing information like this from transactions, customers dramatically improve their ROI and continue to improve their AP functions.
It's easy to see how better spend visibility improves spend management...and how the ROI keeps compounding.
Download the report using the form to the right and see if the findings match up with your organization. And when you're ready to learn more, we're here to help.
Chrome River provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide. The company’s easy-to-use, enterprise-scale solutions enable future-readiness for its customers. As a result of this focus on innovation, Chrome River is rated as a Leader in expense management by analyst firm IDC. Chrome River’s commitment to delivering a superior customer journey by creating long-term value for its customers, makes it a preferred choice of CFOs, CIOs, AP teams, travel managers and business travelers. Details on Chrome River’s customers can be found on the company’s web site.
More than 2 million business travelers around the world trust Chrome River. To learn more, contact Chrome River at 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.
Our firm saved over 1 million dollars in travel expenditures [last year] as a result of implementing the Chrome River Expense Pre-Approval process.
It is taking us just one quarter of the time to manage the expense process as it used to.
Chrome River takes all the guess work out, forces the user to be crystal clear on where they put their money and allows us to effortlessly reimburse them.