Spend Management Suites are comprehensive software platforms that provide end-to-end visibility into an organization's spend. These platforms integrate multiple procurement, financial, and accounting processes that enable collaboration around e-procurement, sourcing, contract management, supplier management, and spend analytics.
The best Spend Management Suites are user friendly and incorporate AI and machine learning capabilities to enhance efficiency and improve collaboration and reliability around the data.
When procurement uses a Spend Management Suite, they often achieve greater outcomes in cost savings, supplier relationship management, stakeholder management, and decision making because they have a unified platform that supports greater visibility and improved processes.
