Many organizations – regardless of their size or line of business – are looking to weather the pandemic with a new appreciation for managing spend effectively and comprehensively. From this, Business Spend Management (BSM), as a category, has matured to become a fundamental element in business adaptability.
However, this situation has not developed spontaneously; To explain it, it is important first to emphasize that, gradually, the days of solutions were left behind. “square” of enterprise resource planning (ERP) that were located in all the processes in charge of managing, maintaining and monitoring all the operations of commercial expenses for the companies.
Enterprises today are seeking and recognizing the benefit of a multi-function, multi-cloud, multi-application approach that enables them to choose the BSM software and services that work best for their organization. From the purchase options, through the payment peer to peer (P2P), to digital billing tools and real-time expense management services, applications are now “the first line” of organizational finance.
Which APP suits your company?
A BSM application is any piece of software that helps an organization increase the efficiency of the business spending process. While there are many standalone APP options available, there is no guarantee that they will work -properly- with existing operating frameworks and functionality. And that implies registration and control problems for the company.
In fact, although many developers prioritize interoperabilityAmong the wide variety of open source and proprietary APPS components, this landscape also means that while companies easily find their functionality, they may have – at the same time – setbacks in managing BSM integration.
Paradoxically, as a solution to this problem, many companies expand this type of platform by creating applications to measure, instead of leveraging off-the-shelf solutions that also exist on the market. This results in APPS which are often:
- Stagnant: As businesses struggle to keep up with the spending requirements of these rapidly changing solutions, they are unfortunately unable to keep up with the changing needs due to unique development work.
- Uncoordinated: Systems are not properly integrated with the central platform on which transactions take place and lack a single source of information, leading to costly duplication of workflows.
- Inefficient: because companies spend resources on the development and maintenance of unique applications and integrations, with complex processes, created as alternative solutions.
All of these conditions explain why building custom applications in-house is often not only prohibitive (in terms of cost and time), but also rarely produces high-quality results.
So which one to choose?
With an ever-increasing offering and available providers, it’s all too easy for businesses to become overwhelmed when deciding what type and amount of BSM service is best for them. In practice this means that organizations often end up paying too much for apps they don’t need, or find themselves using multiple apps for the same function, which in turn creates complex processes that don’t meet digital agility expectations. .
On the other hand, in other established categories like CRM and mobile APPS, app marketplaces have unlocked significant value. For example, the success of Salesforce’s AppExchange and Apple’s App Store are just two of many high-profile cases; therefore, with BSM as an increasingly mature category and the richness of its ecosystem growing, the possibilities for specialized solutions markets are expanding.
By Gilberto Garza, RVP of Sales LATAM, Coupa Software
Coupa Software’s APPS marketplace makes it easy for our customers to access the vibrant BSM ecosystem by connecting them with a variety of pre-built and certified solutions. By fostering this connection, the Coupa App Marketplace also helps organizations grow, prosper, adapt and innovate in their business spend control process.
From all of these considerations, it’s easy to see why your business would like to easily integrate applications into your BSM, with the ability to quickly adapt and meet digital agility requirements while making better use of resources. of IT through the use of certified and pre-built solutions.
Thus, our BSM platform has evolved into a single source of information for managing spend and a critical component of many companies’ technology stacks. And that is just a first glimpse of the future offered by the use of this type of digital tools.
Get closer to the application ecosystem that interests you the most and discover new possibilities to take your company and your business spend management into a new era. Today the market offers, through specialized companies, enormous possibilities of APPS that can be adapted to your operation and bring you great savings and benefits.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.