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It is said to be process by which company controls the various costs and the money that they spend. It is composed of the various fixed and variable costs spend in operations or running a business smoothly. In order to run the business and the processes smoothly and efficiently the costs, spend money or funds should be equally divided as per the requirement of the business vertical and accordingly planned and used in order to achieve the best and maximum output and efficiency from the system and the business.Spend management is a composite process of source to settlement cost management that is being spend or utilized for the settlement of the business parts or the various processes. Spend Management process helps in determining the various costs and settling the same with the best and judicious way. This is the only way of utilization of funds as when they would be utilized in the betterment of the organization and there would be efficient flow and utilization of resources as once the assets and resources are fully utilized, there would be less expenditure involved on them and hence proper money usage and spend management assignment done efficiently.
There are various new systems and the processes that are being used for the efficient Spend Management:
a. E-Sourcing – It is basically a technique used for sourcing the data through the use of internet. It includes the following processes – E-Bidding, Auctions online etc.
b. E-Procurement – It includes procuring or getting the material and goods online. These processes help in judging and analysis of the spend funds or the money being spend on the various expenses and being used judiciously so that there is proper utilization of the funds & the various resources.
Spend Management helps in saving the money in the following ways:
1. Increasing the process efficiencies – the money if would be controlled properly would result in the efficiency and flow of the money properly. Once the funds are utilized and controlled properly would result in increasing the efficiency and the output of the Process of Spend Management. Processes being much more productive is spent money is properly managed.
2. Increase the Efficiency of Procurement – Once the spend money is being assessed from the beginning only then the procurement is also planned judiciously. No purchase is being left out and all the items, goods, resources and assets are procured with efficiency & quality. Procurement and the purchase process become clear and transparent and there does not exist any discrepancy in the process.
3. Error Free Environment & processes – Once the money spent is properly managed then even a single penny record exists and the process and the environment become error-free. There is no mistake in assessing the funds or the finances.
4. Systematic Work & Assignments – Once the pro-active approach is been followed to the usage of the finances and the accounts then the work goes in a systematic way and full & optimum use of the resources and finances is being done.
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