Monday 9th April, 2018
SAP Concur has launched Budget, a new solution that makes budget data visible, near real-time and actionable to help budget owners effectively manage resources and make better decisions.
Budget connects data from SAP Concur solutions including Expense, Invoice, Purchase Request and Travel Request, creating a comprehensive dashboard for spend before and after it occurs. As a result, finance leaders, sales leaders, and project managers alike can see spending events unfold. Collectively, each employee making better decisions leads to better overall financials and strengthens the bottom line.
According to a recent Oxford Economics report, strong profitability and revenue growth are tied to effective cost control. However, managing spend is increasingly complicated. In the last 15 years, travel spend alone has doubled to more than $1.2 trillion. Employee-initiated spend is today the second-largest expense in many organisations.
When this spend data is incomplete, inaccurate or late, budgets mean little more than a number. Managers can’t be held accountable and poor visibility inevitably leads to poor business decisions, including the dreaded company-wide “budget freeze.”
With Budget, line managers now have access to timely, actionable insights that were traditionally available only to the C-suite.
The solution empowers everyone to see what’s happening, anticipate risks around the corner and take action - before it’s too late. It allows companies to move beyond one-size-fits all, after-the-fact monthly budget spreadsheets. It’s holistic and flexible, whether companies map budgets to employee hierarchies or to projects. Employees can finally be held accountable to eliminate overspending, while gaining autonomy to proactively adjust spend to seize unexpected opportunities.