While there may be a flurry of solutions for the enterprise to manage spend across a variety of business operations — accounts payable, travel and expense management or procurement — rarely do these solutions meet the spend management needs for all three areas.
In what the company claimed was a "first of its kind" for the industry, SutiSoft revealed on Thursday (June 23) that its Spend Management Platform can automate spend across travel and expense management, procurement and accounts payable processes. This includes invoicing, data and spend analytics and onboarding across the enterprise, the company noted.
"We understand how difficult it can be for businesses to manage their enterprise spend," said SutiSoft Chairman ND Reddy in a statement. "Our idea behind introducing the Spend Management Platform is to provide enterprises true business intelligence over spending and help them increase efficiency, while mitigating risks from a single platform."
The company's strategy to break down silos involves providing an application for these different corporate processes and hosting them on a single portal. These apps include Expense Management, Travel Booking, Procurement, AP, Invoicing, Analytics and Single Sign-On.
The Single Sign-On feature enables corporate users to access all of these applications by signing on to a single system. Analytics provides real-time data for businesses to monitor and assess spend across various categories.
Enterprise solution developers have taken corporate expense management to task in recent years as research emerges highlighting the dangers of uncontrolled spending.
This year, data has surfaced from an array of researchers that uncovers the ongoing challenge of managing corporate spend. For example, FreeAgent found that $338 million worth of expenses go unclaimed within small and micro-businesses every year.