Unlocking Effective Procurement Strategies for Finance Tech
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Chapter 1: Introduction to Procurement Strategies
In this discussion, we delve into vital aspects of finance technology procurement, particularly focusing on expense management solutions and revenue collection processes. Here, insights from industry experts illuminate the best practices for navigating the complex landscape of finance technology.
"Utilize what you have effectively before considering upgrades." – Jun Yan, Director at Ravit Insights
"Engage with operations personnel early to understand their challenges that impact revenue collection and finance." – Laurel Grey, National Manager, Digital Advisory at RSM Australia
"Research extensively and engage with various systems. If you're exploring an expense management solution, request a demo. Be respectful and interested in the product, and don’t hesitate to say if it’s not a fit." – Tyler Caskey, Partner at The Bean Counters
Today, I am excited to share insights from the Weel CFO Summit ‘23, where a panel of experts discussed the critical factors in finance technology procurement strategies.
The topic at hand was Finance Technology ROI 2023: Where to Invest? The panelists included:
- Alex Miller, Co-founder & CEO of Hudled
- Jun Yan, Director at Ravit Insights
- Laurel Grey, National Manager, Digital Advisory at RSM Australia
- Tyler Caskey, Partner at The Bean Counters
Key points of discussion included typical procurement strategies, essential elements for developing these strategies, and challenges faced in the B2B market.
Section 1.1: Key Elements of Procurement Strategy
The panel highlighted several critical elements in crafting an effective procurement strategy. They addressed:
- The painful nature of the expense reimbursement process in many businesses
- The importance of procurement for small enterprises
- Typical strategies adopted by companies, and how to persuade boards to embrace change
Subsection 1.1.1: Challenges in B2B Procurement
As businesses navigate the B2B landscape, they encounter several hurdles including the procurement process for significant purchases and the complexities associated with step-up costs.
Section 1.2: The Current State of Expense Management
The discussion also focused on the fragmented state of the expense management sector, with an overarching reluctance from companies to adopt new technologies. The panel offered insights on how organizations can balance traditional methods with innovative solutions.
Chapter 2: Implementing Effective Revenue Collection
In addition to procurement strategies, the panel examined the revenue collection process. They emphasized the significance of smooth integration of new systems and highlighted how various software solutions, such as Xero and QuickBooks, provide automated reminders for payments.
Summary of Insights
Key takeaways from the panel included the importance of evaluating multiple expense management solutions and understanding the revenue collection challenges businesses face today. The conversation also touched upon the role of member management systems and the potential of SaaS solutions in streamlining credit collection efforts.