Taking Control of Costs: New Tech Makes Business Spend Management Easier
For corporates, the goal, especially in the current inflationary environment, is to squeeze margins higher. Discover how companies leverage AI and data to control costs.
What is the current focus for businesses in managing costs?
Companies are focusing on two main strategies: increasing sales momentum and being judicious with costs. This involves automating and controlling operating expenses through advanced platforms and payment instruments.
How are virtual cards impacting business spend management?
Virtual cards are gaining traction, with their usage expected to grow significantly. Firms that do not use virtual cards face an average revenue loss of 4.6% due to payment uncertainties. Currently, only about 2% of accounts payable transactions utilize virtual cards, indicating a substantial opportunity for efficiency improvements.
What recent developments are shaping spend management platforms?
Recent developments include Paylocity's acquisition of Airbase to enhance its spend management capabilities and Coupa's introduction of over 100 AI-powered innovations. Additionally, Corpay has launched a mobile-ready spend management platform to simplify corporate payments.

Taking Control of Costs: New Tech Makes Business Spend Management Easier
published by TechnologyXperts, Inc.
TechnologyXperts, Inc. is an Ohio registered corporation established in 1999 providing comprehensive IT services to enterprises of all sizes handling all aspects of computer desktop, server, network and telecommunications needs. We are a business enabler that helps companies achieve their business goals and objectives through the economical and effective use of information technology in their environment. We are trusted partners/advisors helping small and medium size businesses maximize their return on their IT investment while minimizing related IT expense. Our comprehensive and proactive approach towards IT management helps our customers minimize the risk inherent when a business depends upon IT to get work done. Our innovative approach towards managing IT smartly and cost-effectively is built upon years of management experience leading a crack team of business savvy, technical consultants in a wide range of business situations. Helping businesses leverage the latest technologies for maximum business effect is the key. Our business is IT. With TXI, you can get out of the IT business and get on with what really counts.