What would happen if your CEO came to you today and asked how and where to cut costs?
Some finance leaders would instantly have the data they need to begin mapping out specific actions with surgical precision. However, many would face a manual, time-consuming effort to juggle data across several disparate systems and rally multiple stakeholders to even begin to determine what spend commitments have been made and costs would need to be cut. This puts them at risk of making cuts that undermine revenue.
“When it comes to managing the three major components of an income statement, most companies have deployed a CRM to increase revenue and HRIS to manage payroll. But when I ask CFOs how they’re managing their spend, they often don’t know,” says Tony Tiscornia, CFO of Coupa. “They know the bills are getting paid, and the contracts exist, but they’re just sitting in someone’s inbox.”