Spend management is how companies optimize and control spend. Spend management usually encompasses processes such as procurement, inventory and travel and expense.
Companies with outdated spend controls or processes for managing indirect spend hemorrhage profit on a daily basis. Implementing spend management gives organizations immediate cost savings through better controls, increased efficiency and improved visibility for better reporting and spend analysis. This in turn allows the organization to enforce approval workflow controls to carefully manage spend, reducing risk due to fraud and avoiding unnecessary purchasing. Visibility is greatly increased through this process as every detail of each expenditure is captured through process data collection.
eRequester is a software solution suite designed to simplify spend management. eRequester accomplishes this through an easy-to-use browser-based interface, intelligent automation and their flexible Approval Workflow Engine. eReqeuster's award winning software provides solutions for requisition-to-purchase order, inventory, AP automation, expense management and more. eRequester has been the trusted spend management software for hundreds of organizations with thousands of users worldwide since 1999.
Intelligent Automation means eliminating error-prone, manual processes while maintaining proper controls and compliance. Automated approval routing is one example of intelligent automation. By implementing an automated approval routing system, organizations can replace paper and spreadsheets with emails that go to the next approver automatically, eliminating the delays that occur when paper orders are lost or misplaced, or an approver is out of the office.
The requisition-to-PO process is often looked at as being representative of the overall health of an organization's spend management system. Tracking a purchase from requisition, through approvals, to purchase order can help an organization identify areas that could need help. The ability to audit the process will test your organization's spend visibility and data collection and expose how efficient the processes is, or isn't.
An optimized requisition-to-PO can take several hours, versus the more than a week for an manual-based system. The advantage is more than time savings though. An optimized system should allow for immediate results for common queries like status, amount, and approvals for a single request to companywide.
eRequester's Approval Workflow engine lives at the core of the system. This flexible engine uses proprietary logic that is easy to setup and maintain to help organizations fulfill any type of approval routing scenario, from basic supervisor hierarchies to complex, multi-level chains based on a myriad of factors including dollar amount, department, vendor, GL Account, Project, Item, or virtually any other factor. eRequester's Approval Workflow engine does the hard work for you and automatically routes requests to the next approver based on the criteria you set and notifies them via email. The approver can then approve, reject, or request information about the request right from their phone, eliminating costly delays. Is your approver out of office? Automatic Out of Office delegate routing kicks in to re-route the request and keep it moving. Finally there's an approval routing engine that's as flexible as your organization.
Expense Management is the system deployed to process, reimburse and collect data on employee-initiated expenses. Often governed by an organization's policy and procedures for such spend. Tracking and reporting of expenses is a critical area, but often left to manual processes. In an Aberdeen study, 57% of respondents have poor visibility into spend and compliance, while 38% have a need to reduce associated processing costs. The same Aberdeen study notes 20% identified a need to eliminate manual and paper-based processes to improve productivity.
Yes! Expense Management software can be added to eRequester to cover your company's travel and expense needs. The software gives your organization the ability to easily input common expenses like travel and mileage, automate approval routing, and streamline reimbursement. All while tracking all associated data for ease of reporting and analysis.
eRequester Expense Management provides flexibility to match the needs of your current policies and procedures with features like Pre-travel Authorization, Invoice approval, Project Accounting, and Multi-currency.