Regardless of which industry a business operates in, it needs to establish a few processes for its spend management. This does not only ensure savings in the short term but also has a direct impact on supplier relationship management (SRM) that has long-term effects on the business's efficacy, strategic spending and overall level of success in its respective sector.
Every business knows how crucial spend management is to a business' success. That is why it is not a surprise to see businesses from all over the world placing significant effort to make sure that they are assimilating, analyzing and controlling their spend management processes in an optimal manner. However, even after treating spend management as a crucial aspect, many companies still overlook the subject of tail spend management.