What is Spend Visibility?

Achieving spend visibility isn’t simply understanding how money is leaving your company and organizing what you’re spending and investing in – it’s also a surefire way to identify better savings opportunities, facilitate complete compliance with regulatory and financial reporting, and serves as an impeccably organized and easily auditable record of spend. These benefits seen from a spend management perspective can result in millions of dollars being saved for medium to large enterprises.

For most organizations, however, optimizing spend data in this way is an arduous task. Spend data for most enterprises is likely not stored in an automated, digital solution. Instead, it is scattered throughout separate isolated and incompatible systems, and likely suffers from poor data or outdated formats. This might also include incomplete datasets lacking specific attributes for reporting and compliance.

Enterprises can remedy this by implementing a set of operations and tools that aggregate data into a consolidated and holistic platform, something that presents data and findings accurately and drives decision making following a repeatable and scalable process. 

Mastering your enterprises spend visibility means having a handle on financial controls across the entirety of the company, effectively lowering your costs and improving profit margins. The fastest growing companies in the world have learned how to weaponize procurement knowledge and have evolved into spend conscious giants that scale and thrive in complete alignment with their savings and sales targets.

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Achieving spend visibility throughout the entirety of your enterprise might sound daunting, but the truth is, it’s the necessary step in the way of identifying immediate savings opportunities, enforcing compliance with every vendor and client, and maintaining a completely auditable and accessible record of your enterprise’s spend.

Spend visibility does not have to mean the same level of access for everyone, though. Procurify’s granular permissions feature works inside of already established roles in the platform and equips users with the ability to restrict and provide access to nearly every section in Procurify. With granular permissions enabled, you can create a unique view for every user from Request to Receive, including a fully customizable settings page.

This allows you to remove features that are not relevant to someone’s “role”, making it so that you can have them access only what you want them to. Not only are you limiting their controls to what is relevant to their workflow, but you are also empowering them to work autonomously and they’ll no longer have to rely on a Superuser to provide them with exports, downloads, or Settings changes, allowing everyone to focus on their own tasks.

Roles are designated based on the types of permissions a user has, which can vary from location to location. This is an immense benefit to your enterprise for a few reasons:

  • Maximum Spend Management: to put it simply, you can’t manage what you don’t measure. With the roles and permissions that Procurify offers embedded in our platform, you are effectively organizing spend by every single user and role in your company. Arming everyone with this information allows them to be fully confident in the procurement procedures they are responsible for, and you can also make sure that both buyers and suppliers and adhering to your compliance standards.
  • Purchasing Leverage: Imagine if you were able to see and compare all commodities, parts, contracts, business units and plant locations in one easy to use platform. Procurify not only shows you all of this information, but it also offers supplier consolidation allowing your company to constantly scale with your suppliers and negotiate more optimal terms and prices when it makes sense for your operations.
  • Maverick Spend Reduction: This is a common procurement mishap that occurs frequently in high-growth companies. With a comprehensive look into who is buying what from where to which location, organizations can put an end to off-contract spending from unapproved or expensive suppliers and vendors. The best part: you can check the vitals of your vendor relationships from just about anywhere with Procurify’s new and improved mobile application.

The world’s leading companies have already left the costly, manual processes of yesteryear in the dust. Having an integrated and automated spend data management platform is affording companies like The Boring Company, Burning Man, and Neuralink with the tools they need to tap into spend information from anywhere. As enterprises scale and face more and more unique challenges, Procurify continues to evolve into an endlessly repeatable, conveniently holistic and perfectly malleable solution to drive accurate, granular spend visibility and stimulate growth for businesses of any size.

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