Spend control refers to any approach or strategy used to cut or otherwise discipline an organization's spending. As modern businesses recognize, cost control is not the same as spend control. They have more information and control than ever before, including spending data, rich in potential insights that may guide anything from budgeting to process optimization and product development. Modern spend control helps procurement and finance teams examine company spending and fit it into forecasts and budgets as efficiently as possible. These teams may expedite procurement procedures, build stronger, more strategic supplier relationships, and gain complete control over corporate spending by utilizing digital technologies such as automation, centralized, real-time data management, and analytics.
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