What does 'Spend Management' mean?

Spend management is the tried-and-true method of monitoring all supplier connections and company purchasing to identify and maximize every dollar spent. Best practices in spend management integrate and automate all spend-related processes from source to settlement, ensuring that purchases are made as intended, and contracts pay suppliers. Spend management allows you to plan every dollar and guarantee that it is spent where it will have the greatest impact. That is the primary advantage of spend management. In addition, it enables you to adopt a more deliberate approach to procurement, allowing you to obtain the same or even better results without wasting money.