As the global economy begins to slowly extract itself from the grips of the pandemic-induced lockdown, it’s clear that organizations will put an even greater emphasis on cost control than before. A critical element of this strategy is the ability to accurately and efficiently analyze employee expense and supplier invoice spend data, in order to optimize financial processes, deliver timely insight, and make smarter, more informed spend decisions.
Expense and invoice automation solutions enable organizations to generate large volumes of granular data. Being able to effectively analyze this to identify potential process and spend improvements can deliver significant benefits both to finance departments and organizations’ overall financial health. This could range from understanding operational and process-based insight (such as reconciliation, accruals, and other month-end close processes), to being able to drill down into category and merchant-specific spend, to help support supplier negotiations.
With this in mind, we’ve developed Emburse Insight Advisor, to help organizations maximize the impact of their spend data. Emburse Insight Advisor delivers sophisticated custom report authoring and analytics capabilities, combined with a designated team of consultants that can help create powerful reports and provide expert advice into industry trends, KPIs, and benchmarks.
These consultants will also be available to assist in interpreting the data and to help customers create custom reports that can be used to reduce costs and become more efficient. These consultants can provide insight and training into how an organization’s travel, expense and accounts payable data can be turned into consumable information that helps uncover actionable insights into an organization’s spending patterns.
Some of the key benefits that Emburse Insight Advisor customers can expect include:
- Create Efficiencies: Provide finance teams with the resources they need to streamline the report management process and reduce costs to become more efficient.
- Drive Insights: Leverage comprehensive report building tools and resources to give an organization the insight it needs to make strategic data driven decisions, saving time and money.
- Increase Agility: Provide teams with the tools they need to understand spending patterns and help the organization drive growth to meet the changing needs of the market.
- Find Savings: Leverage data as the organization evolves, to help reduce costs and create efficiency. Real time access to spend by vendor enables organizations to negotiate better rates with suppliers based on data, versus intuition.
Download the data sheet or contact your customer success manager to learn more about Emburse Insight Advisor, and how it can help your organization.
- When Cash (Control) is King: Is Your Accounts Payable Strategy Optimized for a COVID-19 World?
- Getting the Most Out of Your Spend Data with Emburse Insight Advisor
- How We Did It: Supporting Front Line Healthcare Workers During the COVID-19 Outbreak
- Managing Traveler Safety in a Post-Coronavirus World
- Controlling Car Rental Spend With Car FOLIO
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.