There is an old adage that says, “you have to spend money to make money” and that’s always held true in business. The entire segment of spending money within a business (technology, processes, structures) can all be encapsulated within BSM or Business Spend Management. Under the BSM microscope, everything is analyzed from sourcing products to payment budgets, nothing is left to chance.
KPI’s or Key Performance Indicators can help business view their BSM in a snapshot of sorts to see how they’re doing in a wide variety of metrics. Businesses can use these metrics to make improvements to raise their scores to a profitable level. They can also use them to see where there are too much bleed and budget accordingly to lower those numbers as well.
The sheer number of KPI’s out there can quickly bloom into a maddening number of different metrics that can drive the most same financial head into a tailspin. It’s advantageous to select the ones that are most relevant to your business and stick to those metrics that offer you the most concise view of your financial picture as a business.
There are companies out there that can do all of these things under the simple-to-use auspices of the Cloud. Using a Cloud platform for monitoring BSM can save your business money and improve efficiency over time.