If your firm is looking to expand its arsenal of high revenue-producing client advisory service opportunities, then targeting CFOs, finance leaders, procurement and vendor management executives should be at the top of your list with comprehensive spend management services backed with an effective technology solution to support it.
When it comes to the client advisory service offering for this vertical, a key component should be to help clients establish common objectives and metrics for optimal spend management outcomes.
Join us on May 18 for the Growing Your Advisory Services and Recurring Revenue Stream with Spending Management Solutions webinar presented by Spendwise to learn more about how creating and expanding advisory relationships with C-level financial executives can be a profitable way to grow your practice. You can register here.
According to research by management consulting firm Gartner, the three key areas to address for spend management from an organizational perspective include:
- Sourcing which needs to align available sourcing options with need for speed and agility throughout the business.
- Procurement which provides strategic cash flow services and purchasing power to fund business needs over the short and long-term.
- Vendor management with the responsibilities of engaging and negotiating with potential vendors, and facilitating transactions with vendors and transitions in vendor relationships.
These areas are exactly where your firm can provide added value thorough consultative client advisory services, assisting C-level financial teams in creating a strategic framework for financial management, sourcing, procurement, vendor engagements and policies for effective spend management across their organizations.
In addition to your firm’s professional expertise, the right technology solution is imperative to support the efficient workflow in each spend management function of an organization’s finance team. To facilitate this need, your firm will need to create products built around specific spend management KPIs and tools that align with your clients’ specific needs including:
- Budgeting – Providing the framework for your clients to create budgets and track against their spending.
- Purchasing – Helping clients implement and use a comprehensive purchase order system.
- Bills & Expenses – Creating efficient and easy-to-use bills and expenses including any approvals electronically.
- Roles – Set up roles and define user access to features and transactions.
A comprehensive and secure spend management software application such as Spendwise offers the seamless system for your clients to implement these tools and their recommended spend management strategy.
Join us on May 18 for the Growing Your Advisory Services and Recurring Revenue Stream with Spending Management Solutions webinar presented by Spendwise to learn more about how creating and expanding advisory relationships with C-level financial executives can be a profitable way to grow your practice.
This webinar will explore the practical tools and processes you can use to grow your advisory services and a recurring revenue stream with spending management tactics and tools. In 60 minutes you’ll learn the keys to creating a successful spending management service niche for your practice. You can register here.