Most of us have gone through our share of business process and technology improvement initiatives. Companies invest significant capital and time into them in hopes of cost savings or improved productivity and efficiency. The irony is that most can’t estimate a measurable Return on Investment (ROI) from these projects. Typically it’s because a critical step was missing before kicking off their initiatives—defining and measuring success. Companies need to set measurable business goals and objectives and define associated Key Performance Indicators (KPIs) from the start. Once these are established, they should consider investing in cloud-based digita ltechnologies and leading practices to help deliver strong KPIs right out of the gate and to drive continuous improvement.
As a leading implementer of procurement technology solutions, KPMG has worked closely with Coupa to draw upon their extensive industry experience to identify three measurable spend management success goals to help drive maximum business impact and ROI:
Establishing the right success metrics, such as savings, adoption and efficiencies with the appropriate KPIs behind those goals is a critical first step to success. Leading companies leverage the capabilities of cloud spend management solutions and efficient processes with embedded leading practices to start strong and drive higher attainment of the target KPIs. For companies who are considering investing in and getting the most out of their cloud spend management solutions, this combination of establishing measurable success goals and implementing the right technology and processes has been shown to achieve the greatest measurable business impact and ROI.
This KPMG and Coupa webinar offers a livey discussion on these three measurable spend management success goals:
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