As Chief Financial and Procurement Officers, your position allows you to bring the right stakeholders to the table and look at problems holistically, find root causes, and provide sustainable solutions that can improve the bottom-line.

At TCG, we have gained valuable experience that much of our clients’ long-term profitability emanates from the financial and procurement groups. That is why, in 2020, we are expanding proven solutions to bring newfound savings while enhancing broader workflow via our TCO-TMPE® methodologies. Deploying a broad Spend Under Management strategy pays for itself (we will explain how) and can fund further T&E related transformation that creates a multiplier effect for additional incremental savings and other innovative benefits.

When you think of cardable spend, the pains of your T&E program inevitably come to mind. Today’s card programs can encapsulate so much more than flights and hotels; they can create a foundation for broad spend visibility and allow you to look beyond travel costs, but now view and manage all company spend and invoicing.

Here are five reasons to grow a broad payment strategy beyond just T&E to include company invoicing, virtual, procurement, and meetings spend:

Reason # 1 – The Card is a Platform

Whether it’s physical or virtual, look at your company’s payment tool (card) as a platform for all company payments of any kind. Software, utilities, vendor payments, and recruiting are just a few that fall within this category and can contribute to broader spend under management.

Reason # 2 – Availability of New Technologies

The global economy is consistently providing safer, quicker and easier ways to transact. As the costs for manual and non-electric transactions steadily increase, the company-wide integration of management service software becomes necessary and the obsoletion of legacy payment practices inevitable.

Reason # 3 – Increased Compliance & Program NPS Scores

It is a known fact that as company card usage increases, employee acceptance grows. The integration of a holistic broad spend approach and expense management solutions can enable greater visibility, a more enjoyable employee purchasing experience, and increased adoption of company cards (payments) across the enterprise. (Tip: This is a key aspect of reducing hidden TCO costs.)

[READ OUR CARD MANAGEMENT CASE STUDY AND SEE HOW BROADENING CARDABLE SPEND CAN DRIVE PROFITBAILITY]

Reason # 4 – A Great Card Program Pays for Itself and Then Some…

A strategic, well-managed broad spend program can easily pay for itself while driving profitability for the company. Once expenses, invoicing, and payments are linked, the opportunity for maximizing cash rebates soar in return. (Tip: Gathering meeting spend is another beneficial by-product of card expansion.)

Reason # 5 – Getting Started is Easy

Card Management can be a gateway to understanding your company’s TCO. Because TCG Consulting specializes in building and implementing “cardable” programs and offering change management services, your card expansion strategy and execution can take as little as three to ten months to get started and begin delivering ROI.