Understanding Spend Is Key to Building Business Resilience in the New Normal

For most organizations, half (or more) of every dollar they receive in revenue will go out to vendors for materials and services. Managing how and when those dollars go out the door is important at any time, but even more so now, as organizations deal with the unexpected turmoil that COVID-19 has created across the globe. Understanding spend at a detailed level is a key component and critical tool in creating and managing a business resilience plan.

This article identifies six areas where spend analysis can deliver critical inputs to reduce risk and increase resilience as the corporate world transitions to the so-called ‘‘new normal.’’