Spend Management Software
Spend Management

Finance Teams Lack Spend Visibility

Howard Katzenberg
July 1, 2021

Every year, U.S. small and medium-sized businesses collectively waste $130 billion because finance teams lack spend visibility. This is a major problem.

Why finance teams lack spend visibility

  • Only 9% of CFOs are satisfied with the analytics capabilities of their spend solutions.
  • Only two in 10 companies use dashboards to track vendor costs.
  • Only 30% of invoice approvers scrutinize line items, leading to erroneous and wasteful spend.
  • 15% of invoices contain mistakes.
  • CFOs and finance leaders find that 11% of vendor spend could be saved with greater scrutiny and spend visibility.

What we're doing about it

We're solving this problem at Glean.

Our software solution provides finance teams the tools and dashboards to properly track vendor costs.

We process invoices for finance teams to automate the AP workflow (no more manually entering invoice data).

We then analyze the line items to quickly identify useful insights like when vendors charge you more than they should.

With Glean, you get robust spend analytics, a dashboard to track vendor costs, and a means to identify invoice errors before they're paid.

About Glean

Glean helps finance leaders and budget managers make better spend management decisions by showcasing big picture trends and surfacing line-item level insights often overlooked by traditional AP solutions.

Our spend management software processes invoices and all the underlying cost-drivers (items purchased, unit pricing, and volumes ordered). We then analyze that data to produce relevant, non-intuitive insights on every bill that we call “gleans.”

Here's an example of a glean. Let’s say your monthly spend for a certain collaboration software was up 30% this month compared to last month driven by 27% growth in licenses, but your headcount only grew 15% that month. What’s really driving the price increase? Glean flags these inconsistencies so that you can drill down in real-time, before invoices are paid.

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