Firms may save a lot of money by utilising effective spend control, which is driving the market growth and the increased acceptance of BSM in firms. By automating and streamlining expenditure operations, businesses can identify areas of unnecessary spending, enhance supplier negotiations, and enhance procurement processes. Spend management software provide real-time visibility into expenses, empowering businesses to make informed decisions and reduce unnecessary spending. By enforcing spending guidelines and offering efficient approval workflows, spend management software also offers comprehensive financial control. It helps businesses maintain compliance with internal regulations while reducing the risk of fraud, errors, and non-compliance.
The size of the global market for Business spend management software was estimated at US$ 16.76 billion in 2022, growing at a rate of 11.1% between 2023 and 2030.
Key Companies in the Business Spend Management Software Industry:
1. Advanced, Ariba, Inc. (SAP SE): Established in 1996. The main office in the United States. A company that offers cooperative commercial commerce. The business provides cloud-based supply chain management, sourcing, contract management, supply chain collaboration, spend management, supplier discovery, spend analysis, and invoice management services. Recent purchases include b-process (October 2011), Quadrem (November 2010), and Procuri (September 2007).
2. Coupa Software Inc: Established in 2006. United States headquarters. A cloud-based provider of business expenditure management tools is Coupa Software. Its BSM platform gives businesses visibility over all expenditure, enabling them to manage liquidity, improve their supply chains and supplier networks, and take control of their spending. The platform's transactional core consists of solutions for procurement, invoicing, cost management, and payments. Supporting modules like supply chain design and planning solutions and strategic sourcing solutions complete the extensive spending management ecosystem. Coupa Software, a market leader in business spend management (BSM), said today that Thoma Bravo, a renowned software investment group, has successfully acquired the company in an all-cash deal with a projected value of $8.0 billion.
3. Procurify: Established in 2012. The corporate headquarters in Canada. Creator of cloud-based procurement management software for businesses. The company's software assists in managing both direct and indirect business expenses while giving firms total control and real-time visibility over where their money is being spent. It also centralises purchase management, unique approvals, budget restrictions, and real-time data. DATAMARK®, A PROCUREMENT INTEL AND DATA SCIENCE FIRM, AND GEP AGREE TO BUY COSTDRIVERS®, A LEADING SUPPLY MARKETS FORECASTING, COSTING AND PRICING TRENDS PLATFORM
4. Sage Intacct, Inc. (The Sage Group PLC): Established in 1999. Headquarters in the United States. A company that offers cloud-based accounting and financial management software. For enterprises and Certified Public Accounting (CPA) firms, the company's SaaS-based Paltform provides web-based cloud financial management and accounting tools in the areas of general ledger, accounts payable, purchasing, order management, accounts receivable, cash management, etc. At its Transform event, Sage announces a new acquisition and product improvements.
5. Sievo: Established in 2003. Headquarters in Finland's Helsinki. Maker of data-driven businesses' specialised software for procurement analytics. Using the company's software, customers can navigate actual supply chain, economic, and environmental events while generating business value. Procurement analytics solutions offered by the company include spending analysis, savings lifecycle management, materials forecasting, and environmental, social, and governance (ESG) analytics. Analytics8 bought Mashey, Sievo received $44 million, and more. Illinois Tech News
6. SutiSoft, Inc.: Established in 2006. Headquarters in the United States. Creator of cloud-based company management tools intended to boost organisational efficiency and competitiveness. In order to help businesses save money and increase efficiency, the company provides spend, HR, WEM, and CRM solutions for expense reporting, property management, invoicing, HR management, performance tracking, expense management, and data analytics. The Procure-to-Pay (P2P) Suite is streamlined with the introduction of SutiSoft's Spend Management Platform, an all-in-one solution.
7. VA Tech Ventures Pvt Limited (Happay): Happay is a brand of VA Tech Ventures Private Limited, which creates and develops expense management software. The business provides solutions for automating expenditure reports, prepaid and digital marketing expense cards, and travel and petty cash management. Indian clients are served by Happay. VA TECH VENTURES PRIVATE LIMITED was incorporated on July 4, 2012.
*Definition: Business spend management (BSM) is a set of business practices that are supported by software and used to monitor, manage, and analyses supplier relationships and expenditures across the entire organization, including large-scale contracts with important vendors, the purchase of standard office supplies, and out-of-pocket travel costs.
