Analyzing Spend Data Through Payment Solutions
Spend Analytics Process Flow
Navigating the complexity of modern financial decision making requires high degree of dexterity, an intimate knowledge of the market and an array of solutions integrated into an overarching payments process to ensure accuracy and increased profitability. Many CFOs are looking for an efficient solution that can handle the volume of transactions and information needed to accurately calculate spend data.
The use of spend analytics tools supported by payment solutions allow the aggregation of disparate spend data into single source of truth and provide platform that consolidates payment data, giving CFOs the insights they need to make informed decisions on future investments.
A strong payments process is the foundation upon which any spend analytics solution is built. The selection of the right payment solution is crucial in making rest-of-business decisions as each vendor has its own unique set of features, capabilities and pitfalls.
Step – Determine Financial Goals
The first step to successful payments process is to evaluate the financial goals and clearly define the desired outcome. Doing this allows for the identification of the necessary solutions that need to be included in the process.
Step – Assess Payment Solution
Once the financial objectives are outlined, the next step is to assess the available payment solutions to determine which features best suit the business needs. These solutions should include range of features, including payment processing options, automated reconciliation, API integration, global payment acceptance and more.
Step – Compare Solutions
The next step is to compare solutions side-by-side to determine which offering provides the best fit. comparison should be conducted across range of criteria, including costs, turnaround times and any additional fees, such as payment processing fees or foreign exchange charges.
Step – Set Up Process
After selecting the right solution that best suits the business needs, the next step is to set up the payment process. This includes establishing the appropriate payment acceptance points, setting up the payment gateway and configuring the payment gateway to accept the desired payment methods.
Step – Integrate Analytics
Integrating spend analytics with the payments process ensures that the data produced can be reviewed and analyzed in real-time. This allows CFOs to track, view and manage spend data, allowing them to make timely financial decisions informed by the analytics produced.
Step – Optimize and Automate
The last step is to optimize the payment process to ensure it is both secure and efficient. An optimized payment process should include automated billing, payments and notifications to reduce workload, eliminate errors and free up time and resources to focus on other areas of the financial landscape.
The power of spend analytics and payments solutions lies in their ability to transform the financial landscape and make complex financial decision-making more streamlined and precise. In todays fiercely competitive market, having payments process that is informed by analytics and supported by range of payment solutions is key to successful financial strategy.
