Is Your Spend Strategy Stuck in the 90s? Time for Automated Spend Management Software

Don’t be a Blockbuster in a Netflix world. Blockbuster didn’t fail because people stopped renting movies. It failed because it didn’t react fast enough to change; they held on for far too long to processes that weren’t scalable. It wasn’t that the company didn’t see the shift happening; they just simply underestimated how fast that shift would happen.

The same might be said today on the conversation around automated spend management software solutions. It’s not that finance teams don’t understand the need for visibility and real-time insights; it’s that the true cost of sticking with Excel never gets measured. The cracks don’t get noticed right away. A few delays here, a reconciliation error there, it’s all manageable. More often than not, Excel is seen as the easier option. Companies lean on spreadsheets because they’re comfortable and accessible. And because the idea of adopting a new technology is too big of a project to take on. 

In 1999, that worked. Now, however, it’s one of your biggest liabilities. This article breaks down the true cost of managing spend through spreadsheets and why automated spend management software should be your next business upgrade. 

Is Your Spend Strategy Stuck in the 90s? Time for Automated Spend Management Software

TMSA (Tanker Management and Self-Assessment) Requirements

• Critical Equipment Management: Shipping companies must identify and manage critical equipment to ensure availability and readiness, as outlined in TMSA guidelines (TMSA Element 4). This involves maintaining real-time stocks and location data for essential items on vessels.
• Alerting for Critical Items: TMSA mandates automated alert systems to notify when stock levels of critical items fall below predefined thresholds. This ensures timely replenishment and prevents operational disruptions (TMSA Element 4).
• Auto Requisition Feature: An automated material request system should generate purchase orders based on criteria such as stock levels, consumption rates, and lead times, thereby minimizing the risk of stockouts (TMSA Element 4).