SAN FRANCISCO - June 11, 2024 – Airbase, a leader in procure-to-pay solutions for mid-market and larger organizations, today announced the launch of its spend analytics and enhanced vendor management capabilities. These add unique and critical depth to Airbase’s spend orchestration software. They empower businesses, even those with a small or non-existent procurement team, to optimize company spending. With real-time insights into all spending, including accounts payable, employee expenses, and corporate cards, decision-makers are better guided and informed in their decision-making.
Benefits for Businesses:
- Proactive vs Reactive: Finance teams get reporting and analytics to manage spending proactively instead of after the fact.
- Actionable Insights: Real-time visibility into spending data empowers procurement and finance teams to make strategic decisions — driving efficiency and cost savings.
- Enhanced Collaboration: Seamless collaboration across departments and with vendors ensures efficient workflows, fostering a culture of transparency and trust essential for long-term vendor partnerships.
- Strategic Focus: Automation of routine tasks frees up time for procurement teams to focus on how to deliver more strategic value from procurement.
- Improved Vendor Relationships: Streamlines vendor onboarding, automates invoice processing, and improves risk management, ensuring compliance and fostering strong vendor relationships.
Capabilities:
- Spend Analytics: Delivers detailed visibility into company spend, including the spending process itself, uncovering strategic insights and data that enable organizations to make better business decisions and improve agility.
- Vendor Management: Provides a comprehensive view of vendor performance and risk, ensuring compliance and fostering strong, strategic vendor relationships.
“At Airbase, we recognize the strategic value that well-run procurement processes bring to an organization. That’s why our spend analytics reveals opportunities to save money on purchasing and also identifies ways to reduce the operational costs associated with the procurement process itself. The mid-market and larger organizations we serve run complex businesses and must be armed to make critical, data-driven decisions fast. I’m proud that Airbase is the first to offer them the spend visibility and insights to do so on-demand and with ease. At Airbase, we’re on a mission to elevate the full procure, pay, close cycle and to set new benchmarks for company productivity and efficiency.” said Thejo Kote, Founder and CEO of Airbase.
“In an era where data-driven insights are crucial, Airbase offers a competitive edge by enabling real-time visibility and strategic planning,” said Patrick Reymann, Research Director, IDC. “This platform helps businesses navigate procurement complexities with ease and precision.”
“The real-time insights that Airbase provides have been crucial in helping us make smarter, data-driven decisions. With this wealth of data at our fingertips, we feel more empowered and strategic, helping us improve our procurement process and identify ways to improve our relationships with vendors.” said Christina Howlett Perez, Associate Vice President, Procurement, Definitive Healthcare, LLC.
Unlike many other solutions that handle only parts of the spending process, Airbase combines all aspects of the orchestrated spend cycle into a single platform. The all-in-one solution includes modules for Guided Procurement (intake), Accounts Payable, Expense Management, and Corporate Cards (both physical and virtual). It automates and simplifies the approval and accounting workflows for spend with a user-friendly interface that users love. This latest product enhancement makes it easy to find savings, improve costly processes, reduce risk, and build better, more strategic relationships with vendors.
Airbase recently appeared in a Forrester Total Economic Impact (TEI) report, which highlighted a remarkable 272% ROI over three years and a net present value (NPV) of $715K with a payback period of under six months. The report detailed how Airbase’s solution streamlines procurement processes, enhances financial visibility, and drives substantial cost savings, ultimately supporting long-term strategic goals and operational efficiency. Key findings included labor cost savings of approximately $448K over three years and a reduction in the purchase request cycle time from 48 days to 26 days.
