SpendBridge

SpendBridge is a software suite designed to streamline source-to-pay processes for organizations of various sizes. According to the vendor, this solution centralizes all products under one process, ensuring compliance and providing complete visibility into spend analysis and budget information. Finance professionals, procurement professionals, accounts payable professionals, supply chain professionals, and manufacturing industries are among the key users of SpendBridge.

Key Features

Procurement Automation: SpendBridge offers an e-Marketplace shopping experience that guides shoppers to contracted vendors and items, presents lower-cost alternatives, and provides customized workflows for pre-purchase controls and approvals.

Invoice & Accounts Payable Automation: The software automates procurement and accounts payable processes by capturing electronic invoices, managing receipt entry and matching, and facilitating workflow management. According to the vendor, this automation reduces paper usage, improves compliance, and provides visibility into discounts, outstanding receivables, and working capital optimization opportunities.

Integrated Payables: SpendBridge allows users to securely manage payments and reconciliations online from any location by uploading a single data file for executing checks, cards, ACHs, or wires. The vendor claims that users can onboard vendors for electronic payments, generate custom reports, and approve payments remotely, freeing up accounts payable time for more strategic tasks.

Expense Management: SpendBridge streamlines the expense request and reimbursement process with customizable forms, easy matching against requests for compliance, and email approvals. Integration with the ERP reduces data entry and streamlines back-office operations, according to the vendor.

Forms Management: SpendBridge automates and manages all internal forms in one place with custom templates and workflows. The vendor states that this feature streamlines regulatory compliance, reduces delays and administrative costs, and allows for easy review, approval, and documentation based on user roles.

Contracts & Contract Compliance: SpendBridge enables the capture of key contract details and documents in one centralized system with automated notifications for time-sensitive tasks. According to the vendor, this feature allows organizations to maximize negotiated value, check purchase orders and invoices against contracts, and track all contract-related spend for improved contract management and compliance.

Inventory: SpendBridge optimizes warehouse and stockroom operations by managing multiple warehouses, tracking physical assets and stock items, and allowing for asset check-in and check-out. The vendor claims that users receive low stock notifications, automate reorder points and quantities, and streamline inventory management for efficient operations.

Spend Analytics: SpendBridge provides visibility and actionable data for effective spend management through user-definable dashboards and insights from all areas of the business. According to the vendor, this feature helps identify cost reduction opportunities, evaluate vendor contract performance, and align value with business priorities for continuous improvements.

Strategic Sourcing: SpendBridge guides organizations in assessing current contracts, people, and technologies to identify spending gaps and determine fair market value. The vendor claims that this feature helps create savings, improve margins, and establish processes for continuous evaluation and improvement of purchasing activities.

Outsource A/P and Procurement: SpendBridge provides resources for implementing and managing recommendations to reduce costs and improve efficiency. According to the vendor, this feature allows organizations to complement existing staff, reduce internal FTEs, and focus on core business activities with strategic leadership and implementation capabilities.