Some of the largest industries are surprisingly poor money managers, unintentionally squandering profits by racking up billions of dollars each year in excess costs.
Using data from CAPS Research that estimates addressable spend by sector and research from Aberdeen Group on how much of that addressable spend could be avoided with better purchasing processes and controls, Coupa looked at the American economy's biggest sectors and figured out exactly how much they overspend.
Most of us don't have billions in our personal banks accounts, so Coupa translated the numbers into slightly more tangible equivalents that will be easier to relate to. The results were staggering.
Did you know you could:
- lease 20 blocks of Manhattan office space with the amount of money the retail industry overspent last year?
- fund 17,400 SBA loans for new businesses with the amount of money the financial services industry overspent last year?
- take 421 million trips across the Golden Gate Bridge with the amount of money the automotive industry overspent last year?
Serious overspending can easily go unnoticed without cost-control discipline. Coupa provided 6 tactics to cut the excess and spend smarter. For example, buying against contracts can substantially reduce costs on everyday items by utilizing negotiated supplier discounts, seeing spending as it occurs can give budget managers the ability to make adjustments on the fly, and having the ability to pre-approve purchases can improve control over non-payroll spend.
Read further and see more examples by viewing the infographic in all of its glorious detail at: http://www.coupa.com/featured/americas-biggest-over-spenders-infographic-image
The sectors analyzed include retail, financial services, oil & gas, automotive, and industrial manufacturing.
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing and expense management for organizations large and small. Coupa Cloud Spend Management delivers an easy to use, fast to deploy and affordable solution for requisitions, expense reporting, approval management, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in spend management, a best-in-class cloud platform, and a fast-growing community of customers doing business with over 100,000 suppliers, Coupa enables smarter spending practices that empower companies to save money quickly. For more information please visit, http://www.coupa.com or call 650.931.3201.