Organizations grow and diversify as they do. They seek new sources of revenue by serving new customers and new markets, or by offering new products or services to loyal customers. With expansion comes complexity: new suppliers of raw materials or other inputs to production, more suppliers in order to de-risk the supply chain or maximize bargaining leverage, new business units and cost centers, expanding exposure to risks, and the list goes on.
To meet the demands of organizational growth and complexity, organizations require a combination of flexibility and control in how they pay for mission critical inputs of production. Simple, centralized purchasing inevitably cracks under the strains of growth. Leading financial professionals get out ahead of this breaking point by adding purchasing cards to the suite of treasury services they receive from their banks.
In this whitepaper, we explore some of the primary reasons organizations add purchasing cards to their payables arsenal and the benefits they derive from that important decision.