Airbase has added spend analytics and vendor management capabilities to its spend orchestration software designed for mid-market and larger organizations.
These new features aim to help companies optimize spending by providing decision-makers with real-time insights into all spending, including accounts payable (AP), employee expenses and corporate cards, Airbase said in a Tuesday (June 11) press release.
“The mid-market and larger organizations we serve run complex businesses and must be armed to make critical, data-driven decisions fast,” Thejo Kote, founder and CEO of Airbase, said in the release. “I’m proud that Airbase is the first to offer them the spend visibility and insights to do so on-demand and with ease.”
With the new spend analytics capabilities, users can access detailed visibility into company spend as well as strategic insights and data that enable better business decisions, according to the release.
The new vendor management capabilities provide a comprehensive view of vendor performance and risk, ensure compliance and foster strong vendor relationships, the release said.
These capabilities join an Airbase platform that already includes modules for guided procurement, accounts payable, expense management, and both physical and virtual corporate cards, per the release. With a user-friendly interface, the platform automates and simplifies approval and accounting workflows for spend.
A user of the Airbase platform, Christina Howlett Perez, associate vice president, procurement at Definitive Healthcare, said in the release that the real-time insights provided by the platform “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,” Howlett Perez said.
In another recent development in this product category, Torpago said Thursday (June 6) that it raised $10 million in a Series B funding round to support its white-label commercial credit card and expense management platform designed for banks.
In May, Expensify added unlimited virtual cards to its spend management platform, saying that the new Expensify Visa Commercial Card enables businesses to manage all their expenses across employees and merchants, including both one-time and recurring expenses.
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