Marketers frequently have to juggle many different vendors to make the most effective use of their marketing budgets. You\u2019ll be placing ads in multiple places, utilizing the services of multiple firms and contractors, and possibly sourcing physical products, like promotional items. The more efficiently you approach this strategy, the more efficiently you\u2019ll be able to allocate your marketing dollars\u2014and the more value you\u2019ll get out of each of those marketing dollars.\r\n\r\n\r\n\r\nProcure to pay software is one of the best solutions for these ends. \u201cProcure to pay\u201d refers to the process of integrating your accounts payable system with your purchasing system to improve overall efficiency. With the right software, you\u2019ll be able to proactively manage and control your spending, consolidate and\/or automate most of your manual processes, streamline how you spend time, and approve suppliers faster.\r\n\r\nSo how can procure to pay, along with a better procurement strategy, help you save money on advertising?\r\nThe Benefits of Procure to Pay\r\nLet\u2019s start with the benefits of a procure to pay platform:\r\nA singular location for managing purchases\r\nFirst, your procure to pay software serves as a singular location where you can manage all your marketing- and advertising-related purchases. Rather than managing physical paperwork, or trying to coordinate data from three or four different systems, you\u2019ll be able to log and review the data within a single platform.\r\n\r\nThis is especially important if you have a team of marketing and advertising managers, who all play a role in collaborating on strategic execution. It results in more transparency across the industry, and makes it incredibly easy to find a vendor with whom you\u2019ve worked in the past.\r\nCompliance and budgetary adherence\r\nProcure to pay systems are also designed to make compliance much easier to manage. You won\u2019t be dealing with many laws or industry regulatory requirements when paying for advertising, but you will have to adhere to a budget\u2014and possibly a strict one. If you\u2019re limited to a small advertising budget, it\u2019s on you to make sure those dollars are spent as efficiently as possible, without going over what\u2019s allotted to your department. The right procure to pay platform will help you track your spending in real-time, making it easier to stay within those confines without compromising your results.\r\nDigital records\r\nEverything in your procure to pay system is going to be kept digitally, which is faster and more convenient in almost every conceivable way. It also happens to be cheaper. Even if the advertisements you\u2019re buying are physical in nature, you\u2019ll want to manage as much of your campaign as possible through a digital platform.\r\nFewer errors and lower risk\r\nNo matter how experienced or skilled you are, there\u2019s a good chance you\u2019ll make some mistakes in your strategy, whether it\u2019s selecting the wrong vendor, going over budget, duplicating payments to a vendor, or some other error. Utilizing a procure to pay software platform can help you sharply reduce the number of errors here.\r\n\r\nYour entire team will be working with the same platform, so you\u2019ll be less likely to keep inefficient records or duplicate efforts. Plus, many procure to pay systems utilize elements of automation, limiting the number of manual tasks that rely on precise entry.\r\nBetter data analysis\r\nAny marketer knows that one of the most important ways to improve your approach is to analyze the performance of your campaign in the past. In other words, did this approach work, or did it fail? Which variables seemed most likely to account for your success or failure? What can you learn from this? Procure to pay platforms help you track nearly every detail of your purchasing strategy, so you can analyze your purchasing approach in this way.\r\n\r\nUltimately, you can use these features to save time in your vendor selection process, spend your money more wisely, and hopefully, get ads on more favorable channels and networks.\r\nOptimizing Your Approach for ROI\r\nProcure to pay is just one part of the equation, of course. If you want to save money on advertising and make your strategy work better, your entire approach, from start to finish, needs to be optimized for return on investment (ROI). That means carefully experimenting with different variables, like design, copy, placement, and audience targeting. It also means studying the performance of each of your campaigns, favoring the strategies that were most rewarding for you while abandoning the ones that simply don\u2019t work.\r\n\r\nTogether, your marketing and advertising fundamentals and your polished purchasing strategy can help you make the most of your advertising budget. Whether you\u2019re a major corporation managing millions of dollars of advertising spending or a small business owner with a razor-thin budget, purchasing and strategic efficiency are your keys to success.\r\n______________________________________________________________\r\nInteresting article you may like: "What is Return on Investment?"