New data to help you control vendor expenses

Get insights on fast-growing vendors, spending with top vendors over time, and how much companies are saving with negotiations. Take action with our industry cuts.
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2023 Q4 spending benchmarks

Summary

What you'll learn

See the biggest expenses for companies by organization size, sector, and vendor—plus actionable recommendations to keep those costs under control. Data come from over $10 billion per year in corporate card and AP payments.

Key findings

01

Companies increased recurring spend with advertising, software, and cloud computing vendors for six consecutive months, suggesting business leaders are doubling down on growth levers. One standout beneficiary of the advertising boom is TikTok Ads, where spending rose after three quarters of decline.

02

When procuring new products and services, watch for opaque pricing. Businesses who negotiate for new services see an average savings of 23%. Negotiations also pay off at other inflection points like increasing usage mid-contract, renewing with upgrades, and shifting to annual pricing.

03

Of the top card expenditures in Q4, office spend decreased the most. Co-working space spend in particular drove the decline. WeWork transaction volume dropped 12% for the quarter while Regus spending slid nearly 4%. If current trends continue, 2024 could see a resurgence of the long-lease office.

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