The travel and Expense (T & E) industry is evolving because of digital transformation, and now even more so with artificial intelligence. What is going to be the next driving force that will move the travel and expense industry ahead in 2018? How the trends will affect the bottom line?
Top Travel and Expense Trends in 2018
The following are the top travel and expense management trends in 2018:
Digital Transformation in T & E
While running a business is done on the cloud, most organizations are still reliant on outdated travel and expense management solutions. Organizations will continue to discover the need to adopt modern, flexible travel and expense processes. And all they need to do to get started is switch to the cloud for a quick win in digital transformation.
End User is the Key Stakeholder
Users need more sophisticated tools to report their travel and expense claims. Working with easy-to-use technology can help achieve improved employee satisfaction, engagement, and retention.
Organizations Accept Spending Outside Preferred Channels
Organizations believe employees are more likely to make direct bookings, as suppliers tend to offer strong booking incentives. Businesses should capture all bookings for greater travel and expense compliance.
1 in 5 businesses say that risk management tools are integrated with travel booking and expense solutions. However, more companies are trying to ensure the security of their employees. They are adopting tools that pull all of the traveler data instantly.
Mobile Solutions Are Actually Required
Mobile solutions are definitely required. Companies have to adopt mobile solutions that allow employees to work anytime, anywhere, by connecting with the apps and services travelers would truly enjoy. Mobile apps provide a local experience to travelers, allowing them to do their job instantly and with a quicker pace.
The Best Practices for Optimizing Travel and Expense Management
The following trends can help optimize travel and expense management programs in 2018:
Understanding the Impact of a Travel Program
Aligning travel and expense operations is important to understand employee spending. Ensure you understand the difference between travel data, spend data and T & E data. Your T & E data will provide the true picture of employee spending. Keeping employees happy and reducing employee friction is going to be a primary focus.
Simplifying T & E Process is Critical
Ensure travel and expense processes are simple and not overwhelmingly difficult to abide by. To simplify the travel and expense reporting process, investigate and embrace the helpful technology available in the travel and expense management space.
Embrace Traveler Feedback
Looking for what the traveler wants is paramount to success. Adopt mobile channels that allow employees to improve productivity. Communicate what your traveler wants – listening to what they have to say will help keep the relation more effective.
Emphasize the Key Parameters
While travel and expense management evolves continuously, the five key parameters remain concrete. Policy compliance, supplier management, travel analytics, mobile accessibility, and savings continue to be a primary focus.