Business travel, expense, and invoice landscape has been experiencing a rapid change due to emerging technologies, increasing employee expectations, and globalization. Let’s take a look at the travel and expense trends that will shape businesses in the upcoming year.
Paper-Based Expense Reports Have Gone Extinct
As technologies become more integrated into the travel and expense industry, expense reporting will take place automatically and employees will primarily focus on the other aspects of their job. OCR (Optical Character Recognition) technology will eliminate manual data entry tasks, thus making paper receipts a concept of the past. Machine learning and other advanced technologies will make spotting patterns across expense data simple. On the other hand, payment gateways such as ACH will change the way transactions and reimbursements are handled.
Predictive Analytics and Preferences Will Change in Business Travel
Our technology streamlines the business travel process. Predictive analytics is an advancement that will transform the traveler experience by anticipating and booking travel itineraries, based on the past experiences and user profiles. Advanced technologies will take travel experiences a step up by considering personal preferences such as room amenities and entertainment preferences.
The demand for end-to-end corporate travel solutions that include integrated booking, invoice payments, risk management, and expense reporting is constantly increasing. Complementing this with digital transformation can influence the adoption of travel and expense platforms by enabling mobile interaction and easy-to-use. Travelers often prefer to manage their trips through self-service using their mobile devises. Travelers can experience the seamless expense reporting process from pre-trip expense reporting to increased policy compliance, all on the go.
Businesses should continue to monitor the data, systems, processes, and procedures to determine how they can improve the internal processes and how to better communicate with employees.
Invisible Spending Becomes Visible
Reducing operational costs is one key advantage for companies who link travel and expense to the cloud. Automation can help businesses by making the travel and expense reporting process easier. Ultimately, this will not only save time and money but will make it easy for employees to submit expense claims on time.
Cloud-based expense report solutions will improve customer experience and makes the reporting process simple and effortless. Our cloud-based automated expense software solution gives managers complete visibility, compliance, and control over the spending. The solution allows you to compare spend data, analyze cash flow, and eliminate errors. Not just automating the processes, SutiExpense understands that some require unique business needs and gives that flexibility to customize the solution as needed.