Corporate travel and the expense management process is a hassle for everyone involved. Embracing cutting-edge technologies such as artificial intelligence and mobile payments makes the travel and expense management process innovative. While with the old method, the process is bogged down by paper and manual processes.
Around 50% of businesses rely on the manual processes, which include paper, excel spreadsheets, or other homegrown solutions that facilitate in managing corporate travel spending. Only one-third of businesses rely on web-based solutions. The most common issues organizations experience when it comes to travel and expenses are employees losing their receipts, hours spent for reconciliation, and reviewing and approving expense reports which can seem to be endless.
Most businesses are still doing it all manually, and employees don’t really abide by the rules when it comes to travel policy. Still, they are just trying to get their hands around the expense reporting process. Small businesses are the future frontier for travel suppliers, and there are a lot of small businesses that partake in corporate travel. They are more concerned about the budgets and efficiencies. So, how this can be done? Expense filling, spending analysis, trip booking, and policy compliance are just some of the parameters you have to look for in expense management. Additionally, the new technologies such as AI, machine learning, and data analytics all play a key role in making expense management effective. AI can predict and recommend travel suppliers and services when booking a trip, or integrating with other technologies to connect with travelers.
Expense management involves spending analytics, automatic data capturing, and mobile payments to boost spend efficiency. The biggest hurdle is to just get people use the automated expense system. With an automated solution, you can just go anywhere, book anything you want and you will get that in the form of the data feed. Getting business travelers to use a managed program can help reduce manual errors, and eliminates the friction between employees, managers and accountants.
Addressing this problem means ensuring that corporate travel is user-friendly for businesses. If there is a way to do everything on a single platform, employees will feel more relaxed about submitting expense claims. Corporate travel should not only embrace tech innovation, but also the user experience,all to make the expense reporting process more intuitive.
All of this push-and-pull makes the expense reporting process simple. The approvers will now be able to find the time to focus on planning strategic activities.
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