Undoubtedly corporate travel space has gained significant traction over the past few years. There is a strong correlation between professional and personal life, which is a major driver of corporate T&E management. A recent report revealed that there are three distinct trends that are shaping the face of T&E management.
Most travelers are demanding mobile applications. These applications can link travelers to various disruptive services such as Uber, travel booking, tracking luggage, manage cancellations and other travel aspects. All these will make it easy for travelers to book their itineraries. In fact, mobility will reduce the time between travel, expense report submission, and reimbursement.
All those who are involved in the reimbursement process need transparency into where their money is flowing. There is a need for increased visibility when it comes to spending corporate funds.
With increased visibility, organizations are more likely to better understand spending patterns. Hence, businesses are adopting technologies that not only help them visualize corporate travel spend but can also manage cash over the long run.
Also, businesses have to achieve highest degree of adherence to corporate travel policy from employees.
While there is a great demand for mobile-friendly and robust spend solutions, mid-market is also helping the T&E industry grow. Mid-size enterprises are a major driver of T&E solutions, which is because they understand the importance of spend visibility, convenience, and automation.
Most SMEs are looking to adopt solutions that provide insights into their spending patterns, figuring out cost-saving opportunities, prioritizing spending categories, optimizing supplier base, and improving operational efficiency. These aspects are making mid-size enterprises shift their focus towards travel and expense management solutions.
Analysts found that millions of workforce is demanding corporate travel and expense management solutions. Corporate expense management solutions have to be flexible, user-friendly, and be able to integrate the travel policy.
Risk mitigation and analysis are some of the potential threats associated with T&E management. Companies are looking for more targeted solutions rather than those that can simply file an expense report.