As technology continues to disrupt, companies need to look at implementing new T&E tools that are both user-friendly and easy to implement and integrate with existing systems. The solutions need to simplify the T&E process for employees, by reducing the number of manual steps and giving employees new tools (such as mobile connectivity to T&E solutions) to help monitor their spending more efficiently. Other capabilities include mobile receipt capture and access to integrated travel booking systems to help unify the booking experience and drive lower travel costs (i.e. fares, hotels, and rentals).
Impact on business
Benefits of improved T&E solutions extend beyond just financials. Modernising T&E processes through cloud-based technology solutions help financial leaders achieve greater leverage and control over corporate travel expenditures, while enabling their employees with a better experience to manage travel needs and report expenses quickly and efficiently.
Further, it helps the financial leader to demand from the data by leveraging T&E system's reporting and analytics capabilities to not just understand what is being spent, but where it is being spent, and by whom. A modern system also helps automate data collection, report processing, approvals and reimbursement.
Above all, it actively involves employees in expense management. Digitally savvy employees will be receptive to a T&E solution that has a consumer-grade user and mobile experience. This also enables them to book travel easily, record expenses with minimal effort and get reimbursed quickly.
Ultimately, concerns about cost savings will always be present, as financial leaders must answer to the bottom line. New T&E investments do lend a lot of savings, but these savings will be better realised as companies implement the tools needed to help employees making smart spending decisions.
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