Level up your Travel and Expense Management with Technological Advancements
The travel and expense management sector has undergone a significant transformation with many technological advancements such as AI, Blockchain, and Predictive Analytics. The corporate T & E space is expected to see a strong uptrend towards adopting these advancements.
Back-office teams review expense reports, track receipts, and validate expenses against compliance. It has become challenging for finance departments to verify expenses, date, other information, and input data into a centralized ERP system before processing for reimbursement.
Expense Management Trends in 2024
Mobile Apps take the Lead
Mobile apps take the first place in remote workspace today. The usage of mobile devices to perform any action is nearing 100%, making it much easier for employees to work on the go. Organizations are increasingly adopting T & E expense management solution featured by mobile applications.
The Impact of Artificial Intelligence (AI) & Machine Learning (ML)
An expense report solution powered by AI and ML simplifies the expense reporting process by categorizing expenses and detecting policy violations. Advanced technologies can streamline operations, cut costs, and improve decision-making by making the process efficient and agile.
AI has significantly transformed a range of verticals, and T & E space is one area where it
can do wonders. AI can automate expense report creation, and ML can read the patterns and extract data from receipts, typically in any format. ML can also detect and prevent fraud while adhering to company policies.
AI & ML can categorize expenses, including cost centers, identify policy violations, and streamline approval processes. Compliance rules are fed into the expense system, so any transactions beyond the policies are flagged for further review. ML interprets the names of expenses and flags non-permissible expenses before they are submitted. This would prevent expense reporting fraud and take the burden off the AP department to review the costs manually. Businesses can save a significant amount of time required to spend identifying out-of-policy and miscellaneous expenses.
Predictive Analytics
Predictive analytics can help forecast expenses and identify spending patterns. Around 80% of businesses are expected to leverage analytics to understand employee spending patterns and redefine corporate travel policies.
Improved Employee Experience
With the COVID-19 pandemic, most enterprises have embraced digital solutions to track expenses in a distributed environment. With remote work culture increasing in most organizations, the need for cloud-based expense solutions is constantly growing.
Blockchain Technology
Blockchain technology can transform expense verification, offering a secure platform to process business expenses. Allegedly, around 40% of businesses are expected to adopt blockchain for enterprise expense management.
Global Capabilities
Multi-currency and multi-language support is essential for any expense management solution. Choosing a solution that features global capabilities to support international businesses is the best thing an organization can do.
Your expense solution should offer good tracking and reporting capabilities and seamlessly integrate with external applications.
Offering Personalized Expense Management
AI and ML can unlock a lot of potential for streamlining the expense management process; however, it’s worth noting that there are challenges in implementing these technologies. Implementing new solutions with existing solutions is a hurdle; this might increase chores if not done correctly. The cost savings generated by AI-powered T & E solutions can offset the implementation costs. Therefore, any business needs to choose the right service provider.
The finance department must ensure they choose the solution with AI and ML capabilities. Cloud-based expense report solutions improve the working experience of each user within the organization. As the business grows, the T & E operations become a challenge. Hence, choosing a solution that offers a personalized experience, generates a new level of efficiency, and adds value to the finance teams is essential. SaaS solutions are worth considering as they provide tangible benefits over on-premise solutions.
Travel and expense management space is set to transform with technological advancements. The key trends, such as mobile apps, predictive analytics, and blockchain technology redefines efficiency, accuracy, and user experience. Organizations can take their T & E operations to the next level by deploying SutiExpense as their expense management solution.
As we adapt to the changing business landscape, the need for integrated and automated expense report solutions is increasing than ever. Embracing technological advancements is crucial for organizations looking for greater efficiency, financial visibility, and unprecedented user experience.
