How intelligent travel and expense platforms power business growth

Inflation, rising interest rates, and supply chain disruptions might sound like a recurring theme, yet the reality is that businesses of all sizes continue to face a steep uphill battle.

It’s hitting hard, especially when it comes to travel and expense (T&E) management. Forrester and SAP Concur research shows that 77 per cent of decision-makers expect an increase in business travel and consider it component of company culture to foster collaboration, spur innovation, and support the dynamics of hybrid work environments.

There’s also a significant blind spot in many businesses: a lack of clear insights into spending patterns. Without a keen understanding of where the money is going, business leaders struggle to make sound financial decisions. Forrester and SAP Concur data reveals that 61 per cent of decision-makers believe their businesses’ finance leaders don’t have enough visibility into near-real-time employee data, emphasising the need for improved financial management tools.

Intelligent T&E platforms, which seamlessly manage both travel and expenses, offer real-time insights into employee data by integrating with various data sources, including corporate credit cards and human resources (HR) systems. They leverage real-time analytics, machine learning (ML), and artificial intelligence (AI) to analyse spending patterns, monitor policy compliance, and detect potential fraud. These platforms are accessible via mobile applications for immediate data capture and feature customisable dashboards for tailored reporting and audit trail. They also automatically enforce company policies and provide valuable insights into employee spending behaviours, all while integrating seamlessly with a business’s financial systems for a comprehensive financial overview.

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The real-world impact of these intelligent T&E platforms is clear. Businesses using these systems have reported a 32 per cent reduction in the time taken to approve expenses, a 28 per cent reduction in mileage excess claims, and a 26 per cent reduction in budget overspending due to increased visibility into spending data.

In the past few years, corporate T&E management has seen major changes. Now, T&E management is recognised for its key role in driving efficiency and growth, moving away from being seen just as a back-office task. 

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