Corporate travel and expense management has taken leaps and bounds in the recent years. Corporate travelers and managers are looking to adopt innovations that make their lives easy in terms of traveling and managing corporate funds. Digital payments helps businesses in tracking, reporting and analyzing money spent on business trips. This article talks about the predictions for the T & E industry in 2017 and explains how existing trends will play out for businesses.
Corporate travel and expense management technology drives greater operational efficiency across the enterprise in the future. Take a look at top two trends that take control over T & E industry in 2017.
True Automation Take the Control
The benefits of automation are countless, including the efficiencies that come from integrating technology with humans. Still, many expense reporting solutions combine automation with human power to parse receipt data, enhance workflows and manage other critical processes. This approach would lack the contiguity of true automation and leaves scope for human errors – which is why many organizations turn to automation. That’s not going to work anymore. In the coming days, there is a huge growth for automation technology that eliminates the need for human intervention in reading data and processing expense reports. True automation allows business travelers and accounting professionals do their best.
Less friction, less barriers
An integrated travel and booking solution for air, hotel and car rental is the highest possibility for greater convenience and control. Today, vendors such as Uber have become major players in the business travel space-facilitating one-tap access to integrated platforms. This would allow automatic capture of expense data in the expense report, so there would be no receipts and additional steps. Minimizing friction in the process makes expense reporting more convenient for business traveler and expense transaction streamlines processing and enhances security. Looking forward, the world of corporate T & E will see increasing travel vendor integrations and partnerships. The potential is limitless and integrations will pioneer the T & E industry in the future.
On the flip side, the reality is throwing paper receipts and T & E systems should help companies manage this revolutionary shift. The ability to capture electronic feature turns out to be the other key feature in the coming days. This feature can spot spending patterns and trends so that you can address issues before they become major problems. It powers finance teams to identify issues and growth opportunities. It is vital to ensure your business spending is properly monitored and optimized. Without the right technology, balancing potential risks and benefits can be challenging. Business operation becomes risky and T & E expenses is one area where you can’t take choices.
Future T & E solutions should bring the same level of credibility and authenticity to mobile pay, virtual credit cards and other forms of electronic payment that evades paper processes.