An efficient and streamlined travel and expense management solution can do wonders for the company. Aside from reducing costs, maintaining budgets, and ensuring compliance, a simple and convenient solution can also boost employee morale.
Over the years, many trends have shaped travel and expense management solution to make it what it is today. From digitizing what was once manually entered data technology has made a leap to accommodate newer technologies, such as machine learning, cloud technology, and AI.
Let’s take a look at 5 key travel and expense management trends that could impact your organization. If you’re not yet adopting a more modern solution, perhaps these trends can also help point you to the right direction.
5 Key Travel and Expense Management Trends
1. Market Consolidation. Over the past couple of years, many organizations have pursued strategic partnerships with other companies and with complementary providers to scale and expand their product offerings. With a few industry leaders facing a huge market share, small players found it necessary to compete by enhancing their products and partnering up with other service providers.
2. Integration of Booking and Expenses. Travel bookings has been found to be integral to expense management, and the two are now meshed more than ever. Many tools are now being developed to create a smooth integration between these to so that the booking and reporting process is smoother and quicker.
3. Virtual Card Integration. The popularity of virtual cards make transactions faster for both customers and merchants. For employees who don’t have virtual card integration in place in their company, however, this may prove as a big hassle. However, with an increasing demand came the supply and now, many solution providers have offered smooth and easy virtual card integration. This trend enables companies to have faster travel and expense transactions as well. This said, they need a solution that can help them keep up with this emerging trend.
4. Machine Learning and Artificial Intelligence. All over the world, solution providers are harnessing the rapidly advancing range of smart technologies such as geolocation, machine learning, chatbots, automation, and artificial intelligence to improve their services. This emerging technology is also a valuable tool for organizations to gain significant insight into their own T&E processes.
5. Real-time Expenses. Through the use of scans, motion technology, and many other advances, keeping track of transactions is a breeze. Many providers have adopted this technology. Employees and managers, meanwhile, can find this a huge burden off their shoulders.
New expenses can be easily reported as they happen. Meanwhile, managers can keep a close watch on their transactions, increasing visibility exponentially. From point-of-sale to approvals and reimbursements data are loaded and can be closely monitored.
These trends are driven by expense management solution providers, and many companies can benefit from these. By upgrading their travel and expense management system, they would have to adapt new systems. While this can be an adjustment, it would definitely pay-off, providing a win-win situation for all involved: the provider, the company, and the employees.
As the market continues to evolve, you can count on solution providers such as Gorilla Expense to be at the forefront. By adapting our technology to the trends and being in touch with the needs of our clients, we are continuing to be on top of our game.
Check out our demo to learn more about our solution or contact us for inquiries.