Travel and Expense
2023 Trends to Watch in Travel and Expense Management
Can you see the future with absolute accuracy when it comes to travel and expense spending and management? Don’t you wish.
But armed with insights from leaders and innovators in the field, you can prepare for change and disruption and avoid being blindsided. A key step is taking inefficient processes and wasteful spending out of the equation.
Our new e-book, Foresight 2023: 4 Trends in Travel and Expense Management, discusses areas where efficiency and savings can be found, areas that can help convert moments of spending uncertainty into moments of confidence.
If there’s an overarching theme among the predictions for the months ahead, it’s that companies will continue to invest in digital solutions to accomplish a number of goals, from savings to program flexibility to sustainability.
As stated by Alexander Bant, chief of research at Gartner® Finance Practice in a press release1 : “CFOs are increasingly looking to the long-term benefits of digital investments, including automation, that can permanently reduce the cost of doing business.”
The promise of digital tools
Economic forecasts are less than inspiring, while talent and budgets are tight. Digital tools can streamline processes and help overloaded teams cover the bases and gain productivity.
They can give your employees a simpler, mobile way to manage travel and expenses, improving their work lives in the process. They employ AI and machine learning to manage spending and improve accuracy and the process itself.
Flexibility is paramount
Business travelers want to travel in ways that work for them, which means they must have tools that are varied and flexible.
Today’s T&E solutions must bring together numerous travel sources, from third-party aggregators to chosen suppliers to the global distribution system. Attaining flexibility requires multiple partners and channels integrated into one easy-to-use, on-the-go solution.
Travel must be purposeful
Businesses are taking a harder look at the necessity of trips these days, asking such questions whether they deliver measurable results, fortify relationships, or are sustainable.
An effective T&E solution can provide the numbers and information to answer those questions and others, while guiding travelers to the most cost-effective and sustainable choices and bolstering compliance in the process.
Integrated reporting is growing
The days of companies keeping financial reporting in a silo, separate from their other important initiatives, are over.
Integrated reporting incorporates spending data as well as measures that reflect the environmental, governance, and social goals of your business. It connects talent, manufacturing, and services to create a unified, measurable picture of the effects of what your business makes and does.
Build your preparedness and agility
Preparing your company and team for what lies ahead requires staying aware of trends and best practices. Download a copy of Foresight 2023: 4 Trends in Travel and Expense Management to understand more about T&E trends and how SAP Concur solutions can be the automated, digital tools that deliver the spending efficiency and insights you need.
- 1Gartner Press Release, Gartner Survey Shows Significant Rise in Number of CFOs Planning Cost Cuts Due to Inflation, May 19, 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.