There are over six million SMBs in the U.S. alone (65 – 70 million worldwide), and in 2015, the SMB market is projected to cross the trillion dollar threshold in IT spending. That’s a lot of cabbage going toward computing. Specifically, SMBs are prioritizing investments in mobile technology, business intelligence and cloud computing (below).
It's easy to see why SMBs are focusing IT spend on these areas:
- Work is increasingly being viewed as "what you do" rather than a place.
- The current workforce desires greater workplace flexibility, which requires increased access to data and insights.
- Many employees are already using their smartphones to complete tasks, whenever possible.
So it only makes sense that more SMBs are proactively enabling staff with technologies that support their desired work style, as opposed to restricting them with manual, cumbersome solutions. In regards to T&E management, mobile expense reporting will soon be the only way it is done. Read on to learn why smart SMBs are avoiding the laggard, "wait and see" approach to T&E mobility.
Why delay greater efficiency, control and insight?
Leaders at SMBs are continually challenged to:
- Improve productivity
- Cut costs
- Boost the bottom line
- Predict future costs and budgets
Yet, company leaders at SMBs are rarely asked to fix one area that will contribute to increased productivity, lower costs, a healthier bottom line and greater forecasting accuracy for all other areas of the company: expense management.
Fortunately for many SMBs, company leadership has taken a proactive approach to expense management. After all, leaders don’t become leaders by sitting back, waiting to be told what needs fixing.
Making the leap from reactionary to results-oriented
Perhaps the greatest blessing of technology is that we can use data and insights to challenge traditional thinking. Today, more companies are rewarding employees based on proven performance metrics rather than personal perceptions. Similarly, more companies are re-allocating budgets based on how spend performs against intended objectives instead of hunches.
Again, making the leap to a results-oriented culture involves challenging traditional thinking. While some SMBs will continue to use spreadsheets for T&E management because they’re “free,” others are using relevant company data to determine that spreadsheets are no longer the lowest cost way of automating expenses.
Snap, send, save and succeed
You have no-doubt held discussions about automating processes at your company. When it comes to automating the expense reporting process, however, simply describing it as “automation” doesn’t quite capture the difference. You’re saving time, eliminating paper receipts, reducing data entry and errors, making data more usable and searchable, and you’re making the whole process mobile.
Everyone is more productive. Everyone is smarter. Everyone is happier. And these are changes everyone can get on board with, from the CEO to the sales representative.
For companies with mobile expense reporting, it’s as simple as snapping, sending and saving.
Snap: Employees can snap pictures of each receipt with their smartphone, doing away with the paper trail. The data is uploaded automatically to the expense report, on the spot.
Send: Employees can submit, review and approve expense reports from anywhere, on any smartphone. This removes both hours and errors from all of the expense-related processes that are occurring companywide.
Save: Because the finance department gets accurate spend figures quicker, you’ll know exactly where you sit with the budget.
By offering the right solutions, today’s SMBs can achieve success via increased productivity and business intelligence, all while catering to the workplace flexibility and work/life balance demands of the modern employee. Is your company results-oriented or reactionary?