Ready for the Future? Focus on These 5 Business Outcomes

Day-to-day challenges can be hard enough to contend with, never mind whatever surprises the future throws at your business. The positive thing, though, is that finance leaders who address certain key areas can make their businesses ready for both today and tomorrow.

Knowing where to start may be the hardest part. The 5 Most Important Business Outcomes for Finance Leaders, helps bring focus to the multifaceted task of improving processes, technology, and resilience and shares how time-saving SAP Concur solutions and extensions can simplify the effort.

 

Key Outcomes: Productivity, Employee Experience, Flexibility, Visibility, Reduced Risk 

Finance and AP teams using SAP Concur T&E solutions save an estimated 148 hours weekly¹, a benefit as well as time that businesses can use to help address key outcomes.

Download now

Better Productivity 

65% identify improving efficiency and productivity as a top cost containment goal.²

Using automated solutions instead of tedious, paper-based processes for managing travel, supplier invoices, expense reporting, mileage, and payments, reduces labour costs, freeing your finance team for more engaging, value-added work like forecasting and hunting for savings. With spending insights gained, it’s easier to negotiate better deals with suppliers.

Better Employee Experience 

71% consider user experience and time savings important in choosing an automated expense and/or invoice management solution.³

Attracting and keeping employees is a key factor in your success. Outdated, time-eating processes can be a barrier, however, giving employees easy-to-use tools can demonstrate you value them and their time. Automated, AI-infused solutions simplify travel booking, receipt and expense report submittals, invoice approvals, reporting, auditing, and other tasks for finance teams and their fellow employees. Additionally, empowering work in the office, on the go, remote, or a mix – whatever you need and employees prefer.

Better Adaptability 

69% think T&E solutions have improved their ability to make data-driven decisions.⁴

Accurate, timely spending data is critical to not only understanding your current financial picture, but improving control, insights, and flexibility. With that clear picture, you can adjust budgets to match new priorities and seize opportunities instead of them passing by. A single, cloud-based platform enables work wherever it occurs, integrates readily with ERP and accounting systems, and can scale and customise to your needs and priorities.

Better Spending Visibility 

72% agree an automated T&E solution allows a better response to business challenges.⁵

You must see spending before you can manage it. With spending data consolidated across a single platform, a business can see spending before it takes place, make better decisions about where it should be allotted, and increase compliance. Solutions allow you to spot trends, promote sustainability and initiatives, reallocating and cutting costs as needed. Now that spending is in better sight, your business has better insight.

Better Risk Management 

53% call reducing the risk of expense reimbursement fraud a top cost containment goal.⁶

Your business can respond with greater agility if it has a stable foundation. Establishing control and minimising risk – from cyber threats to employee theft and more – help firm up your foundation. A solution that guards data and privacy, monitors for misuse, and automatically audits spending is part of a solid risk management strategy. Specifically, the solution lets you easily set spending limits, adjust policies as priorities shift, track payments, and simplifies approval and payment processes.

Dig Deeper 

Read the eBook for more on how your business can improve and be future-ready by focusing on five key business outcomes with the assistance of SAP Concur solutions.

1-6.  Analysys Mason, 2022 Travel, Expense, and Invoice Management Study.