As consumers, we’re more tech savvy – and impatient – than ever. My four year old cousin can text when another family member (who shall not be named to save embarrassment), can’t even manage WhatsApp. When I unbox the latest phone, I expect it to be up and running to my preferences within a matter of minutes.
As employees, our expectations are just as high. Especially when it comes to travel and expense (T&E) management. Businesses often face pressure to embrace new technology and improve the employee experience. And for good reason. Nobody wants to spend hours, or even days, submitting expense reports. Employees want a seamless experience, managers want visibility of spend and businesses want to stay within budget.
So – are you a leader or a follower when it comes to T&E?
In the latest eBook from Aberdeen Group, T&E Management: Driving savings through better technology, they have identified a divide between leaders who embrace technology and followers who shy away from change. Ultimately, leaders excel in four key areas:
- Improving T&E Management: Leaders are 54% more likely to have spend visibility across their organisation. This helps them negotiate vendor pricing, improve processes and adjust policies more effectively.
- T&E Maturity: Leaders have up to 71% of spend under management by adopting new T&E technology. Better still, 75% of all expenses processed were on or below budget.
- Reducing Complexity: By having a fully integrated T&E solution, leaders were able to reduce the need for additional software. They can also access accurate data for more informed business decisions.
- User Experience: Leaders found that the easier it is for employees to identify compliant travel options, the more likely they are to book them. Employee satisfaction increased and so did compliance.
These are just a few of the benefits T&E leaders are enjoying. Ultimately, when you implement solutions that improve the employee experience, increase spend visibility and make balancing budgets easier – everyone wins. If your business isn’t there yet, it’s time to follow the leaders.
To find out more, download the eBook: