How Moving to the Cloud Simplifies Travel and Expense Management in Financial Services
Did you know that 95% of CFOs consider cloud-based applications as critically or very important to successful financial performance?
After people and payroll, travel and expense is likely to be one of your biggest cost-centres. And with the increasing trend of a mobile workforce, now more than ever, it has become a priority to ensure you have a handle on all your business travel costs.
But travel and expense management can be time consuming for financial services. If you want to simplify the process, here are three key elements to consider:
- Is Your Data Secure Enough?
In the era of cyber hacking, the value of data security and integrity is becoming priceless. Given the sensitivity of everything that you do - the security of your data and confidentiality of employee travel plans is crucial. You need to explore the latest solutions that comply with data policy and ensure privacy.
- Is Your Budget Dominated by Travel and Expense?
In financial services, your employees are often on the road. This means that your travel and expense costs take up a lot more of your budget – which in most cases, you could be using somewhere else. This is why eliminating inefficiencies, driving out excess costs and finding new sources of savings in the process is critical. You don’t need to be reminded that you are operating in a highly regulated, highly scrutinised industry. You need your travel and expense systems to increase policy compliance, prevent fraud, and make sure you meet every regulatory requirement, including duty of care. You are part of a people-centric business, knowing your employees are complying with company policy – and knowing where they are in cases of danger – is key.
- What Are the Benefits of Putting Paper in the Past?
Paperwork is busywork. It is manual and leaves room for error. If your employees are still hoarding and sorting receipts, and writing up expense claims, they’re not getting to the work you need them to get done. The answer, not surprisingly, is the cloud. Providing easy-to-use apps and cutting unnecessary steps from the travel and expense process, not only makes travel more enjoyable and productive, it helps recruit and retain top talent. If you are working in the cloud already, you will understand the ease and efficiency that it brings. Taking travel and expense to the cloud delivers control over spending, transparency into your deepest data, and a better, more fruitful travel experience for every employee.
Move to the cloud with SAP Concur and simplify your travel and expense process.
- Secure your data with systems that follow the industry standards.
- Reduce cost pressures at every level – from negotiating rates to automating processes.
- Mitigate fraud, manage risk and maintain compliance.
- Digitise with the latest apps and other brilliant tools employees want to use.
Ready for the next step? Download the Oxford Economics Research: Effective Management Boosts Performance and find out why cloud-based travel and expense management is the way forward.