New Study Reveals Financial Leaders Must Embrace Travel and Expense Solutions Strategically to Drive Growth and Innovation

Managing Expenses and Cash Flow is the Single Most Challenging Responsibility Cited by Financial Decision-makers

A new commissioned global study conducted by Forrester Consulting released today explores how mobile and digital channels have disrupted travel and expense management, creating new challenges for finance managers. The study offers exclusive insights into the steps finance managers are taking to successfully overcome these challenges and more effectively and efficiently manage spend.

According to the study, “Forrester found that companies are making significant changes to improve the T&E process both from a financial, cost-saving perspective and an employee satisfaction and process efficiency perspective.” The study earlier stated, “To further explore these changes, Forrester tested the hypothesis that today’s financial leaders need to embrace T&E solutions strategically to help drive growth and innovation in the business.”

Key findings from the study include:

  • Travel and expense tools and capabilities must evolve to match technology and tools that employees already use in their personal lives. Mobile and digital technology have expanded how users make and track purchases in their personal lives and they now expect their employers to support those same capabilities. Companies rate mobile apps as the most effective way to get employees to comply with travel and expense policies. By giving users mobile travel and expense support, finance managers gain real-time insights into expense trends and evolving travel plans.
  • Managing travel and expense is a top challenge for financial leaders, but they have less time to devote to it. Tracking spend is a strategic element for any financial leader, but it’s difficult to balance with all of their demands. Finance leaders need more intuitive tools that simplify the travel and expense process and deliver critical insights into spend trends. To address these challenges, Forrester found 73 percent of companies are actively updating or planning to update their travel and expense systems within the next six months.
  • New travel and expense investments focus on empowering employees through improved process efficiency, data analytics and reporting. Finance leaders agree empowering employees to make smarter decisions and comply with company policies is key to effective travel and expense management. As such, companies need solutions that are user friendly and easy to implement and integrate with existing systems. Capabilities such as integrated travel booking and expense systems and receipt capture which auto-create expense reports are critical in helping to unify the employee experience and drive spending compliance.

Travel Team Consulting is a leading travel consultancy firm that provides business solutions to big and small travel business the world over. Travel Team Consulting provides services in all of these areas: multi-disciplined consulting, branding & strategic marketing, Travel Booking Engine Consulting, Corporate Travel Auditing, Travel Fulfillment Services, Travel Consulting, travel executive recruiting, partnerships/alliances, conversion improvement, call canter design, BPO & IT off-shoring, web optimization, tracking programs, distribution strategy, mergers/ acquisitions, supplier negotiations and investor validation.

For more info, contact:

Mike Putman
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