Businesses could miss a new trove of payment data
Today’s businesses have access to more data than ever before, but it’s what they do with that data that separates the best from the rest. Businesses that are sitting on rich data but don’t use it are missing out on a huge opportunity.
In a scenario where employees regularly and accurately track and report their business expenses, this continuously updated data helps businesses make intelligent decisions quickly.
For example, managers can view which employees tend to spend the most and work to temper that spending if it starts to become excessive. Or, finance teams can allot budgets to all departments and then view in real-time whether their expectations are being met. This helps mitigate risks and enables teams to stay on top of the company's financial health.
This level of data analysis can also alert decision-makers of the vendors that are favorited among employees. So, if an organization’s employees tend to book business travel on United Airlines, the business might be able to negotiate discounted rates or improved frequent flyer benefits directly with the airline.
In addition, it increases the level of visibility companies have in risk-heavy situations such as how many policies were violated, how many were bypassed by approvers, and why they were bypassed. Decision makers can address whether policies need to be tweaked, and which different enforcements they can apply automatically.
Today, with the 2010s behind us and the 2020s on the horizon, expense management is poised to become an element of business that can help organizations thrive.
Once known as an excruciatingly mundane activity that most employees would begrudgingly participate in only because they “had to,” today’s modern expense reporting can not only enhance the day-to-day experience for employees, but also automate processes and give businesses the intelligence they need to become more efficient and, ultimately, more profitable.