[Editor’s note: CPO Rising is excited to kick off a new series of article focused on the travel and expense management (T&E) function that will help enterprises, regardless of size or region, better prepare for the future of this critical business category. From technology insights and strategic recommendations to guidance on how this category will be transformed over the next year, this article series will highlight the very future of travel and expense management.]
Within the modern business world, evolution is a much-discussed item. How are payment processes evolving from years past? How can the CFO and its team play a more significant role in achieving core business goals and objectives? Which unexplored avenues within spend management can be tapped for additional enterprise value?
The advent of technology has certainly sparked some discussion in answering the above questions. In fact, specific solutions, such as accounts payable (AP) automation and ePayments, have actively been supporting operational excellence within the average finance unit. As more and more finance professionals begin to focus their efforts on improving business travel and expense management, the role of technology will play an even greater role.
Mobile applications and portals are a part of everyday life, whether it be consumers or businesses. Nearly every professional holds a smartphone or similar device and utilizes that technology for everything from paying for groceries, booking restaurant reservations, utilizing cartoon birds to destroy fictional towers, to capturing life’s everyday moments via high-scale cameras and video capabilities. Apply mobility to the business world, and the results are sometimes hazy; not all professionals (or executives) see the value in mobile applications / portals in managing not only financial operations, but also enterprise processes as a whole.
However, there is inherent value in the application of mobility in the world of finance, particularly business travel and expense management. The future of this function will depend on mobile applications to spark new efficiencies and help financial executives gain visibility and control over this complex category. Consider that:
- Frequent business travelers that leverage mobile apps can easily alter travel plans, reservations, or bookings without having to tap into an online booking system from a laptop or computer, adding to traveler satisfaction.
- Busy, time-strapped managers and directors that are responsible for reviewing and approving expense reports can execute these processes from the comfort of their homes, commute, or after-hours location.
- In the not-too-distant future, business travelers will be able to check into their hotel rooms via mobile device.
- Alternative travel-booking options (which are, of course, gaining much attention in today’s business world) are primarily available via mobile applications, placing additional choices directly in the hands of business travelers, and;
- Mobile travel and expense technology can provide executives with a real-time view of spending, budgets, projects, and initiatives related to business travel and expense management.
It’s a brave new world out there, but mobility and mobile applications can help business travelers navigate the ins and outs of this complex spend category in ways that are very familiar to the average smartphone user.
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