CPO Rising has been actively publishing thought leadership, technology analysis, and supply management best practices for many years and the result has been a steady stream of valuable content that sometimes gets lost in the shuffle. To help our readers keep better track of our ideas on certain topics, we’ve developed a new series in which we will feature a sampling of impactful insights and recent articles on the topics that matter most to CPOs and other procurement executives (Note that readers can also search different categories by clicking on “Articles” found in the blue menu bar directly under the CPO Rising logo or by searching “Tags” under the sponsor logos on the right hand navigation bar). We’ve started with Strategic Sourcing and Accounts Payable topics, but are now moving onto indirect spend categories, such as business travel and expense management. Enjoy!
4 Travel and Expense Management Articles You Should Read
1. The Rise of Analytics and Business Intelligence in Travel and Expense Management
From our article entitled, The Rise of Analytics and Business Intelligence in Travel and Expense Management: Business travel is often seen as an unfortunate cost within the corporate world. Executives must travel to lead and manage, sales must travel the globe to spark new business development or cultivate existing client relationships, and worldwide, on any given day, a conference or symposium is occurring that draws professionals from around the globe. In order to gain competitive advantages and expand the company’s business and global reach, business travel is a must. The business travel category has long been a growing spend category, and shows no signs of slowing down. Although the category faced a slight halt during the economic downturn of the late 2000s, in the years afterward, it grew to new heights as one of the top complex spend categories, alongside contingent labor, marketing services and materials, and meetings and events. Read more from this article by clicking here.
2. Where Do We Start? An SMB Primer for Travel and Expense Management
From our article entitled, Where Do We Start? An SMB Primer for Travel and Expense Management: Industry standards peg the business travel category as encompassing anywhere between 8% and 12% of the average organization’s total budget. While this number can be higher for larger, enterprise-size organizations and a bit lower for those on the small- and mid-sized (SMB) spectrum, the fact remains that business travel (and related expenses) plays a critical role in complex spend management. For the typical SMB, a robust travel and expense management program may not fit into the strategic purview of the greater organization, and, in fact, most companies in this sector do not often consider it a value-add series of processes. However, with such a large chunk of its corporate budget allocated to business travel, the SMB world should take another look at how they can not only improve processes around the travel and expense category for greater enterprise-wide gains, but also drive value from a category that was once considered a mere “cost of conducting business.” Read more from this article by clicking here.
3. The Future of Travel and Expense Management: The Mobility Perplexity
From our article entitled The Future of Travel and Expense Management: The Mobility Perplexity: 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. Read more from this article by clicking here.
4. The CFO’s View Of…Travel and Expense Management
From our article entitled The CFO’s View Of…Travel and Expense Management: The Chief Financial Officer (CFO) of the typical organization is now tasked with more than ever before, often asked to be the “savior” of enterprises that struggle to maintain a clear picture into total cash and corporate finances. CPO Rising is pleased to present a series that highlights the “CFO’s view” of various functions and categories within the contemporary enterprise. Today’s article highlights the CFO’s growing involvement in the management of business travel and related expenses (also known as “travel and expense management”). Read more from this article by clicking here.
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