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Wednesday, September 27, 2023

Enterprises recognise the critical need for modernising travel and expense management

Digital transformation is a vital consideration for businesses across all industries looking to drive growth – but companies can be put off by the disruption that comes with upgrading and integrating existing systems. The impact of the COVID-19 situation has presented a rare opportunity for large corporations to tackle travel and expense (T&E) management tools, ahead of business travel opening back up.

It is in this context, Forrester Consulting, commissioned by travel technology company Amadeus, has conducted an in-depth survey of over 550 key decision makers involved in T&E solutions at large enterprises globally, complemented by in-depth qualitative interviews with senior decision makers. The final report Digital Transformation For Travel & Expense: Balancing Process Efficiencies, Compliance, And Employee Experience’ sheds light on the need for businesses, particularly in the travel industry, to rethink their travel and expense technologies as they look to return to more frequent business travel in a COVID-19 world.

 Outdated systems are widespread

 75% of travel management leaders prioritise the implementation of an integrated solution, while a similar number of 74% say they are keen to increase automation to reduce manual tasks. These priorities mirror key ongoing challenges outlined by this group, including difficulties around compliance-related expense tracking,  reconciliation and auditing; a lack of a global solution across entities managed, and a dearth of comprehensive content that can be easily compared when making bookings.

 The improvement of T&E is a key objective for business leaders

 Three quarters (74%) of respondents agreed that improvement of T&E management processes and tools is critical to reducing costs and increasing efficiency in business operations, accelerating digital transformation and improving employee experience – the top three business objectives for those surveyed. Respondents are eager for guidance and support in rolling out improvements, with 74% agreeing that technology providers have a significant role to play here.

 Integration of tools is key to solving T&E issues

The research found that corporations without an integrated platform for T&E receive a higher level of complaints from staff.

Just one in ten companies without an integrated T&E tool had zero complaints from employees, compared with more than a quarter (27%) of those that did. Without integrated solutions, business travelers also miss out on added-value information or on-trip service, while expense processes take too long to submit and approve on their return. Those companies that have integrated tools are almost universally (96%) satisfied with overall T&E processes, with almost three quarters (73%) planning on expanding or upgrading their platforms further.

Now is the time to invest in modernising travel and expense management – With remote working conditions to prevail in the future, businesses need to digitise T&E tools to offer freedom to employees to manage expenses from anywhere.

The Forrester paper has now been published. You can find the relevant links below:

  • Blog: https://amadeus.com/en/insights/blog/enterprises-recognize-critical-need-modernizing-travel-expense-management
  • Paper: https://amadeus.com/en/insights/research-report/accelerate-the-digital-transformation-journey

Forrester’s research demonstrates a strong desire among business leaders in all disciplines to improve their T&E processes, with a clear role for technology companies who can support with integrated solutions. Amadeus works with thousands of companies around the world to do just this, helping companies digitally transform their businesses. Click here to find out more: https://amadeus.com/en/portfolio/corporations/cytric-travel-and-expense.

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