In the past few decades, globalization has increased business mobility to a great degree, thereby also contributing to raising travel expenses. Given this reality, organizations will need to adopt modern and flexible travel expense processes to keep their business expenditure in check. Subsequently, technologies like mobile, artificial intelligence (AI), and machine learning would also help businesses to reduce claim errors and automate a typical expense management workflow, which consists of creating and submitting expense reports for approval and reimbursement.
However, managing a tour’s expense is more than just authorizing and refunding a business trip. In practice, the travel expense management process requires a great deal of paperwork and complex manual processes, which can all be automated using AI and its subset, machine learning. Firms can employ AI-based tools or software where employees upload the receipts and get approval by their managers for reimbursement, in real-time and on the go. Additionally, these types of tools would also alleviate the risks related to fraud travel expense claims made by any employee. Apart from this, mobile solutions that allow employees to work from anywhere and at any time, can also help organizations to supervise business travel by seamlessly integrating with back-end enterprise resource planning (ERPs), thus facilitating approvals across different locations and devices.
While organizations can embrace these techniques to reimburse claims and digitize manual reporting of travel expenses, there are many other methods as well that can aid these companies to automate their travel expense management. To help enterprises associate with the right travel expense management solution provider, a distinguished panel comprising of CEOs, CIOs, VCs, and analysts along with the editorial panel of CFO Tech Outlook has selected the “Top 10 Travel Expense Management Solution Providers - 2018.”