Part 1 in a series.
During a recent webinar, guest speaker Paul Hamerman, Forrester Research VP and principal analyst, revealed that savvy business leaders are leveraging digital disruption to turn conventional business processes from batch to real time, retrospective to predictive, and internally focused to customer-centric. More enterprise-size companies are doing this by taking their outdated, conventional travel and expense (T&E) processes (spreadsheets, paper, or on-premises ERP module) to modernized cloud-based solutions (real-time data, visibility, and reporting).
In fact, a commissioned study conducted by Forrester Consulting on behalf of Concur found that more than 73% of companies are actively updating or planning to update their T&E solutions within the next six months (source: Financial Leaders Must Embrace T&E Solutions Strategically to Drive Growth and Innovation).
Also, Hamerman shared that Forrester believes the digital disruption is part of a larger trend around the empowerment or age of the customer.
This spills into the B2B world as companies are realizing that their employees are embracing new digital capabilities in their personal lives and now expect their employers to support those same capabilities. This is particularly true when employees are flying around the world or employers are figuring out how to control employee spend while on the go.
How can companies take advantage of digital disruption in the age of the customer?
Hamerman suggests that companies think of their internal customers, employees, and then transform their T&E processes. They need to connect their technology strategies to these five opportunities to quickly improve their T&E processes:
- Transform user and customer experiences. T&E processes and reporting should be consistent with the quality and simplicity that employees are accustomed to in the consumer world.
- Accelerate digital business processes. Remove the baggage of paper and spreadsheets. Reduce cycle times for travel booking, expense reporting, and reimbursement.
- Embrace the mobile mind shift. Mobile devices are a primary experience for conducting business today; they are an integral part of any business process. Mobile is a “go-to” in a moment of need, to book travel, check a flight, or review spend.
- Turn business insights into action. Analytical data within the T&E business can drive real tangible savings, including optimizing travel vendor discounts.
- Drive business with security and compliance. Embed controls and security tools such as encryption in business processes.
To learn more on this topic:
Listen to Hamerman as he speaks on this topic: Harnessing the power of modern T&E tools for strategic financial management
Download this Forrester Consulting thought leadership paper: Financial Leaders Must Embrace T&E Solutions Strategically to Drive Growth and Innovation.