The title of this blog is the question we are asked very often at Expenzing. Recently, the CFO of a large corporation asked us; this was after his team presented him the shortlisted Expense Management Solutions. No points for guessing, we were one of them, while the other was an international product.
Industries are witnessing rapid innovation in technology that are impacting businesses at various levels. From digital payments to online processes every business is moving towards becoming more agile. The roles, duties and expectations from each department is evolving as they adopt to this new order. The Finance and Accounts Payable units led by the CFO are adapting to keep up with technology.
I was intrigued by an article on business travel spends in the latest issue of the Economist. (Full article here.) The article calls out that in spite of advances and adoption of collaboration and communication technology like videoconferencing and Skype, business travel is increasing pretty much across the globe.
Travel is usually one of the largest uncontrolled areas of business spending and thus, it becomes crucial for an organization to take charge of its travel expense costs. While controlling costs are important, it’s also pertinent to identify and encourage intelligent options that streamline processes and improve efficiency and employee satisfaction.