T&E processes must be designed for today’s hybrid workforce: study from Amadeus Cytric Solutions. Photo Credit: Adobe Stock/Nuthawut
The digital transformation of travel and expense management (T&E)
needs to be accelerated, according to corporate travel and expense
managers surveyed for a report.
The study from Amadeus Cytric Solutions, conducted by Forrester
Consulting, reveals an acceptance from business leaders that processes
must be designed for today’s hybrid workforce.
Rudy Daniello, executive vice president, Amadeus Cytric Solutions,
says that the pressure for change is coming from a number of directions.
“Employees have seen many areas of their professional and personal
lives quickly digitalise during the pandemic and they now expect travel
and expense to follow. Legacy procedures – including paper receipts,
labor intensive reconciliation and inefficient payment methods – are no
longer considered fit-for-purpose and will increasingly have to be
replaced,” he says.
Daniello adds that employers acknowledge the gains to be had in efficiency and productivity from digital solutions.
There is progress being made, with 80% of survey respondents stating
travel and expense management is more digitised compared to other
processes, as well as compared to the same study in 2020 when 67% of
respondents said it was more digitised.
However, T&E continues to have a number of challenges with manual
and fragmented processes still prevalent as well as issues with
compliance and security.
More than a third of respondents, 34%, highlighted managing
compliance for travel – like visas and work permits – as a main
challenge while 31% said privacy and security concerns. Thirty percent
feel manual processes impair productivity.
The research goes on to reveal that integrating T&E systems with other enterprise systems is a priority for 72%.
Most respondents, 70%, also want to improve the end-to-end T&E
experience and improve how teams collaborate when they plan travel.
The report also says that T&E solutions can boost travel policy compliance and help with reporting.
It also highlights the potential risks of not implementing solutions,
with 41% of finance and travel management decision makers saying they
audit all expense claims.
The growing use of virtual payments and cards is also raised in the
study, especially as it relates to complaints from employees around
having to have pay for travel out of their own pocket.
Daniello says it will be hard for the corporate travel industry not to embrace change in T&E.
“Employees increasingly demand end-to-end, collaborative experiences,
those which are only available with a digital overhaul of travel and
expense systems. Those companies which do not offer them will suffer.”
The study, which is based on a survey of 525 decision makers involved
in travel and expense management for large corporations, across nine
markets, can be downloaded here.
Source: PhocusWire