AI is playing a growing role to manage travel and expenses effectively as hybrid work and economic challenges put pressure on companies. Photo Credit: Adobe Stock/witsarut
Hybrid working models and a challenging economic climate are putting
pressure on companies to manage travel and expenses (T&E) more
effectively. With a rapid increase in claims being made, finance leaders
are feeling the strain.
According to a survey of finance managers conducted by Neo, an
integrated travel and expense management platform for American Express
Global Business Travel (Amex GBT), 69% of respondents expect to see an
increase in fraudulent claims due to the current economic situation.
While T&E is still viewed as a necessary cost by 57% of
respondents, and 40% see it as a key enabler of company growth,
cost-cutting is a top priority for businesses in the current economic
environment. A significant 76% of finance teams agree that expense
policies could be used to reduce costs without sacrificing travel.
As a result, large businesses are turning to advanced digital
solutions, including artificial intelligence, to accelerate and improve
the accuracy and reliability of expense management. The survey found
that 89% of finance decision-makers trust AI to support T&E
management, with 34% trusting it to detect issues without any human
intervention. The majority (65%) of those surveyed anticipate T&E
becoming intervention-free in the future.
In addition to cost savings, survey respondents identified other
priorities for the future, including reducing carbon emissions during
business trips (64%) and using travel to strengthen relationships (71%).
Sebastien Bardin, Neo’s VP Product, commented, “Businesses are not
shying away from technology and integrated booking and expense systems
to help them drive compliance in their travel programs. When finance
teams invest in upgrading to integrated T&E solutions, they expect
intelligent systems powered by AI and great user experiences to drive
adoption.”