Travel expenses have always been integral to expense management. The changing dynamics in recent times have meshed booking and costs more than ever. New tools are being developed to create smooth integration between them so that the booking and reporting process is smoother and quicker.
FREMONT, CA: Over the years, travel and expense management solution trends have transformed significantly to take it to the position it is in today. Digitization of the manually entered data technology has been pivotal to accommodating new technologies like machine learning, cloud technology, and Artificial Intelligence (AI). As the market becomes increasingly competitive, companies need modern solutions to take the company in the right direction. Here are some of the emerging travel and expense management trends in the industry.
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Market Consolidation
Over the last few years, multiple organizations have pursued strategic partnerships with other companies and complementary providers to scale and expand their product offerings. A few industry leaders' broad market share has made it necessary for small players to compete by enhancing their products and services by partnering with other service providers.
Integration of Booking and Expenses
Travel expenses have always been integral to expense management. The changing dynamics in recent times have meshed booking and costs more than ever. New tools are being developed to create smooth integration between them so that the booking and reporting process is smoother and quicker.
Virtual Card Integration
The popularity of virtual cards makes transactions faster for both customers and merchants. For employees who don't have virtual card integration in place in their company, however, this may prove as a big hassle. However, with an increasing demand came to the supply, and now, many solution providers have offered smooth and easy virtual card integration. This trend enables companies to have faster travel and expense transactions as well. This said they need a solution that can help them keep up with this emerging trend.
Machine Learning and AI
The rapidly advancing range of smart technologies like geolocation, machine learning, automation, chatbots, robotic process automation, and AI are being harnessed worldwide by solution providers to improve their services. These emerging technologies have proven to be a valuable tool for organizations to gain significant insights into their T&E processes.
Real-Time Expenses
Through scans, motion technology, and many other advances, keeping track of transactions is a breeze. Many providers have adopted this technology. Employees and managers, meanwhile, can find this a huge burden off their shoulders. New expenses can be quickly reported as they happen. At the same time, managers can keep a close watch on their transactions, increasing visibility exponentially.
