Expense Technology Gets Smarter as Providers Look Beyond Receipts
Completing an expense report after a business trip tends to be a long process for most business travelers. Though a lot is now being done to give travel managers and financial departments more powerful tools to track spending. Integrated travel booking tools are a step in the right direction for expense technology providers to create a truly seamless experience for users.
Businesses are now looking for solutions that integrate expense management with more robust analytics, and expense management technology companies are experimenting to bring more powerful tools to market. Techniques like machine learning and artificial intelligence are being deployed to fix the knotty problems that make expenses a pain for both travelers and their managers.
“You had to really articulate the value proposition to get the customer to ask, ‘Should we automate our expense reports and get rid of the spreadsheet? Now, the question is, ‘We know we need to automate this, which system should we pick?” said Bob Neveu, CEO of Certify, which last year acquired booking tool NuTravel to improve its travel service offerings for bigger clients. “It’s a wholesale shift for the category.”
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