Do you know that the travel and tourism industry accounts for 10.4% of the global GDP? That’s an enormous figure!
Global business expansion and increasing business mobility have led to an increase in corporate tours and travels. According to the Global Business Travel Association, business travel expenses have increased to 7.1% in 2018. Business executives take corporate tours for various purposes.
However, any successful business trip requires clear travel expense policies, lower processing costs, early employee reimbursement, and real-time analytics. Besides, you need to follow the various steps to manage your travel and spending.
The 5-step solution to the travel and management process
- Travel Request
- Approving the Travel
- Expense submission
- Employee reimbursement
However, all thanks to innovative and efficient travel and expense management software known as SAP Concur.
SAP Concur is a US-based Software-as-a-Service (SaaS) company specializing in travel and expense management solutions. Ever since SAP acquired Concur Technologies in September 2014, the company has upgraded its software to manage all travel bookings seamlessly. It is also integrated with expense tracking software that helps travelers to control their spending.
Let’s discuss how SAP Concur helps in streamlining the travel and expense management.
Managing your Expenses Proactively
SAP Concur can enable any business enterprise to become Intelligent with the support of Artificial Intelligence and Machine Learning technology. It provides an expense management tool to control your travel expenses. even before a booking is conducted. You can also create more value through real-time data capture from virtually any purchase.
The SAP Concur also allows any business firm to automate frequently conducted tasks such as submitting a request for travel or expense, making bookings, and more. Employees receive enhanced user experience allowing them to give their best presentations during a conference and make improved business decisions.
According to research, SAP Concur has enabled enterprises to save about $50 million in travel expenses.
Innovation in Travel and Booking
The global corporate sector is moving at a very fast pace. Therefore, conventional booking methods will not help in driving the expected ROI.
SAP Concur has brought the entire process of all data together assisting business enterprises to manage and book corporate tours in a quick time.
And this is not the end of the story. There are various other benefits of SAP Concur Travel-
- Provides Travel Management Practices
SAP Concur offers a seamless and modern experience to business travelers with comprehensive planning, built-in compliance, and expense policies.
- Real-time reports
Get insights and reports of your travel expenses and key performance indicators in real-time. It helps to track expenses and make comparisons with previous years.
- Give automatic approvals or Rejections
SAP Concur Request is another vital tool that enables companies to enforce internal policies and external regulations. The tool also allows them to approve or reject travel requests automatically.
Introduction to Mobile Application
The travel industry has received a huge impetus with the introduction of responsive travel apps. The users can get information about their travel from a single platform. So plan your travel, manage the booking and expenses, report to your employees, and control spending all under one roof.
Some Other Advantages
- The SAP Concur also allows connecting the travel, expense, and invoice management systems with cloud-based deployments.
- It establishes an integration between SAP S/4HANA and SAP ERP
Now. Let’s take a case study to view how SAP Concur has streamlined the travel and expense management system.
We are here to take an example of the German-based company BEUMER Group that deals in material handling. The company decided to implement SAP Concur that produced incredibly positive results.
- First, the company saved about 30% of the time
- It saw an increase in the visibility and control of travel spend.
- The efficiency and accuracy of production improved.
SAP Concur Expense
The SAP Concur Expense tool simplifies the entire expense management system. It provides an integrated expense reporting solution with real-time approval or rejection of expense requests.
Like SAP Concur Travel, it also has a cloud-based deployment. It helps to improve productivity and compliance as well as control spending with ease.
This SAP Tool for Expense Management can be accessed on mobile applications and is integrated with corporate cards.
SAP Concur Invoice
This advanced tool will help companies automate their invoice management systems that include purchase requests and payments. The clerks don’t need to do manual entry as the entire workflow is streamlined.
It saves a lot of time in processing costs and reduces errors while entering data. SAP Concur Invoice is cloud-deployed with the added benefit of ERP integration in the accounting system. Companies can get electronically captured invoices that can be sent for approval even from mobile devices.
SAP Concur-One Need for Travel and Expense Management
SAP Concur is a one-stop-shop for all your travel and expense management needs. At a time when business tours are gaining prime importance in enhancing revenue, this advanced software automatically manages all records, reports, and real-time data insights.
Therefore, look to increase your control and visibility into travel expenses and save extra time through the elimination of manual work.