High inflation rates and the return of business travel means it might be time to look at travel expense management innovation for your business

I wrote this article in a paid collaboration with SAP Concur #sponsored #ad

Inflation has been high and the outlook is uncertain. Businesses are feeling the pinch. And for companies that rely on travel the variability in costs, interruptions, and delays adds to the pain. Businesses are finding it more and more difficult to forecast and manage the expense of sending employees on business trips. As a result, many companies are cutting back on travel or eliminating it entirely. While this may help to reduce costs in the short term, it can also have a negative impact on business in the long term. By limiting travel, businesses are missing out on opportunities to meet with potential clients and partners, attend conferences, and build relationships. In the long run, the cost of inflation may be high, but the cost of not being able to do business can be even higher.?

There is a better way. Using technology can help manage travel spend, improve the employee travel experience, and give your business a competitive advantage.

The return of business travel and the impact it has on companies

After two years of Zoom calls and working from home in sweatpants, many people are eager to get back to the office and back on the road. But for some, the return to business travel may not be so welcome. While travel can be an essential part of doing business, it can also be a big drain on company resources. Even before the pandemic, the time spent researching, coordinating, getting approval, and booking travel could eat up days of employees’ time. And as the travel world returns to normal, we’ve seen lots of hiccups and delays that impacts productivity. That's why savvy businesses are turning to travel expense management solutions like Concur Travel and Concur Expense to help them save money and improve their travel programs.

By digitizing travel and expenses, companies can get a better handle on where their money is being spent. And with cost-savings features like automated approval processes and real-time spend alerts, they can make sure that their travel budget is being used wisely. So whether you're looking to save money or simply take the hassle out of travel planning, travel expense management is the way to go. Imagine a booking portal that shows an employee making travel arrangements all the flight, hotel, and rental options that are approved in real-time against a travel expense policy that can be customized to your organization.

Less hassle and time for managing travel means more productivity, lower costs, and higher travel policy compliance for your organization.

The value of real-time insights helps businesses stand out in challenging economic conditions

In today's ever-changing business landscape, it's more important than ever for businesses to be able to adapt quickly to changing business conditions. And one of the best ways to stay ahead of the curve is to have real-time insights and visibility into company spend to better spot opportunities for potential savings and ultimately growth.

In a time of rising inflation and economic uncertainty, businesses that can rely on real-time insights will be the ones that stand out from the crowd.

SAP Concur also helps with organizational risk management

While SAP Concur is most commonly known for its ability to streamline corporate travel expenses, it can also help organizations manage risk. SAP Concur and its app partners helps businesses keep track of employee travel in real-time, making it easy to quickly account for employees in the event of a natural disaster or geo-political events. This not only helps businesses with better oversight of the safety of their employees and provides duty of care, but also reduces the overall risk to the organization.

Inflation might be giving you a headache, but that doesn’t mean your business has to suffer. By being proactive and making a few changes in the way you do things, your company can stay afloat – and maybe even thrive. With tools to help with everything from expense management to booking travel and improved financial visibility, SAP Concur take some of the burden off of your shoulders so you can focus on what’s important: running your business.

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