Preparing for the future by reinventing T&E management

Businesses around the world spent over a year in survival mode, demonstrating resilience and innovation to get them through the pandemic. During that time, employee expectations of the employer and customer expectations of service have changed. Now it’s time to look towards business reinvention while continuing to roll with the changes. For finance teams, one of the most significant challenges involves travel and expense management (T&E).

Driven by the pandemic, corporate spending trends changed as supply chains shifted and rebalanced. Eighty-one percent of supply chain executives say the pandemic has been their organization’s largest stress test. With outfitting remote offices, business travel spending now accounts for only 33% while miscellaneous stores accounts for almost 24%. Along with new spending categories came new payment types, with a large increase of contactless transactions.

The pandemic also added multiple layers of uncertainty to travel and expense management with travel restrictions on top of remote work, supply chain disruption, changing business priorities and altered business models. Employee safety and duty of care are now more important than ever since the risk of negative consequences is much higher. New expense types are now needed, including testing quarantine costs, and even vaccine costs.

With all the emerging trends mentioned above, it’s clear that companies need to reinvent travel and expense (T&E) management. What are some of the challenges that lie ahead? How will businesses need to adapt their T&E management programs? In this whitepaper, SAP Concur and Accenture experts discuss the emerging scenarios affecting T&E management and highlight how technology can provide better outcomes. Download the whitepaper to learn more.