Advanced Technologies Drive Business Expense Trends

Source: The CEO Magazine

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Matthew Goss has held the position of managing director at Concur ANZ since 2013. He has been with the company for more than 14 years. He has extensive experience in establishing and managing operations for cloud-based technology companies.

The way businesses process travel, expenses, and invoices is rapidly evolving due to advancements in artificial intelligence (AI), machine learning, and Big Data. While these advanced technologies are helping businesses save time, simplify tasks, and deliver richer, more personalised experiences today than ever before, the best is yet to come.

The impact of technology on travel, expense management, and invoicing cannot be overstated. This advanced technology will deliver the next wave of cost savings and efficiency improvements, delivering actionable intelligence and automation and making it easier for everyone in the organisation to comply with expenses policies and procedures.

This technological revolution is driving unprecedented change across travel, expenses, and invoicing in three key areas:

1. AI

   AI helps companies detect noncompliance with company travel and expenses policies. Automated technologies can track and analyse spending activities and trends, and then identify anomalies and patterns in employee expense reports. Companies can then use this information to uncover new ways to reduce costs and improve efficiency.

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