10 New Year’s Resolutions for Smarter Spend Management in 2025

As we throw open the doors to another New Year it’s the perfect time to dust off your spend management solutions, see what’s working (and perhaps what isn’t) and make a plan for the year ahead.

While none of us have a crystal ball, at the beginning of 2024 our annual Trends and Predictions webinar gave us the opportunity to explore the potential of generative AI, machine learning, cost-cutting measures and customer-centric innovation, to name just a few!

So, what does your finance team need to focus on this year? We’ve come up with the top ten New Year’s resolutions to ensure 2025 is full of growth, resilience and innovation.

1. Choose a one-stop spend shop

A single travel and expense platform tackles a handful of business challenges in one go – not least of all boosting productivity. With 59% of decision-makers saying that frustrating expense processes negatively impact employee productivity, it make sense to narrow down the touch points. 

Streamlining the process of submitting expense reports, approving invoices and booking travel, takes tedious manual tasks off your employees’ To-Do lists, making everyone happier and more productive. 

2. Get IT together

Hybrid work models and cloud-based business spend management solutions have made collaboration tools essential, with 24% of CFOs investing in them. 

By working more closely with IT, you can seamlessly integrate with ERP and finance systems, create real-time data flows and integrate AI and other technologies for improved efficiency, decision-making and cost control. 

To discover more solutions for working more strategically across the organisation, read our Smart Work Solutions for Finance Leaders eBook.

3. Dial in spend management experts

No matter the size of your finance team, it's difficult to have all the in-house expertise needed for optimal spend tracking, policy enforcement, compliance and data analysis. Look around for external expertise to improve spend management wherever you can find it. 

SAP Concur provides personalised support by combining intelligent automation with access to human experts. These professionals ensure your system stays compliant with the latest regulations, enhance audit efficiency using AI and offer actionable insights for cost savings. 

4. Let AI support, while you lead

The buzz around generative AI, which assists employees with policy questions and personalised spending recommendations, is more than just a buzz. It will have huge ramifications for compliance and reduced friction in the spend management process. 

While many organisations have adopted AI technologies, the real challenge lies in balancing data-driven insights with human judgment. 

SAP Concur has been integrating AI for nearly a decade. You can find out more about how we’ve been doing that in our Think AI is new to SAP Concur? Think Again! eBook. 

5. Become a Gen Z talent magnet

As the global talent pool shrinks and younger professionals seek more fulfilling, flexible roles, you must create an environment that appeals to Gen Z. Team up with your counterparts in human resources to improve the employee experience and ensure recruitment policies help attract and retain top talent.

For tips on getting the Gen Z on board with your business, read our Mind the gap: How to attract the next generation of finance talent eBook.

6. Make virtual cards a reality

Virtual payment cards, when integrated with SAP Concur solutions, enable you to manage spending efficiently. They provide enhanced security, granular control, automated reconciliation and reduced administrative overheads, while also ensuring compliance and improving cash flow management. 

Look for a solution that allows you to embed payments and onboarding directly into your systems, so you can streamline the entire process

7. Lift your travel game

With T&E leaders under pressure to manage costs, tightened travel budgets can lead to discomfort for employees, potentially affecting morale and productivity. 

By harnessing automation to streamline booking, approvals and expense management, you can reduce costs while maintaining a positive travel experience, ensuring that business travel remains an essential and valued part of career success.

8. Make sustainability count

Sustainability is increasingly seen not just as a responsibility but also as an opportunity for you to reduce costs, increase innovation and enhance brand value. 

And with 89% of travellers willing to take extra steps to reduce their environmental impact, you need tools that effectively track and manage travel, expenses and procurement in a way that aligns with your sustainability goals. 

9. Line up your spending ducks

As we move into the new year, agility will help you manage cross-functional collaboration, ensuring that spend priorities align with broader strategic objectives. 

Real-time data, predictive analytics and cloud-based tools enable informed, responsive decisions that improve cost control, risk management and growth potential. 

10. Be more transparent

Clear, transparent reporting fosters better communication with senior leadership and department heads, helping them understand the rationale behind spending decisions and the financial health of your business. 

Transparency also builds trust and ensures alignment with organisational goals.

Your 2025 starts here – let’s go!

Ultimately, taking a more collaborative, transparent and forward-looking approach to spend management will help you maximise ROI, mitigate risks and maintain financial stability in uncertain environments, ensuring that you can thrive whatever 2025 brings.

At our 2025 Trends and Predictions webinar, you can tap into the knowledge of a panel of experts who will share their predictions for 2025 and discuss what these trends might mean for your business.

You can sign up here to join this invaluable sneak peek into the year ahead.