6 Ways Automation can Help Fuel your Company's Growth

Here’s a question to ask yourself: Do your travel, expense, and invoice solutions deliver the information and insights you need to adapt to market forces and prepare for growth? Are they also performing the basic functions your business requires, such as improving efficiency and compliance and lowering risk?  

Our eBook, 6 Ways to Grow Your Business with Spend Management Automation, takes a deep look at how intelligent travel, expense, and invoice solutions can address current challenges while preparing your company to get bigger and better. It’s an approach that involves increasing efficiency, insight, sustainability, compliance, agility, employee satisfaction, and readiness for change.  

 

Ways that Automation can Fuel Business Growth 

Preparing, planning, and being proactive are at the core of the six ways automation can enable your business to grow safely while managing risk.  

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Maximise automation and Close Visibility Gaps 

By instituting end-to-end automation, your business limits the ability for spending to fall between the cracks in processes and systems. It includes the full spectrum of spend management from preapprovals to paying suppliers and reimbursing employees. Invoices flow smoothly through workflows, corporate card purchase come in directly and accurately, and artificial intelligence (AI) flags problems and prevents tax issues. By viewing and controlling spending increase, your team focuses on important business instead of chasing paper, and you gain certainty that each pound or euro is well spent.   

Track and Respond to Spending, Stay Ahead of Cashflow 

With all your spending data flowing into the system, the full picture of cashflow comes together earlier. The solutions allow spending and budget adjustment to be made quickly across the company. Standard reports and dashboards enable real-time forecasting. With better information coming sooner, your team can identify opportunities to cut costs and the company can more effectively negotiate discounts with suppliers.  

Empower Flexible and On-the-go Work 

Digital, cloud-based tools and solutions make it possible to run a business no matter where employees do their jobs, no small consideration with the return of travel and the growth of hybrid and remote work. Add in mobile apps that offer a user-friendly experience, giving you tools that reduce the time of travel, expense, and invoice processes, while building both compliance and employee satisfaction. A fully automated system frees your team for creative work and improves the agility of the business.  

Encourage Compliance, Manage Risk 

The money that businesses lose to fraud is bad enough. The challenges – and waste – of noncompliance and risk, are compounded by the time finance teams spend poring over expense claims with the employee frustration from using inadequate tools and hard-to-understand policies. A comprehensive spend management system can process supplier invoices, simplify purchase orders, and catch duplicates and other issues. As a result, mistakes, potential fraud, and noncompliance decreases, while employee satisfaction and savings increase.  

Make Sustainability Part of the Process 

Measuring and reducing a company’s impact on the environment is no longer a rarity. Automated travel and expense solutions can help achieve the sustainability goals business leaders and regulators demand and employees want. You can guide travellers to greener – and compliant – flights, hotels, and additional travel options, showing the impact of their choices. In addition, you can track and report on other targets, such as reducing paper and carbon consumption. Subsequently, this can help attract and maintain high-calibre employees.  

Grow Your Business with Spend Data 

When your spending is on a single platform, you can spot patterns, better manage your finance, making adjustments and devising strategies for investments, acquisitions, and market expansions. It includes reports and dashboards that provide insights and better decisions and let you put changes into effect quickly and consistently across the company. It’s a system customisable and scalable to your needs. With greater visibility and fewer mistakes, you have the information and confidence to confidently move forward with your growth plans. 

Read and Explore the 6 Ways Further 

To find out more, read our eBook for details on how automation can foster growth and learn how Concur Expense, Concur Travel, and Concur Invoice, can be part of the team making your business future-ready.