B2B Payments

Report Finds Manual Data Entry Detrimental To T&E

A recent Forrester study that was conducted on behalf of technology provider Concur found that the majority of senior finance professionals rely on manually entered travel and expense (T&E) data, even when the organization uses an automated system.

Specifically, out of the 350 finance professionals surveyed, 80 percent reported that they rely on manually entered data – that was entered after an expense was made.

The report also found that because of this delayed entry, companies don’t have any real-time insight into their data. Additionally, gaining transparency and control over their T&E budget is difficult.

As reported by Supply Management, the study also said that few companies implement real-time visibility into their T&E expenses, unless they have an T&E system with real-time integration with all their vendors and travel partners.

“We believe the research illustrates the high number of companies that are still dealing with the pain points of manual data entry and limited visibility into their employees’ expense behavior, placing companies at a disadvantage when it comes to understanding their corporate spend,” Concur Executive Vice President Robson Grieve stated in the report.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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