Technology has created new challenges for corporate finance managers to handle employee spend, and unless they embrace the technology that can help them gain a better grasp of these challenges, CFOs risk missing out on growth opportunities, according to T&E firm Concur.
The company released a study it commissioned, conducted by Forrester Consulting, on Wednesday (Oct. 5), highlighting the need for CFOs and other financial managers to embrace travel and expense management technology to keep up with shifts in employee spend habits.
But there can be a disconnect in the technology offered by businesses to employees spending corporate funds and the technology those employees already use in their personal lives, researchers found. Today’s employees expect the level and sophistication of technologies in their personal and professional lives to match, the report added.
That technology can not only meet demands of employees but can also help CFOs and other financial professionals. According to Concur, managing travel and expenses remains a top hurdle for these professionals, but they report having less time to spend on this area. Nearly three-quarters of companies said they are looking to update their T&E systems in the next six months in an effort to tackle the issue.
As they do so, CFOs and other finance chiefs will be looking at capabilities, like data analytics and reporting, researchers found. T&E technologies not only need to be user-friendly but need the level of service necessary for corporations to adequately manage employee spend.
The report applies to businesses across the globe, as Forrester surveyed financial professionals throughout North America, EMEA, APAC and Australia/New Zealand, the firms said.
Concur is looking to expand the capabilities of its own travel and expense management solution. Last month, the company announced plans to acquire Hipmunk, a travel search company, to enhance search capabilities within its platform, for instance.