In the olden days, people kept their mementos in shoeboxes. Since then, mementos have turned into digital photographs and videos which are stored in the cloud. Alas, shoeboxes still somehow found a second life in a different role: storing travel expenses (receipts). We at Basware think it's about time to get rid of shoeboxes altogether.
Image by Ben on the move
Travel and Expense Management (TEM) that goes where travelers go
Industry analyst broadly agree that the success of mobility deployment lies in customer adoption. They talk about fulfilling end user expectations, and about how employees’ experience with technology outside of context shapes how they access information at work. The younger your staff is, the more imperative it is to provide user experiences that are not turn offs. Failure to do so can risk the benefits of deploying a new solution, as users simply reject the solution and go find a better alternative on their own. If businesses can provide business applications that are delightful to use, people - as psychologists tell us – will receive the greatest reward they can get from work: the feeling of getting things done.
As people travel, receipts of all kinds gather in trouser pockets, laptop bags and suitcases. We at Basware decided to put this complexity to rest, and provide a TEM solution that accompanies the traveler as he goes about his day.
Capture travel expenses as they occur
We believe that at the core of fluid TEM (travel & expense management) is the ability to capture expenses as they occur, and then easily access them later to create an expense report. With our new user experience for TEM, end users can simply snap a photo of a receipt and fill in a few expense details. Capturing expenses as they happen can be done in minutes – for example while waiting for a bus, or sitting in a taxi.
At the end of each day, the traveler can simply select the expenses they have captured, and submit an expense report. The expense data is accurate, and reimbursement can be done faster.
Take advantage of early booking discounts thanks to quick approvals
It is a recurring phenomenon - and often a result of grave procrastination - that although people know well ahead of time when and where they are going to travel, they just don’t get their act together to make the travel arrangements early enough to take advantage of discounts. This same procrastination also explains why expense reports sit in approving managers’ inboxes, while the travelers worry about large credit card bills which they are expecting in the mail.
A concrete benefit of mobility in TEM is the ability to approve travel plans and expense reports quickly. The ability to respond quickly enables travelers to take advantage of early booking discounts, and to get peace of mind – knowing that they will be reimbursed promptly.
Mobile access eliminates process bottlenecks and opens up new profit opportunities. The resulting financial agility enables corporate leaders to make financial decisions with greater confidence.
Where's the next big thing?
We at Basware continue to keep mobility close to our hearts, and are inspired by Networked Purchase to Pay. In our view, collaboration between suppliers and partners takes place in the online network. The real value of collaboration includes both efficiency gains as well as new profit streams, both of which contribute to better working capital management and greater profitability.
With this in mind, it’s safe to say that Basware will continue to expand the role of mobility in all our solutions - from invoice processing automation and TEM to the full purchase to pay process.