How to improve Compliance and Spend Visibility

Last year was a year of uncertainty for many businesses, and their efforts focused on getting through each day as best as possible, with many putting plans for future expansion on the back burner. The global pandemic required businesses to reassess their plans, operations, and technology, finding new ways to work and succeed.

As the world approaches brighter days, it’s now time for businesses to get back on track with growth plans.

In fact, a recent BrandConnect study, commissioned by SAP Concur, found that executives are optimistic about their organization’s financial outlook in the next 12 months (74 per cent). However, if there’s anything the pandemic taught us, it’s that while we can’t control everything that happens, it’s now more important than ever for businesses to be nimble and take the steps to “futureproof” their business.

Building a strong financial foundation is one element of futureproofing. And a vital part of sound financial footing is to have the right tools and technologies in place that improve compliance and spend visibility.

As businesses plan for what’s ahead, they should ensure they’re taking the following steps that will help them get spending under control and their future on the right track:

· Get true visibility into spend in one, simple place. Businesses can only control spending when they can see it, and they can only move forward when they know what they have to spend. Thus, the importance of tools that can integrate spending – from corporate cards, personal cards, purchasing cards, and even cash – into a single, digital process that can be both seen and managed. Such technology gives business leaders the ability to view data that is gathered automatically and available almost instantly.

· Incorporate artificial intelligence (AI) and machine learning (ML) to help improve processes. Many businesses hear “AI and ML” and think it means complex technology. While that may be true on the backend, the reality is that AI and ML aren’t complicated to implement and use. In fact, it can make it much easier for businesses to run technology and free up employees’ time to manage more meaningful business-critical tasks. When it comes to finances, AI and ML can be combined with the expertise of people to more efficiently and effectively identify fraud and remediate issues - before they have an impact on the company’s bottom line.

· Preapprove and audit every expense report. These days, adding an extra layer of cost control is crucial to ensure a business remains successful. Adding pre-purchase approvals and auditing expense controls can easily be done by implementing the right policies, procedures, and tools.

The past year impacted many businesses in different ways. As we approach a post-pandemic phase globally, what is consistent for all businesses is the need to look towards a positive future that involves growth and success.

And what is key for all businesses to achieve a bright future is to examine their financial policies and practices, learn from the past, and implement the right tools and technologies that will help them move forward in the right direction.

At SAP Concur, we are committed to reinventing expense and invoice management with tools that simplify everyday processes and create better experiences. As part of the larger SAP family, and through our experience, expertise, and partnerships, our solutions help every business run it's very best.

Fok Wai Leng is Managing Director, Southeast Asia, at SAP Concur.