The importance of being able to make decisions based on accurate data has been highlighted during the pandemic. Gartner notes that analytic-driven decision making across businesses has increased and there has been a 50% rise on analytic spending in the past three years. And reflecting on his recent experiences, Runjit Bhopal, Finance Director at SAP Concur customer Landbay, comments: “Our access to data meant we were able to conduct scenario planning and run up to 20 scenarios with no difficulty. The board was meeting up to three times a week, all with near real-time data to look at.”
As we emerge from the past 18 months, data will only become more important. Gartner is clear that businesses that want to facilitate growth need to have access to the data that will improve their decision-making.
It’s something we’re focusing on in our latest ebook too. The Value That’s In Your Data shows how data from your spend management systems can help you drive key business outcomes.
Here are just a few of the areas it explores.
How Your Spend Management Data Can Help You Improve Spend Governance
Employee spending channels today are more diverse than ever before, which makes keeping track of spend even harder. With SAP Concur solutions, all the data flows into one place so you have a single source of truth.
Armed with this information, you’re better equipped to make proactive, informed decisions that support your organisation’s priorities. For example, you’re ready to:
- Increase procurement leverage because you know how much you’ve spent with every supplier
- Improve processes because you can see where the bottlenecks are
- Uncover insights to drive business decisions because you can see past spend to plan future spend
- Minimise maverick spend because whether it’s intentional or unintentional you can see it and control it
How Your Spend Management Data Can Help You Enhance Controls and Compliance
The way you define and enforce your policies directly affects your risk of fraud or non-compliance. With SAP Concur solutions, your policies are embedded in the process, so you can have more confidence in your compliance. You can also leverage the data your solutions give you to optimise and enhance internal controls to bring more oversight to the riskiest and highest spend areas of your business. For example:
- Reduce policy violations because you can monitor bookings and adjust processes to mitigate risk earlier in the process
- Improve risk management because you have more granularity of data you’re better prepared for an audit – even in notoriously tricky areas such as mileage
- Optimise taxation because you have more granular data you can ensure correct submissions as well as maximise reclaim opportunities
- Optimise expense categories because you can see where you have too little detail – and too much
How Your Spend Management Data Can Help You Enhance the Employee Experience
Employees are the greatest asset of every organisation. It means that any cost-effective actions you can take to enhance the employee experience from recruitment to retirement will pay dividends. You can use your SAP Concur data to:
- Spot processes where there is room for improvement so you can implement plans to tackle them
- Enhance duty of care because there is more insight on where your travellers are
- Get granularity on spend so you can put in place appropriate, targeted limits that reflect real world usage to minimise employee frustration
- Consider where there is opportunity to promote corporate card use to reduce time and effort spent on expense report creation, submission, and approval
How Your Spend Management Data Can Help You When You’re Focusing on Optimisation and Expansion
Because SAP Concur solutions help you streamline spend management processes, they help you do more with less. And when you’re planning for future growth, you have access to the data you need to maximise cash flow and forecast with confidence. For example:
- Get deeper visibility of spend, regardless of when, where, or how it happens so you can plan with confidence
- Keep on top of spending with spend alerts no matter when or where it happens
- Track key trends and data across your entire organisation so you can identify what’s working and what isn’t
Learn More About How SAP Concur Solutions Can Help You Make More Informed Decisions
If you want to leverage your data to help you build a more resilient business and prepare for its next chapter, you can get an overview in our information sheet Data Deep Dive: Unearth the Power of Your Data. And for the full story, download the ebook The Value That’s In Your Data.