The New Era of Corporate T&E
The past three years have forced companies to permanently rethink their attitudes toward corporate T&E. In response to Covid-19, remote working, and economic volatility, corporate travel is now firmly in the purview of finance and accounting. Companies have become more keenly attuned to proving travel’s return on investment (ROI), increasing its predictability, and reducing its costs.
Meanwhile, rapid advancements in corporate travel, payment, and expense technologies are enabling more seamless employee experiences and simpler administrative reconciliation. Combined, these trends have inspired an urgency to seek new, more flexible corporate travel and expense policies and systems.
In this environment, companies are tasking corporate travel and finance departments to work more closely together and to be smarter, more efficient, and more cost-effective. These departments have the opportunity to reshape business travel for a new corporate era that is more community- and culture-oriented, more collaborative, and more coordinated company-wide.
Corporate travel, finance, and accounting departments are seeing meaningful shifts in their roles in a new era of business travel. Travel and expense has become a top concern as companies reevaluate costs, operational efficiency, and employee satisfaction in a remote working environment. As a result, travel and finance have been forced to become more collaborative and integrated.
Meanwhile, the rapid acceleration of consumer technology during the Covid-19 pandemic has infiltrated many aspects of corporate life. For example, contactless payments — already normalized by Uber and Apple Pay — accelerated significantly over the past three years. Retail and hospitality establishments introduced them more widely to provide safety and convenience for their customers, and now employees are expecting the same ease and simplicity when they travel for business.
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As these trends converge, companies are urgently integrating corporate travel, payments, and expenses into one seamless workflow.
Employees are demanding more simplicity, clarity, and transparency in travel and expense policy. And not coincidentally, travel and finance managers are seeking the same. Companies are closely evaluating technology and software that creates a better experience for employees, while managing costs and improving efficiency.