In the digital era, the enterprises are undergoing tremendous transformation, with the CIOs playing the role of key catalyst. However, in the current volatile situation, they should also be very much considerate about expense management solutions.
As organizations ride on their go-digital initiative, the onus is on the tech leaders to modernize the organizations’ travel and expense systems. Earlier, most of the organizations used to rely on on-premise solutions for expense management. In fact, some companies today are still using modules from on-premises software since it came free with an ERP system or a home-grown system. However, maintaining and supporting these systems can drain IT resources or rack up costs from system integrators.
The traditional expense management tools are not only inefficient, but also labour intensive.
Business expenses are still made in cash, employee waste hours creating expense reports, manually. Management has no real control or visibility into how their money is being spent.
As per Happay CFO benchmark report, about 82% companies use partial or no automation to manage T&E expenditure and 57% of these companies wish to switch to an automated expense management system in the next six months.
Although, a lot of movement from on-premise to cloud has happened in the last five years as CIOs find it easy to take this non-core activity to cloud, still the CIOs are seen grappling with the dilemma—to go for buy or built-in software?
So, do we have time to develop it in-house? Presently, the need of the hour is a smart expense management solution that takes care of in-house solutions as well as integrate well with any other external solution. A solution that can solve the buy vs-built conundrum.
Join The Economic Times Live Webinar, Expense Management Software-Build Vs Buy? powered by Happay, to get to know how well do existing software in the market meet your needs? Is there a need to reinvent the wheel? Also, get a visibility and control into how and where the money is spent, in real time, through expense management solutions.
