Are you sick of dealing with expense reports and finance operations? Well, there may be a solution on the horizon! New data from American Express’ Trendex Business Travel Edition shows that AI technology could revolutionize the way companies manage employee spend and expense filing. With 70% of companies already using AI and other technologies to handle business travel, it’s clear that the future is here.
According to the survey, 73% of respondents currently use some form of expense management software. But with the incorporation of AI, this process can become even simpler and more streamlined. American Express and Microsoft are developing new technology to address the issues faced by expense managers and travelers. AI and machine learning capabilities can automate expense reporting, approvals, reconciliation, and reimbursements, making everyone’s lives easier.
One area where AI can be especially helpful is in monitoring employee spending on the road. By using AI tools, companies can ensure that employees stay within their per diem allowances and are not held responsible for unexpected expenses. In fact, 40% of respondents said they plan to use AI products that handle these types of things.
However, there are some concerns about the practicality of immediate implementation. Safety and security, functionality, training, and the cost of AI itself were the top concerns among leadership. So while the future looks promising, there are still some kinks to work out.
In addition to AI, there is also a shift towards virtual cards for employee spend. Virtual cards offer enhanced security, customization, and cash flow management, while also providing better visibility into an organization’s spending. Data shows that 73% of business travelers already using virtual cards plan to increase their use for employee business travel in the next year. And for those who haven’t hopped on the virtual card train yet, 82% say they are likely to consider using them in 2024.
So what do you think? Are you excited about the potential of AI and virtual cards to simplify your expense filing process? Leave a comment below and let us know!
IntelliPrompt curated this article: Read the full story at the original source by clicking here