Corporate Travel Management News and Tips

How Reimbursement Technology is Improving for Travelers

May 16, 2018 | Blog, For Travel Managers, For Travelers

Expenses reports remain an inconvenient and tedious process for many business travelers. Is it really worth keeping a ream of receipts, taking a bunch of photos, and keeping track of minor expenses, only to have to go through such a convoluted and painful reimbursement process? It may seem tempting to write off those airport coffees and croissants as personal expenses and be done with it.

However more businesses are taking advantage of simplified expense and reimbursement technology for business travelers. Corporate travel services continue to take advantage of the new emerging technology, allowing their clients to have a more seamless reimbursement experience.

The Age of Data and New Algorithms for Corporate Travelers

The technology company Concur recently rolled out a solution that allows company managers to track their employees’ travel spending in (almost) real-time, giving them oversight of trips and their expenses as they occur. The technology even uses modern machine learning algorithms to assess bills for fraud and check that everything is within compliance. This helps travel managers catch and prevent misbehavior before it gets out of hand.

Leading industry travel companies are continuously working to leverage chatbots for travellers. This technology lets managers rely on artificial intelligence and analyze transactions more quickly and effectively than humans. Travel managers and agencies alike now have a powerful tool in their arsenal for tracking business expenses without requiring additional human effort to do so.

New Solutions for Travel Expense Tracking

The concept of truly integrated travel and expense hasn’t been widely accepted or adopted quickly. The irony in this delay is that almost 70% of expenses goes toward travel spend. In years’ past, accounting and travel were two different departments. Today, emerging tracking software combines expense management with robust analytics and more powerful management tools. The two departments are becoming more integrated to better serve their travelers.

Getting clients to automate their expenses reports and ditch spreadsheets is not an easy sell, as Bob Neveu, CEO of Certify explained. Fortunately, most come around when they realize the value that a corporate travel service armed with this emerging technology can provide them. Expense providers are working toward deploying artificial intelligence and machine learning to resolve common travelers’ and managers’ pain points and hesitations. Plus, many travel agencies are also taking advantage of tools that combine expenses tracking with travel booking, providing clients with an all-in-one solution for their travel needs.

Artificial intelligence (AI) and machine learning processes are set to influence much of the existing software in the world, and corporate travel services are no exception. Work with a corporate travel service company like Adelman Travel to ensure that your company stays ahead of the game when it comes to expense and booking technology. Get in touch with us today at (414) 410-8399 to find out more.