As the global business environment becomes larger and more competitive, business travel is a more common and essential function of innovative organizations across all sizes and industries. However, with increased business travel, travel and expense (T&E) reporting processes are growing more complicated for traveling employees, their managers, and accounting teams. Lack of proper T&E control turns what should be a strategic function into a timeconsuming and costly process that burdens Accounts Payable (AP) teams and hinders a traveling workforce’s productivity.
A welcome response to increasing business travel was the emergence of travel and expense management (TEM) solutions in the 1990s. Today, these types of tools automate the expense reporting process, including report creation, submission, routing, and reimbursement; many also provide travel booking functionality. However, these solutions have historically been tailored to large enterprise organizations with high travel spend and a need for fullyfeatured software capable of managing their widespread operations. Smaller organizations, or those in more niche industries and markets, typically went without a best-in-class solution due to their different needs and budget constraints. Instead, these companies continued with manual processes or leveraged an ERP-based or homegrown tool in an effort to improve processes.
Fortunately, another effect of globalization is the diversification of business models entering the international arena. Therefore, a one-size-fits-all approach to TEM automation is no longer applicable, and the TEM solution space now reflects this reality. A variety of solution options are available for organizations of all types and sizes, offered by providers that understand the flexibility needed by companies operating within different industries, segments, and niche markets.
This report seeks to connect organizations with unique needs to the most appropriate TEM software for their circumstances. It analyzes TEM trends across different market segments and industries, and serves as a guide to TEM solutions designed specifically for these different segments. Levvel Research encourages readers to use this guide to identify their TEM needs and ultimately choose the best fit TEM solution for their organizations.
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