Currency

CEO discusses corporate travel bans, shifting digital expense management

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Recently, PYMNTS.com sat with Webexpenses CEO Adam Reynolds to discuss the future of corporate expenses amid a worldwide travel ban due to the COVID-19 pandemic:

But while corporate travel spend is down, expenditure across a range of other categories is up — way up, in some scenarios, according to Webexpenses CEO Adam Reynolds.

In a recent conversation with PYMNTS, Reynolds explained how corporates have reallocated their employee and company spending volumes in a remote working environment and discussed how the current climate is likely to encourage many businesses to not only embrace expense management automation, but rethink their supplier partners as they look to optimize spend in a post-coronavirus pandemic world.

This article highlights why corporations may become inclined to adopt an automated expense management system in the current global climate - and what that means for their business. In detail, how the current climate is affecting business spend, what that means for financial teams, and the growing importance of digital tools in this ‘new world.’

Due to the current status of global business operations, corporations have shifted focus to reallocated their company - and employee - spend for establishing remote working environments.

This shift in spending will propel businesses to automate their expense management and reevaluate their supplier partners in order to streamline spend in a new kind of economy.

While many businesses have been hastily cast into digital tools, they’re quickly recognizing the opportunities that exist in reducing manual, paper-based workloads. Embracing new technology - in all areas - provides businesses the capability to operate at full capacity in nearly any circumstance.

Allowing an automated system armed with vital tools to reinforce expense policies and reduce manual time and effort gives companies a safety net, leaving them fully functional in the event of another economic stump.

Follow the link to read the full article, Amid Travel Bans, Corporate Expenses See Surprising Uptick.