Over the years, organisations have tried to scale up on their profits and minimise on their regular expenses. With the increase in the expansion of the organisations, it is obvious to increase on the amount of funds which are needed for that expansion in various forms, right from setting up the infrastructure to managing employee expenses including their salaries as well as reimbursements for managing & growing business. In the past decade the focus was on Payroll management, Manufacturing ERPs and Sales SRMs to get process-driven in the corporate settings .Along with that, the companies have been focussed on Spend management & Business Expansion Automation to reduce the frauds and get higher returns. The ushering of this decade has brought a huge change in the trend due to Cloud Computing Management & Systems as well as AI (Artificial Intelligence). This has brought the spotlight on people and processes, both. The manual spend management are now redundant and organizations need to move ahead with the technology up gradations for which end to end spend automation is the key.
Almost all the companies follow standard practices from years, which have been working well for managing these expenses, however, there is a huge amount of money which could be saved upon with the help of automation process of the Business Expense. The earlier system of Tally and taking into account the vouchers and travel billings were handled by the accounts department alone. However, now it is seen that there has to be a transparent and coordinated system between sales, finance, HR and budgeting departments to ensure smooth functioning. This shifting trend in business automation has led to more people focused approaches to be adopted and automation in new and innovative ways to solve the fundamental gaps in the processes.
Cloud based Spend Management Solution is the answer for this.
- Helps in making processes seamless
- Better control on income vs. expenses
- Cost effective in longer run
- Scalable and customizable
- Fraud control is made possible
- Quick, accurate and secure way
- Optimum utilization of resources and enhanced ROI
With the gearing up for 2020, these factors are especially crucial for the growth of organizations. Corporate spending focus is now on increasing productivity of people through process driven solutions that eliminate duplicity of work, increase authenticity & transparency and take decisions beyond automation by better governance with the help of technology. With trained analysis and approval monitoring through the common platform for travel expense management, there is better control on expenses that are prone to fraud and tampering ie. via vouchers, travel claims and reimbursements. With the right kind of streamlined data tracking available, there is automatic control of travel expense management leading to faster decision making and rise in people productivity.
A lot of factors can be taken into consideration while choosing a SAAS solution by the companies like data capturing capabilities, customisation as per the demographics, user friendly, selection on the basis of experience and few more.
In spite of the benefits of these automation processes, a lot of companies are reluctant to absorb and implement the same due to these two major reasons –
- Slow implementation – For significant results, automation in large scale business would take up to 2 years to observe substantial results.
- Low ROI -70% of companies do not meet their stated goals when it comes to IT transformation.
The new age Cloud Based Spend Management by Happay especially takes care of all these factors which make the companies apprehensive to these towards this IT transformation for managing business expense. The gaps found in these two domains have been taken up and the solutions for these are well covered by Happay.
Few benefits of Happay are listed below with the major focus on Faster ROI –
With the help of this, a great amount of productivity and cost control can be achieved for business growth. Along with that, data security is also considered as one of the major pre-requisite by Happay as a protocol. With the growing need for business expense automation, Happay is already serving in 40+ business verticals including 5500 clients having footprints in India as well as globally.
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