Risky business: what's the cost of not investing in technology?

Finance workers
Dafydd Llewellyn SAP Concur By Dafydd Llewellyn, Managing Director, SAP Concur

17 September 2018

When it comes to investing in technology, it’s natural to ask: what’s the benefit? One way to answer this is to look at what might happen if you don’t invest. In other words – what’s the cost of doing nothing?

Our new eBook – Why SAP Concur? And the Cost of Doing Nothing – will show you why now is the time to automate, connect and take control of your expense, travel and invoice spending.

Still not sure? Here's some business risks and advice on how they can be mitigated:

Limited visibility and uncontrollable costs

Did you know, 75% of finance leaders say their business often exceeds expense, travel and invoice budgets? Are you confident that you have full visibility over all the expenses being submitted, trips being planned and invoices being processed by your employees?

Manual processes – and siloed expense, travel and invoice data – can cost your organisation in lots of ways. It could be wasted time and lost productivity, eligible VAT that goes unclaimed, or spiralling costs caused by a lack of visibility.

By fully automating expense, travel and invoice systems with cloud-based, mobile-optimised tools, you can reduce employee frustration, encourage adoption and increase compliance, with minimal fuss and upheaval.

Keeping up to date and playing by the rules is a key challenge for every organisation.

Investing in better tools to track spending can help people make responsible choices and give managers complete visibility into any excessive, fraudulent or unnecessary costs. All of this translates into savings for your organisation.

Falling foul of compliance

According to Vanson Bourne research, nearly half of all expenses and invoices aren’t checked for inaccuracies and fraud.

Is your organisation fully compliant with rapidly changing legal and regulatory measures? And are you confident you have everything in place to effectively manage the risks of fraud and financial crime?

With regulations in a constant state of flux, especially in Europe, keeping up to date and playing by the rules is a key challenge for every organisation. The risks of financial crime and data breaches place extra importance on financial transparency, data integrity and internal auditing. Not being up to standard in these areas means risking weighty fines and intense scrutiny.

How to meet regulatory measures

At SAP Conur we believe that a connected approach to spend management can help your organisation stay compliant across multiple areas. It can help you weed out invoice costs being passed off as expenses, ensure you’re correctly reclaiming VAT, and give you robust spend data and reporting that can stand up to even the most intense scrutiny.

These are just some of the ways SAP Concur can help you mitigate the risks of manual and disconnected expense, travel and invoice processes.

About the company

SAP® Concur® solutions take companies of all sizes and stages beyond automation to a completely connected spend management solution. For more than 20 years our innovative solutions have kept customers a step ahead. User-friendly and business-ready, SAP Concur solutions unlock powerful insights that help businesses reduce complexity, see spending clearly and manage proactively.

This blog is one of a series of articles from our commercial partners.
The views expressed are those of the commercial partner and not necessarily those of ICAS.

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