Five spend management must-have features for business transformation

Picking the right spend management solution is a big deal for any company aiming to boost efficiencies, reduce costs, and improve employee productivity. With so many solution providers and flavors of technology on the market, however, the selection process can quickly become complicated and overwhelming. 

Here are five features and capabilities that today’s business transformation leaders say are must-haves for a future-forward spend management solution.  

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Must-have #1: Mobile app for employees on the go 

No spend management solution is worth the investment if your employees won’t love using it. To ensure a successful technology rollout and high end-user satisfaction, choose a platform that includes a fully integrated, easy-to-use mobile app for submitting and approving expenses and invoices on the go. 

Best-in-class spend management mobile apps use artificial intelligence (AI) and machine learning to: 

• Extract and validate receipt details from a photo 
• Import and categorize corporate p-card transactions 
• Build reports by adding, analyzing, and categorizing each claim item 
• Flag non-compliant expenses and items missing required details based on company policies 
• Track and report mileage for employees driving for business 

Of course, not all mobile apps are rated the same, so make sure to look at both user and third-party reviews. 

Find out why the SAP Concur mobile app is so highly rated in both the Apple app store and Google app store. 

Must-have #2: Smart dashboard for spend visibility 

Imagine having a single, bird's-eye view of all your expenses and supplier invoices in real-time. That's the power of a smart dashboard. Your spend management platform should also generate customizable intelligence reports for in-depth analytics that your team can use to more accurately track trends, identify outliers, and make informed decisions on the fly.  

Another important feature for improved spend visibility and control is automated email and app notifications. Look for a spend management solution that can automatically notify a manager if an expense report is ready for approval, or the finance team of overdue supplier payments and employee expense reimbursements, or an audit team of potential fraud.  

Get these 12 tips on building a culture of compliance that employees will want to embrace. 

Must-have #3: Versatile data integration and compatibility 

Seamless integration means less time spent on manual data entry and more time focusing on strategic initiatives. It's about creating a cohesive ecosystem where all your tools work together harmoniously to streamline processes and improve efficiency. After all, no business operates in isolation, and neither should your spend management system.  

Shortlist any solution that plays well with others – your CRM, ERP, accounting software, you name it. And then backup that choice by ensuring the solution provider can bring to the table a top-notch team of integration experts and implementation partners. 

We’ll be the first to tell you: no one software can do it all. That’s why we created a flexible platform that integrates with 700+ solution partners and more than 250 industry-leading software solutions and business apps. See what’s possible.  

Must-have #4: Futureproofed system scalability 

Businesses evolve, and so should your spend management system. Scalability is key. Whether you're adding new users to accommodate a growing workforce, extending the benefits of automation to other manual finance processes, or integrating a new software or app into your existing spend management platform, your system should be able to scale effortlessly.  

To ensure you don’t end up with tech regrets further down the road, look for a solution provider with a proven, long-term track record in spend management automation, supported by a robust ecosystem of solution add-ons and partners. 

Watch this video to see the SAP Concur solution ecosystem at-a-glance. 

Must-have #5: Customer support and knowledge-base 

Picture this: you're reconciling month-end expense reports when suddenly, you hit a technology snag. Who do you reach out to? Well, ideally, a spend management solution provider with a global team of experts.  

Whether it's via chat, email, phone, or an online community, having access to knowledgeable support staff and readily accessible how-to resources ensures your end-users and administrators get the most out of your chosen technology. This kind of support can be a lifesaver both during crunch times and when you're rolling out new features to your employees, too. 

Visit the SAP Concur community to discover how our customers connect with their business transformation peers, learn from experts, and get answers to their SAP Concur questions 24/7. 

Bonus must-have: SAP Concur solutions 

Remember, transforming your business with spend management automation is an investment in your company’s future. So, take your time, do your research, and choose wisely. Your bottom line—and employees—will thank you for it. 

Want added peace of mind? Find out why more than 85 million users say SAP Concur is the one to beat.