Last updated on November 14th, 2024 at 05:02 am
Kristen Hrycoy, Senior Global Partner Business Manager at SAP Concur
Artificial Intelligence (AI) is emerging as an indispensable ally, offering myriad benefits to the travel and expense (T&E) industry, from process streamlining to error reduction and minimising manual labour.
As SAP Concur research shows, almost all travel managers (98%) point to the need for updated data and analytics capabilities – tools that would make a major difference in easing their day-to-today stress.
It’s no secret that all aspects of AI – machine learning models, continuous learning, generalisation, and predictive and descriptive analytics – rely on massive data sets. The more diverse and comprehensive the data, the better AI can perform. In Canada, the demand for AI-driven insights is especially pressing, as Canadian businesses operate in a geographically vast and diverse environment. Managing the intricacies of travel across different provinces, time zones, and even weather conditions makes real-time data and AI-powered tools not just beneficial, but crucial for efficiency.
Since most travel bookings are now made or confirmed electronically, T&E departments are predestined to take on a pioneering role in the company and take advantage of AI.
SAP Concur data shows that within a year more than 1 billion expense transactions have been processed. With such a wealth of data at their fingertips, travel managers are well positioned to take up the role of AI pioneers within their companies and drive its adoption. Integrating AI into T&E processes presents a unique opportunity to shine and progress in their careers. For Canadian travel managers, the chance to lead this transition comes at a pivotal moment, as the country continues to invest in AI innovation and digital transformation across all industries.
Here are our top three key takeaways on how travel managers can leverage AI to elevate their processes and careers:
1. Improving efficiency
- In 2023, more than 30 million flights and 10 million train transactions were processed via Concur Travel & Expense helping train the solution’s AI elements. This presents a massive opportunity for travel managers to leverage big data to improve business travel functions and make T&E more cost-effective. Working with a responsible and experienced partner who understands the importance of ethical AI practices can help implement strong security and privacy measures, which are all crucial prerequisites to using the technology well.
- Getting the right data to track every expense is critical to ensure a complete and accurate picture. It can be achieved by connecting all the data sources, capturing the right fields in the booking process and expense reports, and keeping the data up-to-date and instantly accessible.
- This can only be achieved with intelligent technology such as AI, which equips travel managers with the right tools to transform their T&E functions and save hundreds of hours in processing of expenses.
2. Using AI for smarter decision-making
- Corporate travel departments handle immense amounts of data daily. Given the volume of data generated by business trips, the T&E department is ideal for pioneering a company’s AI journey.
- AI is empowering travel managers to conduct intelligent reporting and analytics, focusing on critical travel metrics. This allows them to make informed decisions on supplier strategies and negotiations, improve duty of care, and monitor sustainability efforts.
3. Upskilling to leverage AI
- Travel managers today would like to see AI-enabled components incorporated into the tools they use to book travel. However, this perceived benefit could become a challenge if companies aren’t providing the necessary training to use them.
- According to the 6th annual SAP Concur Global Business Travel Survey, around 1 in 3 travel managers are expected to use AI-powered tools without proper training, making it difficult for them to be successful in their roles.
- With the right technology, travel managers can set their teams up for success – propelling corporate travel departments forward by speeding up, streamlining data processes, and enhancing overall efficiency – and giving themselves a professional boost.
Kristen Hrycoy, Senior Global Partner Business Manager at SAP Concur says, “The integration of AI into travel and expense management will be a game changer for businesses looking to enhance their data processes and increase compliance. As corresponding technology solutions are widely used across a company, implementing AI-based tools is a great way to let employees interact with the technology and learn its benefits – ideally leading to greater AI acceptance overall.
