BOSTON, MA--(Marketwire - March 8, 2011) - With upwards of 7% to 10% of the average company's overall budget spent every year on expenses related to travel and entertainment (T&E), organizations across the globe will utilize emerging solutions and strategies as expense management moves into a new decade, according to a new report published by the Aberdeen Group, a Harte-Hanks Company (
The Expense Management for a New Decade research study, which analyzed the intentions, strategies and technology utilization of nearly 175 companies, found that top-performing enterprises are actively utilizing cloud-based expense management solutions, mobile expense management applications, and expense data-reporting and analytics to support an ever-growing strategic internal function.
"As we move into a new decade, expense management is going to play a much more significant role than it did in the past," said Christopher Dwyer, research analyst, Aberdeen. "With this function becoming more strategic, more efficient and modern technology is needed to accurately forecast and budget for the future, as well as drive-down expense-processing costs and approval times."
Companies are riding a momentum shift to "modern" solutions for expense management, and through the advent of cloud-based technology and mobile applications, organizations are not only streamlining and automating many of the core procedures within expense management, they are also experiencing top-tier performance benefits. Companies currently utilizing cloud expense management solutions have reduced their expense-processing costs by 50%, while users of mobile expense management applications are reimbursing employees at a 40% faster rate.
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