SAP Concur blog notes that SMBs waste millions annually on travel and expenses due to hidden spend, inconsistent booking processes, and manual expense reports. Adopting managed travel solutions that are integrated, ecosystem-based, secure, and workflow-automated can save an average of 122 hours per week and $40,000 per year.
A SAP Concur blog post outlines six ways companies can save money by tapping into business expense data: avoiding emergency borrowing, negotiating better rates with commonly used suppliers, preventing rogue spending, preparing audits with ease and reclaiming VAT effectively, making cost-effective strategic decisions, and enjoying efficiency savings. The post emphasizes that accurate, actionable data from automated expense, travel, and invoice systems helps identify spend patterns, anomalies, and savings opportunities.