Make Data-Driven Decisions Using Opportunity Cost Analysis

SAP Concur's blog introduces the opportunity cost analysis framework to help businesses evaluate resource allocation decisions. The article explains the opportunity cost formula and lists application scenarios such as capital investment, product development, time management, and technology selection. By quantifying the sacrifices of each option, companies can gain a more holistic view of the true cost of decisions, especially when budgets are tight. Using travel and expense management as an example, it illustrates how automated solutions reduce opportunity costs, citing survey data: integrated travel and expense platforms can increase policy compliance by 26%, save costs by 21%, and double…