SAP Concur: Transparency and Accountability in Energy and Utilities Spend Management
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Finance and IT leaders in energy and utilities need to assess pandemic-era rushed spend systems and consider integrated spend management platforms to reduce fraud risk and improve compliance and spend visibility.
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- SAP Concur BlogSAP Concur: Transparency and Accountability in Energy and Utilities Spend Management
SAP Concur published spend management guidance for the energy and utilities sector, noting the pandemic forced rapid digitization and organizations should now assess those rushed fixes. The T&E spend violation rate skyrocketed 292% from 2019 to 2020. Fraud remains a serious problem, with utilities seeing a median fraud loss of $200K. It recommends finance and IT collaboration and digital spend management tools for near real-time spend and cash flow visibility. An IDC report found 90% of decision-makers see room to improve spend control.