Many organizations are discovering that cloud computing offers a number of strategic opportunities to cut costs and boost revenue.Business Finance magazine explores the ways leading organizations are using the cloud to become more competitive, from improving decision-making to transforming collaboration and business processes.
Here are three reasons to use the cloud when it comes to your organization’s expense management software.
- Cost savings. Business Finance reports that cost control is a major reason to choose the cloud. In a recent survey by IBM, 25 percent of businesses reported that they had used cloud technologies to reduce IT expenses, and more than half noted increased efficiency.
Using automated, cloud-based expense management software like Chrome River EXPENSE is a great way to improve efficiency, resulting in a solid financial benefit. For example, organizations that use manual processing for expense accounts pay an average of $21.41 per report. Those that switch to an automated, cloud-based system can realize significant savings, paying an average of $8.50 per expense report.
- Collaborative advantages. A streamlined, cloud-based platform often fosters a better environment for collaborative work, according to Business Finance.
- Analytics and transparency. The cloud has made business intelligence platforms and “big data” functionality much more accessible and affordable. Using cloud-based expense management software, for example, provides organizations greater visibility into areas where they can improve upon business processes and manage spending more effectively.
By improving access to facts and data, managers are able to negotiate more cost-effective travel arrangements, while also spotting errors or malicious fraud earlier. In addition, they can issue stronger rules and spending guidelines, as well as identify opportunities for preferred vendor relationships.
Those are just a few of the business advantages of using the cloud for expense management software. What are some other ways that an organization can use the cloud to improve your existing processes? Please share your thoughts in the comments section!
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.