Whether in business, sports or warfare, we tend to admire leaders who make good decisions seemingly based on intuition and instincts. In today’s complex business world, however, gaining a competitive edge also requires calculated evaluation. Expense management analytics provide powerful tools that can help leaders make better decisions — decisions that combine quantitative and intuitive insights.
Analytics are software tools that can be used to query complex enterprise data, combining and transforming data from multiple sources into compelling and actionable information. Expense management analytics, specifically, are tools that help managers evaluate an organization's expense spending from multiple perspectives, uncovering trends and opportunities for improvement.
Using customized dashboards, analytics users can access and compile data in meaningful ways. They can also generate reports in a variety of formats, including Excel, HTML, PDFs and PowerPoint. For example, an executive might use these reporting tools to review past expenses, analyze current ones, and compare past and present amounts. After identifying trends at the macro level, users can then drill down to individual transactions for a more detailed understanding.
In this way, expense analytics provide organizations with greater transparency and access to facts and data. This transparency then aids decision making, as managers gain visibility into areas where they can improve business processes and manage spending more effectively. For example, travel managers can use insights generated from analytics reports to negotiate more cost-effective travel arrangements, identify opportunities for preferred vendor relationships, clarify spending guidelines, and spot errors or malicious fraud earlier.
To sum it up, today’s business environment requires decision making that combines both quantitative and intuitive insights. Expense management analytics like Chrome River ANALYTICS offer powerful reporting tools that help organizations gain a competitive edge and identify opportunities for improvement.
We’d love to hear your perspective. How do you balance intuition and hard data in your decision making? Join the discussion below!
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- How I Did it: Eliminating the Risks of Paper-Intensive Expense Processes
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.