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 Expense Automation Can Increase Manufacturers’ Profit Margins
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- Capturing and Optimizing Your True Corporate Travel Program Spend Using Total Cost of Ownership
- Specialist Expense Vendors vs. ERP Suite Modules: Pros and Cons
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Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!