How moving Expense Management to the cloud can impact ROI

According to a recent survey from Avanade(1) many global organisations are increasingly open to investing in innovative smart technologies - as many as 93% of those participated in the survey. They project a potentially sharp rise - an increase of over 33% to be precise in the companies' revenues over the next five years. Collaboration, communication and problem solving will be at heart of this transformation, whereas mobility, the cloud and connected technology will enable this change for companies.

This also augurs well for companies where cloud computing is poised to create positive business outcomes. Many cloud solutions have already helped them enhance employee productivity, cut operational costs and drive new business capabilities. Such advantages have also egged the CFOs to engage with cloud solutions that can swiftly and precisely manage key company expenses. One such domain that has particularly gained is employee Travel Expense Management TEM.

The Cloud and ROI Connection

As per an IDC report, cloud technology is a “critical business priority”. It puts their business benefits at a discounted average of $2.78 million ($54,900 per 100 users)(2). The IDC Whitepaper also derives a direct connection between the effectiveness of cloud apps and spend efficiency.

ROI and cloud graph

By investing in cloud-based solution that offers actionable analytics and key insights, businesses can unlock multiple savings. Such a solution not only automates expense entry and prevents errors but also delivers more accurate currency conversions via its software. By increasing spend on finance analytics, businesses eliminate the manual paper concept, gain visibility in to spend, control costs and make better business decisions.

Time to break the cloud adoption barriers

In a survey released in March 2015 by the Cloud Security Alliance (CSA), 61% respondents said they are still developing a cloud strategy for their enterprise(3). This clearly indicates the changing mind set towards cloud adoption. Access to better knowledge and improved ROI could be reasons for this change.

Companies no longer have to worry about big investments in software, hardware, storage and servicing costs. The cloud momentum is slowly but surely opening up an opportunity for all companies to level the playing field and compete on similar platform. The need of the hour is for all businesses to take the lead in adopting the cloud and make it integral to their business strategies. Those that are successful in understanding the power of cloud and harnessing it across their businesses will lead this new wave of growth.

To know how cloud-based Concur can help streamline businesses, click here.

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