The world has not been the same since the COVID-19 pandemic. There has been a permanent change in the dynamics of how businesses operate. Business travel is one of those aspects, which has had a direct impact looking at how quickly the virus has spread. As a result, some business travelers are excited to return, some are still skeptical, while some are looking for smart alternatives to replace business travel altogether.
In the long run, costs involved in managing expenses, bills, invoices, and receipts can significantly hinder an organization’s growth plans. Be it a small/medium enterprise or a white-collar behemoth, striking the right balance in budget allocation proves to be a critical factor in deciding whether the budget is laying a healthy foundation for a growing business or paving a path to an economic crisis. With applications like Peri, the benefits outweigh the cost, and the ROI is prominent, recurring, and has a positive snowball effect. This is why T&E Management solutions play a pivotal role in making data-driven decisions.
But the show must go on…
Looking at how dire the situation has become, it is only understandable why some travelers are concerned about their health and safety. However, those excited and eager to hit the road are bound to experience a significant shift in the paradigm.
With innovative cloud-based solutions like Peri floating in the market, employees are more likely to resume traveling, knowing that there won’t be a mountain of paperwork and receipts waiting for them at the end of the journey. Companies with mandatory travel policies and are not using cloud-based T&E management solutions are considering switching to such applications. Sales representatives solely dependent on business trips have reported a dramatic fall in deals and contracts, showing how closely the two factors are linked.
Solutions like Peri are highly flexible and can adapt to organizations of various sizes and types. With easy integration options, linking to ERP software is seamless. In addition, the customizability of such solutions accommodates policy frameworks and tax structures just as quickly.
When the dust settles, we will be able to see a completely different picture of the world. With facemasks, constant sanitization, and social distancing becoming the norm, the consequent aftereffects are bound to transform the way people travel. Public travel is expected to experience significant depreciation, encouraging employees to use their own vehicles.
Looking at the symptoms of the COVID-19 virus, people having a common cold and similar symptoms are likely to face discrimination, which is concerning. When calculating the feasibility, it is apparent that companies that are not using T&E solutions are more likely to transition from a manual process to a digital process. Looking at how employees must be kept up to date with health regulations, a well-rounded travel & expense management application will play a significant role in sanctioning necessary funds to prepare the company for resuming business travel.
Looking at how the dynamics of business trips are altered, employees tend to expect faster approval of their trip requests and other expenditure requests. This is where solutions like Peri come into the picture. The traditional process of approving such requests is highly inefficient and overly rigid. Even the slightest mistake of mistakes threatens the company’s policy framework, which is a significant setback in the grand scheme of things.
It is apparent that even after a global crisis such as the COVID-19 pandemic, businesses worldwide are working towards rebuilding the synergies. Business travel is going to be a crucial deciding factor in achieving that goal. While employees have mixed feelings about returning to planned business trips, this would be the ideal time to switch to smart T&E management solutions like Peri.