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The latest report on “T&E Expense Management Automation Report” by the Aberdeen Group highlights interesting facts about the advantages of expense management mechanization for enterprises. One of the interesting viewpoints shared is that expense management automation singularly, without any project management automation or timesheet results in extremely high expense and risk savings for enterprises of all sizes.
The insights presented in the report also revealed a section of enterprises that they categorized as the “Best in Class” organizations, where the companies distinguished themselves from the average companies in certain ways. Some of them are listed below:-

• The cost to process expense reports were reported to be 73% lesser than the competitors
• There was compliance with T&E policies that was 36% higher than their competitors

In this regard, let us have a look at the ten essential elements of the expense management software that is offered by eminent service providers these days. They are as listed below:-

Business Process Rules and Business Process Management
In the travel and expense management software that uses the Cloud Process, the business process rules are configured in a way to adapt the solutions to certain specific user requirements.

Cloud Process Tools for End-user Participants
The end user tools in such software comprise elastic, easy –to-use interfaces in order to maintain proper profile data, report costs, make bookings, reconcile invoices and many others.

Master Data Management
The master data management needed to cater to this ongoing and automated software consists of company level data for instance, organizational structure hierarchies, account plans and also personal data.

Business Process Network
The software works towards connecting the clients and users with travel providers and agencies, banks, credit card organizations, travel account providers and the like. Such connections set up a business process network.

Process Improvement Service
Service providers of advanced expense management software are maintained and improved through regular and ongoing releases as per the strategic route map and operational release plan.

Third-Party Best-of-Breed Cloud Brokering
With such innovative software it is possible to link up and benefit from third-party services.

Information Monitoring and Management
Management and monitoring of data is crucial to the ongoing expense management software using the cloud process.

Performance Management
Performance management services assure that every technical feature that comprises even the associations in the BPN function correctly every time.

Cloud Process Hosting
Eminent service providers offering expense management software using the Cloud Process hosts them in a scalable and secure environment where the users are able to select their required service levels.

Cloud Process Customization
The cloud process used in the software is highly configurable and customizable that enables it to cater to every single user needs and demands.

These apart, eminent service providers of expense management software also specialize in innovative electronic payment process and supply chain management systems to facilitate the software and other high-end features.