SAP Concur Reflects on 2023: Navigating Travel and Tech Sector

“Businesses today are evolving at a rapid pace, enabling faster change and progress, causing an acceleration of the rate of change. Initially predicted as a time when organizations would grapple with budget constraints and resource scarcity, the unfolding reality of 2023 brought not only anticipated challenges but also exciting technological advancements, notably in Artificial Intelligence (AI).  The tapestry of 2023 was woven with the threads of Business AI. This transformative force propelled technology to the forefront of business operations, reshaping the dynamics of travel, expense, and invoice (TEI) management infused with next-gen payment solutions. 

Organizations should take a realistic approach to planning for 2024, build in some flexibility to course correct, as needed, and lean into the benefits of emerging technologies. Embracing Business AI, automation, and AI-infused data analysis will help finance teams bring more strategy to the organizational table and find a greater sense of confidence amid uncertainty. Going forward, organizations also envision a paradigm shift in reimbursement processes. One foresees virtual payments streamlining TEI operations, instead of using a company credit card, employees will be able to use virtual payments for all business expenses, including travel.”