8 forecasts for per diem management technology in 2024

In 2024, industry per diem management (T&E) is predicted to undergo significant transformations, driven by technological advances such as AI, Blockchain and predictive analytics.

The global cost management market is expected to reach $13.15 billion by 2030, showing a strong trend towards the adoption of advanced solutions across a variety of sectors.

From using image recognition technology to automate invoicing, to analyzing spending to make more informed financial decisions, and even automatic fund disbursement, how Business expense management is changing rapidly.

Traditional methods such as storing paper invoices and using spreadsheets are gradually being replaced by advanced technologies and more flexible working trends.

Let's Bizzi Learn about the latest trends in per diem management and explore the promising features of the future.

What key trends will impact the per diem management industry in 2024?

Mobile applications take the throne

Using mobile apps to manage per diems is increasingly popular. Employees and finance departments at many businesses around the world are turning to mobile apps to manage expenses on the go. According to Certify, 54% expense reports were submitted via the mobile app in 2021, a significant increase. With 45% expense reports now coming from mobile devices, these apps make it easy for employees to submit reports from anywhere, especially in the increasingly popular remote work landscape.

The future of per diem management is shifting dramatically to mobile. As more businesses and employees work remotely and have flexible schedules, expense management app usage is expected to increase. Predictions show that by 2025, 75% businesses will mainly use mobile applications to track and report expenses.

Integrate with financial systems

Connecting per diem management solutions to financial systems such as accounting software is becoming the norm. This not only reduces manual work but also provides real-time financial insights.

About 82% organizations today consider integration a top priority when choosing a per diem management tool. Integration not only helps businesses save time and costs, but also improves financial management efficiency, ensures transparency and compliance, and helps make more informed business decisions.

AI and Machine Learning

Automation and artificial intelligence are changing the way per diem is managed. AI tools can scan invoices, categorize expenses, and even detect policy violations, saving time and minimizing errors.

This not only makes the expense reporting process smoother, but also improves compliance and helps businesses make better decisions. Gartner predicts that by 2025, 80% organizations will use cost analysis tools to gain valuable insights from their cost data.

Towards a paperless future

Sustainability is a growing concern for businesses, even in per diem management. The days of paper invoices and manual data entry are gradually coming to an end. Electronic invoices, electronic invoices and other paperless solutions are becoming the norm.

Companies are adopting environmentally friendly practices, from encouraging sustainable work options to reducing paper usage. This not only helps protect the environment but also saves costs in the long run. By 2025, it is expected that up to 90% businesses will eliminate paper-based cost processes, reducing administrative costs and environmental impact.

Improve employee experience

Employee experience remains central to per diem management. Companies will invest in easy-to-use expense management solutions that may have game-like elements to encourage responsible spending.

The COVID-19 pandemic has accelerated the adoption of remote working, which in turn has impacted cost management. Companies have had to adapt quickly, adopting digital solutions to track costs in distributed work environments.

With remote working becoming a more permanent fixture in many organizations, demand for digital and cloud-based expense management tools is likely to continue to grow.

It is expected that by 2024, 60% companies will be using AI-based policy enforcement in their expense management system.

Blockchain technology to verify costs

Blockchain technology can revolutionize the way we verify expenses and prevent fraud. By creating an immutable record of financial transactions, companies can ensure the authenticity and security of expense data. Studies show that 40% businesses can apply blockchain for cost management by 2027.

Global expansion

As businesses expand globally, the need for cross-border operational cost management solutions will increase. Multi-currency and multi-language support tools will become the norm. By 2030, an estimated 80% businesses with international operations will rely on specialized global cost management solutions.

Telecommunications and wireless management

Telecommunications cost management (TEM) is emerging as an important area in enterprise cost management. With the explosion of mobile technology and diverse telecommunications services, controlling and optimizing telecommunications costs has become more urgent than ever. The TEM market is expected to reach $6.7 billion by 2030, showing strong growth potential and growing demand from businesses.

Conclude

The cost management sector in 2024 is poised for a transformational change driven by technological advances. Key trends such as dominating mobile apps, AI and machine learning, predictive analytics, sustainability and blockchain integration are set to redefine efficiency, accuracy and user experience in management expense. With the global cost management market expected to reach $3.1 billion by 2026, businesses that adopt advanced solutions will have significant growth opportunities.

As businesses globally adapt to a changing landscape, including remote working and digitalization, the need for integrated, user-friendly and automated expense management solutions is escalating.

Adoption of these technologies is critical for organizations seeking to improve operational efficiency and gain greater financial insight.

In the context of businesses increasingly focusing on cost optimization, Bizzi Expense has emerged as a comprehensive and effective cost management solution. More than just a spending recording tool, Bizzi Expense provides an ecosystem that helps businesses tightly control budgets, automate approval processes and make decisions based on accurate data.

Bizzi Expense Allows businesses to:

• Detailed budget planning: Flexibly allocate budget to each project and department and closely monitor usage.
• Automate the approval process: Minimize errors and save time by establishing an automated, transparent approval process.
• Manage all types of costs: From business expenses, shopping to receiving guests, all are managed centrally and in detail.
• Collect diverse cost data: Integrate with multiple data sources such as electronic invoices, receipts, emails, mobile applications and accounting software.
• Ticket and hotel booking support: Helps employees easily book train, plane, and hotel tickets in accordance with work policies.
• Provide detailed reports: Analyze spending data according to many criteria, helping businesses better understand cost structure and make appropriate adjustment decisions.

Please contact us for advice and to directly experience the superior features of Bizzi Expense.