In the context of business expansion, the cost management Efficiency is not only a challenge but also an opportunity for businesses to improve operational efficiency. Ubisense, a leading technology company specializing in providing real-time tracking solutions, has successfully undergone a journey of modernizing its expense management process, opening the door for sustainable growth.
1. Introduction to Ubisense
Ubisense is a technology company based in Cambridge, England, best known for its SmartSpace® solution, which uses advanced sensors and an open software platform to track location, movement and interactions in real time. With over 1,000 customers worldwide, Ubisense has helped many businesses optimize productivity, quality and ensure safety in the workplace.
Despite being a leader in technology, Ubisense still faces the problem of cost management when expanding operations in 6 countries, with large differences in tax regulations and operating costs.
2. Challenges in cost management
Before conversion, the process cost management at Ubisense faced many limitations:
- Depends on the old system: Traditional tools do not meet modern needs, making it difficult to track and process costs.
- Lack of mobile support: Employees are unable to submit and track expenses while on business trips, disrupting the process.
- Difficulties in complying with international regulations: Differences in VAT and travel allowances in each country take a lot of time for the finance team to process.
- Lack of transparency: Staff and managers are unable to track approval status, resulting in delays in reporting.
Adam Green, CFO of Ubisense, shares:
“We can't afford to let our cost management process fall behind, especially when other systems are being upgraded.”
3. Solution: Modernize cost management process
Ubisense decided to invest in digitizing and optimizing the cost management process with innovative solutions:
Accounting system integration
Cost data is directly connected to the central accounting system, minimizing errors and saving reconciliation time.
Process automation
- Digitize invoices, automatically process and classify expenses, eliminating manual tasks.
- Apply custom tax rules for each country, ensuring compliance.
User friendly interface
- Employees can submit expenses and track approval status through the mobile app.
- Manage approvals anytime, anywhere, reducing wait times.
4. Implementation process
To ensure maximum effectiveness, Ubisense has implemented the plan in stages:
- Detailed planning: Each step of implementation is clearly guided, from information gathering to testing, ensuring every department understands their role.
- Small group testing: A group of employees tests the system before large-scale implementation, helping to reduce errors and make timely adjustments.
- Employee Training: Manuals and training sessions are provided to help employees get familiar with the new system quickly.
5. Results achieved
After successfully implementing a modern cost management system, Ubisense has reaped many benefits beyond expectations:
- Save time: Streamline expense submission and approval processes, allowing finance teams to focus on strategic tasks.
- Financial Transparency: Expenses are tracked in real-time, allowing for more accurate budget management and planning.
- Improved user experience: Employees are more satisfied with a modern, easy-to-use, and transparent system.
Adam Green commented:
“The new solution not only helps us solve current problems but also supports long-term development.”
Ubisense is constantly innovating, planning to apply more technologies such as artificial intelligence (AI) and advanced automation to further optimize processes. This is not only a strategy to maintain its position but also an important foundation for sustainable development.
6. Bizzi Expense: Comprehensive expense management solution in Vietnam
As businesses looking to scale up like Ubisense are constantly looking for the best tools to control budgets and improve financial management efficiency, Bizzi Expense stands out as a leading solution, bringing innovation in cost management.
Outstanding features of Bizzi Expense:
- Complete automation: The process from creating payment requests to approving expenses is automated, eliminating paperwork and reducing processing times.
- Instant over budget warning: The system automatically sends warnings when costs exceed limits, helping businesses quickly adjust and maintain control.
- Real-time tracking: Update expenses in real time, helping finance and business management have a comprehensive view of cash flow.
- Flexible budget management: Bizzi Expense allows budget allocation by department, project or division, ensuring reasonable and planned spending.
Mondelez, Talentnet, Masan Group, Kewpie… are large enterprises in Vietnam that have successfully deployed Bizzi Expense. They not only reduce costs but also significantly improve financial management efficiency, enhance transparency and optimize business operations.
7. Conclusion
The success of cost management at Ubisense is a clear demonstration of the importance of technology in optimizing financial processes and maintaining long-term efficiency. For Vietnamese businesses, Bizzi Expense is the ideal solution to control budgets, reduce financial risks and promote stability.
If your business is looking for a powerful tool to improve your expense management process, give it a try now. Bizzi Expense to experience the difference and improve your financial performance!
Sign up for a trial now to experience Bizzi Expense and modernize your business's expense management process: https://bizzi.vn/bizzi-expense-promotion?utm_source=ads&utm_ubisense-case-study
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