A recent Forrester survey found that 69 percent of surveyed mid- to large-sized businesses view cloud-based expense management software as beneficial to cost reduction, believing such products could help reduce expenses by 20 percent or more, though few are using them.
The research found that only 50 percent of those surveyed are using any type of metrics, such as the accuracy and timeliness of expense filing and compliance with corporate expense policy, to measure elements of their expense management process. In addition, 37 percent of surveyed businesses currently use their ERP system to manage expenses, while 24 percent use spreadsheets, 16 percent use homegrown systems, and only eight percent use cloud expense management software.
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