The Future of Corporate Spending: Emerging Trends and Technologies
Corporate spending has always been a critical aspect of business operations. Emerging trends and technologies have revolutionized corporate spending, paving the way for a more efficient and secure future. In this blog post, we will explore the history of corporate spending and the exciting emerging trends, such as virtual cards and web apps, that are shaping the future of corporate spending.
A Brief History of Corporate Spending
The history of corporate spending dates back to the early days of commerce. As businesses evolved and expanded, managing expenditures became increasingly complex. Traditional approaches involved paper-based processes, manual record-keeping, and reliance on physical documentation.
But as Hubspot reports, manual-based processes and spreadsheets are painful. They would take a long time and human resources to effect and audit. According to Global Business Travel Association, about 3000 hours are spent on expense reports.
It gets even more frustrating when receipts are lost and the employees get dissatisfied when they are asked to do the mundane tasks of manually accounting for each of their expenses.
However, with the advent of technology, organizations gradually transitioned to digital systems, leveraging spreadsheets and accounting software to streamline their spending workflows.
Emerging Trends and Technologies
Virtual cards are transforming the way companies manage corporate spending. These digital payment solutions enable businesses to issue unique card numbers for specific transactions or time-limited purposes. Virtual cards offer enhanced security and control by allowing organizations to set spending limits, allocate budgets, and monitor transactions in real time. This technology streamlines expense management, reduces fraud risks, and simplifies reconciliation processes.
Web Apps for Expense Control:
Web applications are revolutionizing the way corporations monitor and control spending. These apps provide comprehensive platforms that integrate various spending functions, such as expense tracking, reimbursement management, and approval workflows. By automating manual tasks and centralizing spending data, web apps enable better visibility and control over corporate expenses. They also facilitate policy enforcement, streamline auditing processes, and provide valuable insights for financial planning and decision-making.
Artificial Intelligence and Machine Learning:
Artificial intelligence (AI) and machine learning (ML) are playing a significant role in optimizing corporate spending. These technologies can analyze large volumes of spending data, identify patterns, and generate actionable insights. AI-powered expense management tools can automate expense categorization, detect anomalies, and flag potential policy violations, reducing the burden on finance teams and enhancing compliance. Moreover, ML algorithms can help forecast future spending patterns, enabling organizations to make informed budgeting decisions.
Blockchain for Supply Chain Finance:
Blockchain technology is disrupting the traditional supply chain finance landscape. By leveraging decentralized ledgers, smart contracts, and transparent transactions, blockchain offers improved traceability and efficiency in managing supplier payments and financing. This technology enhances trust among participants, reduces fraud risks, and simplifies reconciliation processes. Additionally, blockchain-based supply chain finance solutions can unlock new funding opportunities for businesses, including invoice financing and dynamic discounting.
Contactless Payments and Mobile Wallets:
Contactless payments and mobile wallets are gaining popularity in corporate spending. With the proliferation of smartphones and near-field communication (NFC) technology, businesses are adopting mobile payment solutions for employee expenses and procurement. Contactless payment options, such as Apple Pay and Google Pay, offer convenience, speed, and enhanced security. Integrating mobile wallets with expense management systems streamlines the reimbursement process, reduces paperwork, and provides a seamless user experience.
The future of corporate spending is poised for transformation. Emerging trends and technologies are revolutionizing the way businesses manage their expenses, enhancing efficiency, security, and control. Virtual cards, web apps, AI/ML, blockchain, and contactless payments are just a few examples of the exciting developments that will shape the corporate spending landscape. By embracing these innovations, companies can streamline their financial processes, gain actionable insights, and drive better decision-making.
Numberless Physical cards:
For heightened security, newly issued bank cards are now designed without visible numbers. This means that even if you misplace your card, you can rest assured that it cannot be utilized for online payments by anyone else. Boya physical cards, for instance, do not display the typical 16-digit number commonly found on most cards. Additionally, they do not feature a CVV (Card Verification Value) on the back.
As we move forward, organizations need to stay abreast of these emerging trends and leverage the technologies that best suit their needs, ensuring a competitive edge in the dynamic world of corporate spending.
The Boya platform includes secure virtual and physical cards, a web application, and native mobile apps. Users of both Boya’s physical and virtual cards express satisfaction with the ability to track expenses without the need to search through bank and MPesa statements, which can be cumbersome and time-consuming. Additionally, employees can utilize Boya Visa cards for payments at all merchant stores accepting card transactions. If an administrator identifies any suspicious transactions, they can freeze the card with a single tap.
The platform is secure and has all the features expected in a modern corporate spending platform. Some of our current clients like Koko Networks, Tamarind, Vivo Activewear, and A Plus Interiors Limited have been using Boya to manage expenses seamlessly.
Mary Thandy, the finance associate at Vivo, had this to say about Boya:
“Boya helps us to easily track expenses, generate statements as well as follow up on expense receipts in the system”
Do you want to experience the magic of electronic expense management, tracking, and real-time reporting with Boya? Sign up for a demo today