Technology Poised to Eliminate Need to Claim Expenses
Payment and expense technology may one day eliminate the need for travelers to file expense reports, according to a new paper from BCD Travel. The paper, “Payment and Expense, Emerging Technology and Travel Management,” examines how change will come through innovation. It provides insight into how technologies such as machine learning, blockchain, chatbots, virtual and augmented reality and the Internet of Things can be used to improve the travel experience as well as provide advantages to travel managers and accounting departments. Examples include: Machine learning can provide an analysis of invoices and automatically feed information into the correct fields of an expense claim; blockchain will allow a supplier to issue a fully itemized transaction record directly into the client company’s accounting system; booking and payment can be made “fun” by allowing travelers to book a flight by selecting an airplane that’s flying across a virtual map via virtual or augmented reality; and the Internet of Things can automate the hotel experience by sending a receipt directly to the traveler’s expensing system. The report includes a timeline for when travel managers can expect to begin using the new technologies and addresses potential challenges associated with their implementation.