What is virtualisation? Although there are many different and competing definitions of this important term that each foreground a different component, let’s start with this: A virtualised process is any process where a face-to-face interaction has been eliminated in favor of a long distance interaction mediated by technology.
Face-to-face interaction is increasingly at a premium in today’s business world. In areas like travel expense report management, where time and distance are bound to increase, it can be nearly impossible to spend face time with the expert you might need to talk to.
Virtualisation has often been used to enhance the capabilities of an enterprise. For example, virtualised teams are becoming more and more central to the success of many companies that might otherwise struggle to facilitate the movement of experts from one country to another.
However, virtualisation can also be used to enhance efficiency and save money — as in the case of travel expense report development. While this is just one aspect of compliance reporting, it may be the one with the most to gain from virtualisation.
With Creative Approaches, Virtualisation Can Make Travel Expense Report Management Easy
Virtualisation can eliminate manual processes and substitute machine logic for human error.
Good software for reporting travel expenses can do all of the following:
— Create immediate records of overseas transactions, including digital receipt imaging.
— Maintain ongoing tallies of appropriate sales tax across multiple jurisdictions.
— Flag behaviour that might suggest expensing accidents or impropriety.
— Report information to key stakeholders around the world in minutes.
All of these factors taken together can make a significant difference in how quickly expenses may be reported and how accurate the final tally is. With that in mind, the ROI on such a virtualisation project can be realised quickly and may be very high.
When It Comes To Streamlining, Software Can Open New Vistas of Virtualisation
Streamlining processes effectively is becoming synonymous with virtualising the enterprise. The more IT you are able to bring to bear on your compliance-related activities, the easier you will find it to adapt your enterprise to global realities.
Streamlining is not always easy, but an innovation-forward approach can help. Because an expense report benefits so dramatically from a dose of high technology, this is often the best test case that you can develop for even larger initiatives in the future.
Don’t wait: Examine your enterprise to discover the best places for streamlining your reporting.