Spending on global business travel is expected to reach $1.6 trillion by 2020. While business travel budgets are expected to increase, your CFO would like to see cost go down.
When it comes to controlling T&E costs, your CFO likely thinks the status quo—your expense management software (Concur, Workday, Chrome River, etc.) and manual audit process—is enough and you can just make do with your current system. But you know better. You live and breathe the expense process every day. You see the problems and how automation technology and advanced expense report analytics can change traveler behavior to control spend and improve compliance.
But, the line at the CFO’s door asking for a new technology buy isn’t a short one these days. CFOs face requests from every department—HR, sales, marketing, IT, R&D, and accounting itself—for technology they NEED to have or they will fall behind.
Unfortunately, many fail to come armed with the information they need to help the CFO prioritize requests and understand what will truly have the most impact on the business. So, how can you rise above the noise and convince your CFO to sign-off on the investment in an automated expense monitoring solution like Oversight?
Try these tips to get buy-in from your CFO.
- Explain the benefits in terms of business value. ROI is what strikes a chord with the C-suite. Automated expense monitoring provides the necessary information to help the business make smarter decisions. It reduces the overall effort required to review, audit, take action, and resolve T&E risks. It provides operational efficiencies, enhanced risk detection, and cost savings. When you automatically analyze 100% of your expenses across all expense reports, most companies reduce the level of effort to detect, investigate, and remediate T&E risks by at least 50%.
- Tie the CFO’s goals to the project. Is your CFO being called upon to reduce costs? Explain the true cost of maintaining the status quo. Typically Oversight clients see 2-5% reduction in travel spend due to decreased fraud, waste, and misuse, which more than offsets the cost of Oversight for monitoring.
- Get the CFO involved in the decision process. Purchase requests often are rejected because the decision makers weren’t involved in evaluating and selecting the technology. Ask the CFO to share questions and concerns and involve them in the decision-making process.
- Connect the CFO to customer references. Early on, share customer testimonials and case studies that demonstrate the ROI similar companies have realized. As you get closer to making the investment, set the CFO up for a phone call with one of their peers who has implemented automated transaction monitoring. Hearing from another company in a similar situation is one of the best ways to convince an executive that a change will deliver benefits long-term.
To learn more, set up a one-on-one demo. We’ll help you make sure that you’re ready to present the business case for automated expense monitoring to your CFO and get the budget you need to transform your expense process.