Expense managers are bullish on the future of AI in expense management, and they are facing new challenges related to hybrid working models, according to a January survey of more than 1,200 finance managers published by American Express Global Business Travel.
Nearly 90 percent of respondents said they currently trust AI to support T&E management, though it has not entirely replaced the human touch. Just over a third said they trust AI to detect issues with T&E management without intervention, although about two-thirds said they expect it to be able to support the process without intervention in the coming years.
More than 90 percent of respondents said their approach to T&E has changed in recent years with greater acceptance of hybrid working models, according to the survey. Forty-one percent said they are seeing claims being made more rapidly, and an equal percentage said they are putting more scrutiny on expenses. Almost 70 percent said they expect fraudulent claims to increase because of the current economic situation.
While cost-cutting was among the top priorities for finance managers, more than three-quarters said they would be able to cut costs via expense policies without cutting travel. Priorities are broadening beyond cost as well, with 64 percent of respondents indicating carbon emissions will be more important than costs, and 71 percent indicating the ability to strengthen relationships with travel outweighs lowering costs.
Survey respondents represented companies in the U.K., U.S., France and Germany with more than 5,000 employees, according to Amex GBT.