The global pandemic has accelerated the adoption of automation across multiple business functions to ensure organisations remain agile, resilient, and competitive.  In the spend management area, now more than ever, automated and connected spend data across multiple finance functions reflects true business resilience.

Best-in-class businesses have invested in expense management automation, including the adoption of mobile apps and tools, to provide visibility into spend and budget as well as support the workforce in their transition to remote working. A recent survey by Aberdeen Research revealed that global best-in-class companies are 13{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} more likely to have mobile apps designed for making expense and supplier invoice approvals, and 10{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} more likely to have mobile apps designed for capturing expense receipts and submitting invoices immediately after incurring them.

KB Securities, one of the biggest investment banks in Korea that offers full-service capabilities and a diversified business portfolio, is one of the enterprises that has recently embarked on an expense management automation journey to enhance the company’s inefficient expense management system that relies on many manual processes. The firm tapped leading business travel and expense management provider SAP Concur to deliver expense management automation leveraging select solutions namely SAP Concur Expense, SAP Concur Invoice, and SAP Concur Intelligence as well as expense processing mobile app SAP Concur Mobile with Single Sign-On that simplifies access management.

Expense Management Automation Delivering Results

SAP Concur Expense simplifies and automates expense reports by pre-populating charges from credit cards, select suppliers, and receipt photos, ensuring compliance and accurate expense claims while SAP Concur Invoice enables businesses to automate Accounts Payable (AP) management, driving efficiency, profitability, and visibility into spending. 

On the other hand, SAP Concur Intelligence empowers organisations to gain actionable insights into expense, travel, and AP data through dashboards and reports built on best practices. SAP Concur Mobile app offers convenience to employees and managers in completing all expense reporting tasks with a mobile device.

Sharing about the remarkable outcomes SAP Concur solutions brought to the investment bank, Han Jeong-ho, Managing Director of KB Securities’ Business Planning Division, said:

“While the existing system was inefficient and highly depended on human resources for business progress, SAP Concur’s automation system allowed us to significantly increase work efficiency. Based on the SAP Concur solution, innovative expense management became possible by improving work efficiency, compliance with pre-applied regulations, and improvement of problems that may occur due to omissions or errors in evidence.” 

Here are the notable results achieved by KB Securities upon implementing SAP Concur expense management solutions:

• Increased work efficiency 
• Improved the compliance rate of employees based on pre-defined regulations 
• Enabled employees to handle their expenses through the mobile app, improving work productivity
• Streamlined expense management between employees and the accounting department with the solutions’ capability to automatically control out-of-regulation expenses by applying expense-related regulations that meet the company guidelines

Expressing SAP’s commitment to supporting KB Securities’ digital transformation, Seong-Yeol Lee, CEO of SAP Korea, said:

“We are delighted to be able to build an innovative next-generation expense management solution in KB Securities, a subsidiary of KB Financial Group, one of the top financial groups in Korea.” 

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