For nearly three decades now, SAP Concur has been assisting organisations in streamlining and automating their financial processes with intelligent solutions. In 2019, the company opened a development centre in Shanghai to develop and strengthen integrated spend management technologies for the Chinese market. Continuing its commitment to enabling the digitalisation of businesses by improving their intelligence capabilities, SAP Concur advances finance transformation through a diverse portfolio of professional solutions and a strong partner ecosystem. 

For SAP Concur Greater China General Manager Jeff Lam, building a successful and resilient business amidst the COVID-19 pandemic is challenging. He believes that technology has played a key role in how organisations effectively stay competitive and adapt to changing needs today. One of the numerous organisations that have chosen SAP Concur for digital finance transformation is PrimeCredit. The company aims to customise its expense limit approval functions for various types of expenses in order to meet its specific and intricate internal compliance requirements.

Commenting on the partnership with the provider of credit, financing, investment, and other services in Hong Kong, Lam expressed:

“It is encouraging to see how the SAP Concur solution has supported PrimeCredit, a key player in Hong Kong’s non-bank consumer finance groups, to unleash business potential with data and digitalisation.”

PrimeCredit Accelerates Digitalisation with SAP Concur Invoice and Expense Solutions

Indeed, financial institutions like PrimeCredit face a compelling need to leverage the power of technology to improve efficiency, reduce costs, and meet their emerging business needs in light of a fast-paced industry and regulatory landscape. Established in 1977, PrimeCredit’s branches mostly provide personal loans and credit cards to its user base of more than 300,000 and other individuals that otherwise may not qualify for traditional bank lending. 

According to William Ng, Chief Financial Officer at PrimeCredit Limited, digital transformation presents a major change to business processes and operating models, consequently building significant barriers for financial groups as they embark on their digitalisation journeys. Expounding on their collaboration with SAP Concur, he shared:

“The SAP Concur solution has been a key step in our digitalisation strategy. It has helped us optimise our workload, which is instrumental in resource planning. We also have better data visibility and a deeper understanding of our various businesses and financial health for better-informed budgeting decisions.”

Harnessing the capabilities of cloud-based solutions such as SAP Concur Invoice and SAP Concur Expense that leverage artificial intelligence (AI) and machine learning (ML), PrimeCredit was able to:

• Obtain a comprehensive and integrated view of spend categories, reimbursements, and invoice activity.
• Improve transparency and credibility by gaining real-time data visibility to support the business’ expansion needs.
• Creating a highly productive and efficient workplace by rerouting manpower to valuable tasks.
• Empower managers and support teams to conduct more effective spending reviews.
• Simplify the finance team’s overall workflow in terms of budget prediction and expense approval by streamlining and optimising finance processes.
• Track, retrieve, and analyse data for cash flow projection, profit and loss management, and expense control without the use of manual forms.

Moreover, SAP Concur Expense and Invoice solutions enable the non-bank consumer finance group to assess expense control strategically and prepare for the coming year’s budget by expediting the process from input to review and approval. With the help of the cloud-based system, PrimeCredit can also allocate resources more efficiently.

SAP Concur Greater China GM Jeff Lam concluded:

“At SAP Concur, we are committed to being the credible companion of local enterprises and financial institutions of all sizes, enabling them to thrive amid the pandemic and beyond, and supporting them along their digital transformation journey with our industry-leading automated spend management solutions.”

PrimeCredit also intends to explore more SAP solutions in the future to further improve efficiency, and it looks forward to deploying more products that can aid in modernising the company’s operations.

The post PrimeCredit Digitalises with SAP Concur Invoice and Expense Solutions appeared first on InsideSAP Asia.

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.” 

The post KG Securities Embarks on Expense Management Automation with SAP Concur appeared first on InsideSAP Asia.