{"id":17312,"date":"2021-02-11T03:55:58","date_gmt":"2021-02-11T03:55:58","guid":{"rendered":"https:\/\/www.itilite.com\/?p=2297"},"modified":"2025-02-18T14:12:33","modified_gmt":"2025-02-18T14:12:33","slug":"launch-integrated-travel-expense-management-solution","status":"publish","type":"post","link":"https:\/\/www.itilite.com\/in\/blog\/launch-integrated-travel-expense-management-solution\/","title":{"rendered":"Introducing The All-New ITILITE Expense"},"content":{"rendered":"
<\/div>\n
\"\"<\/figure>\n\n\n\n

Today, we are excited to launch our all-new Expense Management Solution – the one that will complement our powerful travel solution to build the world’s one of its kind, 100% integrated travel & expense management platform<\/a>.<\/p>\n\n\n\n

In the last 4 years, we have worked relentlessly to bring business travel from offline and clunky systems to a modern experience and have received amazing success with our customers (as exemplified 9.6\/10 rating given to us by our customers). <\/p>\n\n\n\n

With this launch, we hope to continue the same by simplifying the integrated travel and expense journey for both – the organizations and the travelers.<\/p>\n\n\n\n

Why did we launch ITILITE Expense?<\/h2>\n\n\n\n

Two words: \u201cCustomer Feedback<\/strong>\u201d.<\/em> <\/strong><\/p>\n\n\n\n

We believe that great products can truly be made only when they solve customers’ problems and make their lives easy. Hence, our product team works closely with customers to understand their pain-points and needs and then creates a product roadmap. This is a regular exercise we do to build amazing products.<\/p>\n\n\n\n

Since the very early days, our customers, especially the finance teams, shared how they saw travel booking and the reimbursable spends done by employees as related problems. They wanted these two systems to work together seamlessly to provide complete visibility into T&E spend and control it from a single place. <\/p>\n\n\n\n

We got similar feedback from business travelers as well. For them, booking travel and reimbursing spends done on the company’s behalf were deeply related. They wanted one place where they could easily book their flight as per their choice, choose the right hotel, and file expense reimbursement in compliance with their company policy. They didn’t want to juggle multiple tools to manage their business travel and related expenses.<\/p>\n\n\n\n

\n

But the problem was, providers treated expense & travel as two separate worlds. Not even a single player provided a truly integrated Travel & Expense management solution. That\u2019s when we set out to solve this for our customers.<\/em><\/strong><\/p>\n<\/blockquote>\n\n\n

<\/a><\/p>\n\n\n\n

What is the problem with current travel & expense management solutions?<\/h2>\n\n\n\n
\"\"
Elements of Travel & Expense Management<\/figcaption><\/figure>\n\n\n\n

Business travel and expense management consist of multiple elements, as shown above. Even in the age of technology, most companies handle parts of their travel or expense manually, leading to higher inefficiencies, inevitable cost leakage, unproductive staff hours, and reduced data visibility. <\/p>\n\n\n\n

In companies where an integrated travel & expense management solution is used, not all elements of T & E management are covered by the same solution or work seamlessly across different products. Usually, the travel part of the T&E solution would only cover travel requests and approval flow while the travel booking is outsourced to a travel agent or a travel management company, where a person will further coordinate to complete the travel booking. In other cases, even where the booking is automated, support and inventory (flight and hotel rates) are provided by a third party, leading to confusion & segregated data.<\/p>\n\n\n\n

Also, on the expense side, most systems just stop at simplifying the submission of expenses by employees and providing a console for checking reports and completing payments. A smart expense management system should be able to record expenses and flag out not just policy violations but unusual spending and it should automate the expense audits <\/a>as well.<\/p>\n\n\n\n

So, even with these integrated solutions, companies end up managing at least three vendors, with many parts of the process being managed manually by in-house teams:<\/strong><\/p>\n\n\n\n