Employee spend may include all the money spent on goods and services your employees buy for business. Like many things, it has drastically changed in the past year. The purchases required by a workforce largely working from home present new challenges. Employee spend categories have shifted to things that keep staff productive and engaged from remote workstations. Companies have also shifted to prioritize process efficiency in order to save both time and money.
No More Room For Lengthy Processes
As an example, look at a typical office, such as a laptop. Before the pandemic, the process for acquiring a new laptop was straightforward. It may have simply been an email request to the office manager and a delivery one week later. Today, things are more complicated. The office manager may only be available three days a week, and the local vendor closed. Next, the steps to delivering that laptop to the employee may be proving to be a logistical nightmare. Optimizing some of these steps will help reduce the friction and keep businesses running smoothly so when laptops get damaged, businesses need to pivot to be able to manage the replacement process more effectively.
What Needs to Change
- Companies need to tightly monitor all business expenses but also effectively work with diverse suppliers who provide employees with the things they need to be productive.
- The type of goods and services needed to keep the business and employees productive are different now. Businesses need to put in place different ordering, vendors, delivery, and sourcing strategies, without losing track of spend and accountability.
Neo1 – Fit for Purpose in The New Purchasing World
Neo1 is a free-to-subscribe employee spend management platform that helps do it all in one place. It includes everything from budget requests to approvals, purchasing via Amazon Business, receipt capture, and reconciliation. And when your employees begin traveling again, Neo1 will be there to provide the powerful backing of American Express Global Business Travel with 24/7 access to travel counselors to help get your employees from A to B with confidence. Register for free today and see how it can work for you.