NEW APPROACHES IN HRM

18 Even the Finance department of 65% organizations still verifies expenses & does data crunching manually, which delays the entire reimbursement process. Manual processing of bills is fairly tedious for Enterprises with a large mobile workforce. The dependency on paper vouchers does not only curtail employee productivity, but it also impacts the functioning and the performance of the finance department too. All this collectively leads to job dissatisfaction and also impacts the productivity of the employee. To give a sense of urgency of the situation our survey found that 43% of companies with manual or partial automation want to opt for full automation in six months. Companies want fully automated tools to help enhance productivity and overcome roadblocks in their day-to-day work. The only way to achieve a change in this is to make the entire process of expense filling easy and technologically advanced, in short, provide a simple-to-use system that automatically imposes corporate rules and minimizes the effort required by employees. Some of the successful Indian enterprises which are known for their culture and employee focus have adopted AI-powered expense management solutions. These kinds of solutions also come with corporate cards where employees can be provided with advance money. The bills of daily allowances and other expenses get automatically captured in the dashboard. This industry-leading automation helps not only makes processing expenses easier and faster but also creates a workforce which is more productive and engaged. With a digital & automated T&E platform in place, companies can gain 100% spend visibility and control, speed up their process cycle time by 7X, reduce paperwork by 96%, reduce leakage by more than 90%. Digital Era Challenges In this digital era, businesses cannot afford to waste money on an outdated paper-based system that leaves it open to fraud and fails to deliver the required real-time cash flow visibility. With the usage of these AI-based expense management solutions, companies are making day-to-day lives easy for employees. This will automatically increase their productivity and efficiency. Both employees and employers have control over expenses and transparency throughout the process. In short, taking the initiative to invest in AI-based expense management solutions is something that can drastically improve employee experien ce, especially that of today’s Millennials. Strengthening human experiences requires a culture of collaboration and HR plays an important role in this regard. Eighty- three percent of leaders agree that HR can improve employee performance by enabling and coaching employees to take on HR capabilities.