Smart Ways T&E Can Help Businesses Overcome Challenges

Adapt.

It’s an essential word in the world of business. While businesses have always had to adapt to continuously changing conditions, the past few years have proven especially challenging. And 2024 is shaping up to be no different.

One factor that can be helpful in overcoming some of these challenges is optimizing your company’s T&E program. It begins with knowing what’s possible and where to focus. That’s why we put together the downloadable guide, Overcoming 7 Business Challenges of 2024.

Money- and Time-Saving Features

In times of economic uncertainty, companies look for ways to create efficiencies and control costs. Effective T&E management can play a key role in both. For example, airlines are increasingly publishing their inventory through New Distribution Capability (NDC) connections, which means that only business travelers using NDC-enabled solutions can access all the available flight options — which results in fewer off-platform and out-of-policy bookings.

Navan has been the industry leader in establishing NDC connections, and as more airlines utilize this technology, we will continue to grow those connections.

On the finance side, teams spend massive amounts of time manually processing expense reports and performing monthly reconciliations. However, with the policy controls available in Navan Expense, those teams can eliminate manual expense reports and proactively approve reports, leading to an enormous reduction in reconciliation time.

And it’s all done with real-time visibility into current spend across the entire company, which can result in data-driven decisions that can save the company money. Plus, with Navan Connect, companies can keep their current corporate or business card.

See all the challenges Navan can help your business overcome with our guide, Overcoming 7 Business Challenges of 2024.

Innovative Generative AI Solutions

Generative AI, of course, is fast becoming the engine powering more and more business processes. And it can have outsized benefits in streamlining operations, especially in data-heavy areas like T&E.

Putting this essential technology to work for your business means working with a T&E partner that has been out in front of this technology. It means finding a solution that has already figured out innovative ways of implementing generative AI and is constantly researching new possibilities. That’s exactly what Navan has been doing. On the expense side, our generative AI-driven chatbot, Ava, is a data analyst capable of doing deep analyses on company spend and making recommendations for ways to save money.

When it comes to travel, Ava is a hotel concierge. By analyzing travelers’ past bookings and taking into account data like distance from the office, Ava can make personalized recommendations on the best hotels for them — saving valuable time in the process.

There’s much more Navan can help your business achieve. Read more in our guide, Overcoming 7 Business Challenges of 2024.