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expense management

Digitalization of Expense Management – a new way forward for Businesses?

Managing processes within organizations has become increasingly easier after many of the services were automated or digitalized thanks to the advent of applications & software. The process of digitalization has been accelerated due to the pandemic outbreak since the latter part of 2019 whereby restricted travel and contact compelled organizations and clients to provide & access services using online means and alternatives. This has come with many benefits such as improved accuracy, efficiency & heightened transparency.

Organizations that don’t embrace digitalization lag behind those that have adapted & embraced tools and technology to offer a competitive, efficient service. Not just external processes but internal operations, too, can be better streamlined and leveraged with applications designed for specific tasks.

While there are many products in the market today, choosing what works best for a given organization based on structure, scale and other factors is crucial. Some factors to consider when choosing an application or programme to be implemented to improve efficiency include: Cost, adaptability, ease of use and security.

One expense management software that is highly sought-after, voted as one of the best in the market currently, is DigiEx. DigiEx is a platform which enables users to conveniently manage internal expenses within organizations. The application is highly encrypted thus offering optimum confidentiality and protection from potential breeches & attacks. From blue-chip companies to grocery stores, DigiEx has been embraced by all demographics given the user-friendly interface making transactions easily trackable and verifiable. The app even offers the option of saving invoices, vouchers etc for future retrieval.

Petty cash management and any other types of expenses can be conveniently managed via this app which can be downloaded for free from App Store or Google Play. The pay-per-use model also makes it a highly affordable & cost-effective solution to the challenge of manual bookkeeping especially under the current circumstances.

Another similar service that is free to download and explore is DigiMed. It helps to manage and streamline all medical claims for employees within organizations. DigiMed is also highly popular among Insurance Companies and other companies seeking to accelerate their claims process for an improved, faster output. Especially against the backdrop of a global health crisis, services such as these help companies/insurers to ensure welfare and wellbeing of policyholders/employees and keep delivering their services uninterrupted. From obtaining necessary documentation to reimbursement, every step of the medical claim process can be handled by DigiMed which makes it a truly one-of-a-kind solution.

Both DigiMed & DigiEx are fully virtual platforms that complement the work-from-home concept which happens to be the ‘new normal’ the world over. Even in the aftermath of the pandemic these products will continue to be relevant because they serve to enhance trust, reliability, accuracy and transparency for all stakeholders concerned. Paperless is also the way in which many organizations will carry out their processes in the future aligning with the global priority of sustainability.

Organizations making the shift from conventional processes to digital is the only positive outcome of this otherwise highly turbulent period. Embracing the inevitable digital transformation ahead of competition is expected to give businesses an edge over other players. As Bill Gates once famously said: “If your business is not on the Internet, then your business will be out of business.”

Choosing the best tools for the business may seem like a challenge but one that can be easily resolved with research. It is important to ensure that the application/software that is chosen is easy to use but at the same time is sufficiently sophisticated in terms of safety from potential compromises.