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Genesis Unveils Cost Benefits of Embracing New Strategies and Technologies with Concur Invoice

Updated: Oct 10, 2023

Amid our rapidly evolving business landscape, the age-old adage "change is the only constant" holds true now more than ever. Companies that remain steadfast in their traditional approaches may find themselves struggling to keep up with the pace of innovation and market dynamics. Embracing new strategies and technologies isn't just about staying relevant; it also brings a host of cost benefits that can propel a company towards greater efficiency, profitability, and long-term viability. Concur Invoice is a tool that allows companies to create a fully supported digital end to end platform. As an SAP Concur Partner, Genesis Consulting is certified in implementing SAP Concur products and we work with our clients to help them reach their goals successfully, not just focusing on the now but also preparing for the future.

One of the most compelling reasons for companies to embrace new strategies is the promise of increased efficiency and sustainability. With each passing day, novel processes and cutting-edge technologies emerge that can streamline operations and minimize resource wastage. By adopting these advancements, companies can optimize their workflows, reduce redundancies, and ultimately achieve substantial cost savings over the long run. Employees are a company's most valuable asset, and their productivity directly impacts the bottom line. Introducing new tools, training programs, or streamlined processes can empower employees to achieve more in less time. This increased productivity not only improves overall operational efficiency but also leads to cost savings through reduced labor expenses.

A Fading Legacy

Maintaining outdated systems and equipment can be a drain on resources. These legacy components often require frequent repairs and maintenance, leading to escalating costs or unsupported software. In contrast, newer technologies tend to be more reliable and efficient, necessitating less upkeep and reducing the financial burden on the company. By utilizing Invoice Purchase Request, Purchase Order and Invoice as well as Concur capture, employees no longer need to scan invoices or POs. A PO and multiple invoices can be matched and tracked with simple matching rules.

Re-Set for Success

Exploring new avenues can spark innovation and lead to breakthroughs that expand a company's offerings. This can attract new customers, open untapped markets, and drive revenue growth. Embracing change paves the way for sustained innovation and sets the stage for a prosperous future. Companies can get stuck in their way, but a “re-set” can be just the thing to bring life back into the company and the workforce. A complete change can give the employees a new excitement, a change to the old ways that will take the company into a new future.

Proactivity Pays Off

Diversifying operations and integrating new technologies can act as a hedge against risks. Over-reliance on outdated methods leaves a company vulnerable to obsolescence and disruption. By diversifying their operations and leveraging innovative technologies, companies can spread their risk and navigate challenges more effectively. When moving to a cloud platform, it allows companies to keep up with the latest technology. This also allows companies to stay compliant with constant changes. Inaction itself comes with costs. Failing to adapt to new trends and changing norms can lead to financial consequences, such as regulatory fines or reputational damage. Embracing sustainability practices, for instance, not only benefits the environment but can also prevent potential financial losses stemming from non-compliance.

Do Your Homework

While the benefits of embracing change are compelling, it's essential to acknowledge the associated risks. Implementing new strategies without proper planning or analysis can lead to unexpected costs and negative outcomes. Therefore, companies must prioritize thorough research, conduct feasibility studies, and perform comprehensive risk assessments before embarking on significant operational changes. By striking the right balance between innovation and prudence, companies can leverage the numerous cost benefits that come with dropping old ways and embracing new strategies.

In this context, the involvement of adept resources becomes notably significant, exemplified by the offerings of Genesis Consulting Partners. Our team of professionals, with a specialized focus on SAP Concur, demonstrates an intricate grasp of unique industry best practice procedures which can unveil the cost benefits of embracing new strategies and technologies with Concur Invoice. This adeptness paves the way for a fluid shift into a new platform, accompanied by an understanding of the need for an upgrade. Within the dynamic landscape of modern business, adaptability surpasses mere advantage; it evolves into an indispensable necessity, fostering sustained growth and ultimate success.

About The Author

Lisa Haworth, Senior SAP Concur Solution Consultant

Lisa Haworth is Genesis Consulting’s Senior SAP Concur Solution Consultant. With a remarkable track record of multiple full lifecycle implementations on the SAP Concur platform for Expense, Request, Travel, and Invoice, Lisa brings a wealth of expertise to the table. Her proficiency in implementing, administering, and maintaining customer platforms, coupled with her knack for configuring SAP Concur solutions to support business changes, challenges, and opportunities, will undoubtedly make a significant impact. Moreover, Lisa's ability to translate unique business needs into efficient processes, catering to various industries such as Government, Healthcare, Life Sciences, Higher Ed, and Global Enterprise, demonstrates her versatility and adaptability.


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