Big Data

Insight in your T&E big data enhances company growth

Written by
Renata is Content Marketer at Rydoo.

British mathematician once said “Data is the new oil” and he couldn’t be more right. Data has turned into a multi-billion-dollar industry in less than a decade, and its innovations cannot be ignored.

The insights brought to light by data result in improved business intelligence, understanding, targeting, and serving customers, the introduction of customer-responsive products, improvements in efficiency, reduced costs, and much more.

The shift in finance departments to a more analytical/forecasting role is already a reality. In fact, Rydoo’s Research Report on the State of Expense Management 2022 has revealed that not only is the finance team changing as core programs are taken online, but roles are changing too as employees deal more with strategic business issues.

To put it in numbers, 77% of respondents said they had welcomed people with new skill sets to fulfill changing roles.

In this blog, we’ll talk about the importance of having a clear overview of your company’s expense data and how to use it to enhance company growth.

How to use data to increase revenue

For CFOs and finance executives, this bombardment of data may seem overwhelming, but with the right tools and resources, the finance function can find meaning amid the noise.

With the right data analysis,  a CFO can increase the influence within the enterprise by working with data & insights and:

  • Make data-driven decisions to better evaluate opportunities for cost reduction and revenue growth;
  • Discover new business opportunities, supporting the C-suite in strategic and investment decisions;
  • Manage risk and regulatory concerns by leveraging data to support reporting demands, among other requirements;
  • Enhance productivity and efficiency companywide.

In short,  not only do successful businesses use big data to analyse consumer habits, but they are also using data from their own employees to improve internal operations and company efficiency.

IT departments, for example, reigned supreme in former decades at the forefront of productivity and business growth. Now, businesses are developing separate data departments and appointing Chief Data Officers to handle the influx of big data.

 

Discover how Rydoo Insights can give you an upper hand when analysing your expense data

 

In turn, we see companies elevating data to a higher priority level. Below you’ll find some great examples of companies who manage to use their data to their benefit and help increase their revenue:

  • DELTAWith over 130 million bags checked per year, Delta has a lot of tracking data about bags and became the first major airline to allow customers to track their bags from mobile devices. To date, the app has been downloaded over 11 million times and gives customers much greater peace of mind.
  • GOOGLEWorking with the U.S. Centers for Disease Control, tracks when users are inputting search terms related to flu topics, to help predict which regions may experience outbreaks.
  • NETFLIX: Having drawn in millions of users with its high-quality original programming, is now using its trove of data and analytics about international viewing habits to create and buy programming that it knows will be embraced by large, ready-made audiences.
  • UBER: Is cutting the number of cars on the roads of London by a third through UberPool that caters to users who are interested in lowering their carbon footprint and fuel costs. Uber’s business is built on big data, with user data on both drivers and passengers fed into algorithms to find suitable and cost-effective matches and set fare rates.

The best way to retrieve valuable insights in your data

If you want to help your business achieve more, then embracing big data is a must. The use of tech tools, such as Rydoo and our module Rydoo Insights, has become a necessity when it comes to helping you access and analyses your data.

Lineas (formerly known as B Logistics), has implemented and adopted Rydoo successfully. Christine Darquenne, their CFO, has emphasised how important innovation is for the company. “Is at the core of this leading logistics and transportation provider.”

She also told us how Rydoo has helped her with streamlining operations and boosting productivity by transforming the outdated expense reporting process: “It is quite an advantage for us in finance.”

On top of saving their finance team’s time and reducing the margin for human error, another significant benefit is that Lineas can now access, monitor, and analyse its financial data in real-time.

Not only does this enable Lineas’ employees to work ‘better and faster’, which is in line with Lineas’ core values, but it also frees up their schedule which helps the company to more focus on innovation.

Christine adds: “Everything is visible. It is transparent. We have access to all the data for the entire company, for the department, the manager, and for the user. We have full control. It is a huge benefit

Originally published , modified

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