In an exclusive interview with CanadianSME Small Business Magazine, Brian Veloso, Managing Director for Canada at SAP Concur, reflects on his remarkable 16-year journey with the company. Since joining as the first Regional Sales Executive, Brian has leveraged his 23 years of expertise in sales and product knowledge to elevate SAP Concur’s standing in the market. Known for his dynamic leadership and strategic approach, Brian oversees teams dedicated to delivering cloud-based solutions that simplify expense management for organizations of all sizes. In this discussion, he sheds light on SAP Concur’s mission to enhance transparency and efficiency in corporate spending, addressing the evolving needs of Canadian businesses. Brian also shares his passion for community involvement, supporting causes close to his heart, including Make-A-Wish Canada and the SickKids Foundation.
Brian Veloso, Managing Director at SAP Concur Canada, discusses with CanadianSME Small Business Magazine the intricate challenges Canadian businesses face with rising expense transaction costs amid inflation. He highlights how technological advancements and globalization have increased transaction volumes and complexities, complicating expense management. With a notable 34% increase in the average expense transaction cost since 2019, primarily in sectors like transportation and entertainment, the urgency for businesses to adapt and manage escalating costs is clear. Brian emphasizes the benefits of leveraging expense management systems like SAP Concur to gain real-time data insights, improve expense tracking, and forecast expenditures efficiently. He advocates for the integration of advanced technologies such as AI to help businesses control expenses and predict future trends more accurately, ensuring they remain agile and informed in their financial strategies.
Brian Veloso has worked with SAP Concur for over 15 years, beginning as the company’s first Regional Sales Executive and moving up consecutively within the organization. Now serving as Managing Director for Canada, Brian is a seasoned sales professional with an unmatched combination of business acumen, sales savviness and product knowledge accumulated over the past 23 years through his experience at ADP and Gelco Expense Management. At SAP Concur, Brian leads high performing teams and is focused on delivering cloud-based solutions that deliver an effortless experience for employees and total transparency into spending, helping organizations of all sizes run better.
What are the biggest challenges small and medium-sized businesses face in expense management, and how does SAP Concur help address these issues?
Small and medium-sized businesses (SMBs) often struggle with manual processes, lack of spending visibility, and difficulties reconciling expenses. These challenges can lead to inaccuracies, compliance issues, and missed opportunities for cost savings. SAP Concur addresses these issues by offering integrated travel, expense, and invoice management solutions that automate expense reporting, enhance visibility, and streamline processes. Our platform simplifies workflows, enabling businesses to capture all spending in one place, ensuring compliance and better decision-making.
With advancements in AI, how has technology transformed expense management, and what future trends do you foresee?
AI has revolutionized expense management by automating tedious tasks such as data entry and receipt capture, allowing for real-time expense reporting and analysis, which improves accuracy and efficiency. In fact, almost half of organizations in Canada are implementing AI-based solutions, reflecting a significant shift toward tech-driven financial management. Looking ahead, we anticipate further advancements in AI, such as predictive analytics for forecasting expenses and enhanced fraud detection, addressing the 27% of CFOs who are facing growing demands for forecasting agility. Moreover, as AI becomes more integrated into financial systems, we may see an increase in collaboration tools that enable finance teams to work more closely with other departments, further enhancing the decision-making process amid uncertainty.
How are CFOs using AI to drive efficiency and support decision-making in their organizations?
CFOs are increasingly leveraging AI to enhance operational efficiency by automating repetitive tasks, allowing finance teams to focus on strategic decision-making. This is particularly important as 55% of CFOs are investing in data analytics and reporting tools to act as uncertainty-reducers within their organizations. AI tools are being utilized for real-time financial analysis, forecasting, and risk management. By harnessing AI, CFOs can gain deeper insights into spending patterns, optimize resource allocation, and improve accuracy in financial reporting, which is essential given the 36% of global CFOs who report ongoing challenges due to worsening economic conditions. This shift not only enhances productivity but also empowers CFOs to make informed decisions that align with business objectives.
According to SAP Concur’s CFO Insights report, how can companies measure the return on their AI investments, and what impact does this have on overall business growth?
Companies can measure the return on AI investments by evaluating key performance indicators (KPIs) such as cost savings, time efficiency, and accuracy improvements. Our SAP Concur CFO Insights report highlights that organizations should assess not just the financial returns but also the impact on employee engagement and satisfaction. Given that 57% of CFOs are increasing their market monitoring in response to evolving business demands, successfully measuring these factors allows businesses to identify effective AI applications, refine their strategies, and ultimately drive growth through improved operational efficiencies and enhanced decision-making capabilities. This is especially critical in a business environment characterized by uncertainty and rapid change.
As we look ahead, what advice would you give to SMB leaders aiming to improve their expense management and leverage AI for better business outcomes?
SMB leaders should start by embracing technology solutions that offer automation and integration, such as SAP Concur, to streamline their expense management processes. Given that 90% of senior financial leaders see equipping their organizations for unforeseen challenges as a primary responsibility, it’s essential to invest in training and development for finance teams to enhance their understanding of AI capabilities and foster a culture of continuous improvement. Additionally, SMBs should prioritize data-driven decision-making by leveraging AI analytics to gain insights into spending patterns and identify areas for cost savings. With 33% of CFOs investing in technologies like automation and AI, businesses that take these steps can enhance their financial health and position themselves for long-term success, even in uncertain times.
