Yatra Online, the leading online travel aggregator, has introduced an innovative expense management solution designed to assist both domestic and international enterprises in efficiently managing their business expenditures.
Streamlining Expense Management Processes
The newly unveiled tool aims to streamline expense management processes by integrating travel bookings with expense tracking, enhancing efficiency and accuracy. Leveraging GenAI Large Language Models (LLMs) for receipt analysis, the solution ensures precise and reliable expense tracking, reducing errors and saving time compared to traditional OCR methods. Moreover, it features an integrated chatbot based on GenAI and RAG models, further enhancing user experience and accessibility.
Comprehensive Features and Capabilities
The expense management solution offers a comprehensive suite of features, including:
- Multi-level Approval Process: Ensuring adherence to company policies and compliance standards.
- Integration with ERP Systems: Seamlessly integrating with existing enterprise resource planning systems for enhanced data synchronization.
- Advanced Analytics via Power BI Dashboard: Providing actionable insights and performance metrics through intuitive analytics.
- Mobile App Support: Offering a user-friendly mobile app for both Android and iOS platforms, enabling on-the-go expense management.
- Additional Capabilities: These include expense auditing, mileage tracking, and split expense functionalities, ensuring flexibility and efficiency in managing various expense categories.
Transformational Impact on Business Processes
Dhruv Shringi, CEO of Yatra Online, expressed confidence in the transformative impact of this innovation on businesses, stating, “We believe this innovation will transform the way businesses handle travel and non-travel expenses, making the process more efficient and accurate.”
Ambitious Onboarding Goals
Yatra aims to onboard more than 800 corporates to utilize its expense management solution, signaling its commitment to providing value-added services to enterprises across diverse industries.
Financial Performance Highlights
This development follows Yatra Online’s return to profitability in the December quarter (Q3) of the financial year 2023-24 (FY24), with a consolidated net profit of INR 1.1 Cr compared to a loss of INR 5.6 Cr in the year-ago quarter. Although the net profit in Q3 FY24 was lower than the INR 6 Cr profit reported in Q1 FY24, the operating revenue witnessed a robust growth of almost 23% year-on-year (YoY) to INR 110.3 Cr in Q3 FY24.
Market Positioning and Competitive Edge
Yatra competes with industry giants like MakeMyTrip and EaseMyTrip but distinguishes itself by focusing more on servicing B2E (Business-to-Employee) and B2B2C (Business-to-Business-to-Consumer) customers, catering to diverse segments within the travel industry.
With the introduction of its AI-powered expense management solution, Yatra Online reinforces its commitment to innovation and customer-centric solutions. By addressing the evolving needs of enterprises and leveraging cutting-edge technology, Yatra aims to redefine expense management processes and empower businesses to achieve greater efficiency and control over their expenditures.
