- Concur commissioned Nielsen India research conducted in 7 Indian cities with over 500 companies from sectors including IT, Retail, Education, Hospitality and BFSI
- Over 80% of the employees seek approval prior to travel, which takes up to 6 days on an average and 3 out of 4 requests require multiple approvals
- Half claimed that less than 76% of their employees adhere to the guidelines for travel claims
- Most common errors are lack of receipt substantiation, incorrect currency conversion and improper allocation, taking at least 2 days to correct
- 60% of organizations manually process claims using Excel spreadsheets
Mumbai, June 18, 2012 -- Concur (Nasdaq: CNQR), the leading provider of integrated travel and expense management services, announced the release of their Nielsen India research on “Understanding the Corporate Travel Expense Management Practices in India”, a first of its kind research report in India. The research, which covers over 500 companies aims at revealing in-depth insights on current practices followed by Indian organizations in managing the travel expenses of its employees.
Traditionally, India is heavily dependent on processes which are manual, laborious in nature, time consuming and prone to errors. However, there is a need for change being realized by organizations to move to an automated process which is efficient, transparent and free of human errors.
According to Christopher Juneau, Senior Director - Marketing, Concur Technologies, “This special research report commissioned by Concur with Nielsen India not only aims at understanding the traditional travel expense management processes in India, but also helps us to understand and deliver unique solutions for the Indian marketplace. This in turn enables our customers to drive greater efficiencies into their organizations and better manage their travel spending.”
He further added, “India holds a huge potential for Concur and this study confirms what we already knew. In the current volatile economic environment in India, it becomes increasingly important for companies to spend on their travel budget as smartly as possible. In my experience, delaying an airline ticket purchase by just 6 days due to approvals will result in significantly higher airfare purchases at a minimum of 10 percent.”
Concur’s research report was put together from a sample of 507 companies across Delhi/ NCR, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata & Pune The report throws light on the time spent by companies in expense management, errors involved in using traditional expense management procedures and the need for an evolved travel expense management software.
Key findings from the research report include:
- Majority of the organizations have an independent travel expense department, managed by a team of up to 10 employees (depends upon the employee strength) at the head/corporate office.
- All but 14% of the organizations have documented guidelines for travel expense process and all of them do provide training to their employees on the same, however only half of them claimed that 76-100% of their employees adhere to the guidelines
- Of the claims submitted per month, accommodation, followed by flights & taxi/hired are the most included line items in a claim.
- Up to 5 working days is what majority of the companies take to process all travel claims, however no supporting with claim is the most common error faced by the team handling travel expense
- Only 18% of the organizations use expense solution software.
- 70% of the organizations find travel expense automation which seamlessly manages travel approvals, with cash advance requests and expense claim approval relevant to their travel expense collating and processing needs
Concur has hundreds of clients in India today and working partnerships with American Express, ICICI Bank, Citibank, AirPlus, BCD Travel, FCM, Amadeus and many more. In April 2011 it made an investment of $40 million for a minority stake in Cleartrip, India’s leading online travel portal.