With the Global Business Travel Association reporting a record-breaking business travel spend of $1.25 trillion USD in 2014, and now an expected expansion to 5.8% in 2019, corporate travel and expense is bound to hog the limelight for the finance team. As if managing business travel was not frustrating enough, employees now want a swift and simple booking experience that suits their preferences. Companies are also keen to see that their employees are booking travel appropriately, based on company policy and are not wasting time doing it.
Add to it, a vast majority of enterprise organizations that are making decisions about their T&E budgets and overall spend without a complete view of their data, and you are left with a fuzzy ‘guesstimation’ of what next. Can you actually see what is coming so that you can prepare for the change?
In a complex T&E landscape, visibility is the key to understanding control and compliance.
In 2015, an Aberdeen Group report cited the top challenge faced by organisations as a poor visibility into T&E spending, compliance and suppliers; 57% respondents found this to be their biggest concern. Now as many as 62% of companies are feeling the pressure to switch systems that enable better visibility in the next few months. Visibility and consequent real-time insight can help them gain a deeper understanding of the true costs to their organization, including a deeper insight into the spending of their employees. Suffice it to say that visibility is the single most important factor for any business to exert tighter control, drive compliance and reduce the risk of fraud.
A full view of T&E data gives you the information you need to identify problems, refine policies, drive compliance and support better decision-making and strategic planning. It helps you see the change that is possible so that you can implement it faster.
Visibility can unlock benefits that can influence your bottomline
If as a Company, you depend on data to manage your finances, you cannot afford it to be dispersed across multiple systems or worse, be inaccurate, leading to loopholes. On the other hand, Companies that have 67% more of spend under management are in a much stronger position to improve visibility and attack process costs.
- They can see aggregate spend and set right expectations when making budget projections
- They can view compliance against policies and types of spend that help shape major airline and hotel negotiations to help reduce cost or ensure traveller convenience
- They can comprehend processing costs associated with managing T&E process from capturing source information to settlement and reimbursement
- By simplifying approvals, booking, expense reporting, reimbursement, analytics, and reporting, they make processes swifter and help cut down costs
Embracing visibility helps leverage accurate, current and consolidated spending data to get the control one needs to identify trends, negotiate better rates and drive cost savings. It helps companies see the change they envision, before it actually happens.
Visibility brings the future closer
When Airbnb tied-up with Concur at the GBTA 2014, it promised a fresh new way to meet the demands of transparency made by business travelers. It also provided companies with optimum visibility into the data they need to keep employees safe and costs under control. Steve Singh, CEO, Concur sums the mood up succinctly by saying, “This is the value of a connected platform: It brings visibility into a previously invisible area of corporate spend. And it fosters innovation that makes life easier for the traveler and the company.”