How successful companies incorporate travel and expense into their growth strategy
Moving people about to conduct your business represents a significant spend item in the books, often second only to staffing.
So, it’s no surprise that over the past 20 to 30 years many companies and travel management services have focused on beating down ticket prices, to minimise spend and make costs more predictable.
More recently, the smarter businesses have gone further.
We recently published an insightful report into how different businesses deal with travel and expense spend.
It reveals a significant change of mindset, especially amongst larger and more forward-thinking companies, to ask what value it represents.
56% of companies interviewed feel that using integrated travel and expense tools can help in making strategic decisions. 1
They’re seeking a more revealing, integrated and holistic view of the data. For example, to enable them to align the cost of a business trip with the value it creates in terms of a business deal – so it’s no longer a general cost to the business but, in this instance, a cost of sale.
Immediate benefits can be found across many sectors. For example, in consultancy where travel has always been factored into billing, the right system can make for faster and more accurate invoicing, allowing a firm to cover project costs sooner and tighten up cashflow.
Moreover, this approach can support plans for growth.
If your company is considering growth through acquisition, you have the opportunity to gain ‘fresh eyes’ on how T&E is spent and use the data strategically for growth, focusing on the areas providing the best outcomes.
If your company is growing organically, insight can be more granular and tied to specific projects. For example, you can align expenses made travelling to Asia with entering an exciting new market, and use the resulting data to help quantify success.
In both instances, the right travel and expenses solution can help to support the path to growth.
Awareness of this approach to travel and expenses is growing. 85% of companies see a need for further T&E optimisation and 40% see data as a major challenge, indicating a real thirst for integrated solutions, which for now only account for 19% of current solutions being used.
If only they knew, depending on the size of the company, software implementation can take as little as 2 to 4 weeks.
Download the report to gain deeper insight into how companies are changing their approach to travel and expenses. Then if you’d like to discuss the best way to make it happen for you, do get in touch.