Newest technology can bridge information divide
It’s no secret that amid softening global markets the need to control travel expenses is becoming increasingly urgent. What is new is a budding zeal among corporations to curb costs by blending all parts of the travel and expense experience into a single, unified process.
“Nearly half of our recently surveyed clients said they were looking for us to help them integrate travel planning with expense management,� says Louise Miller, executive vice president, Global Business Solutions, Sales & Marketing at BCD Travel. “Combined with the fact that travel managers annually rank cost control as a top priority, there’s little doubt that integrated travel and expense management is something many companies will explore more vigorously in the next year.�
The evolution of expense management and travel
Travel and Entertainment represent most companies’ second-largest controllable expense. Driving compliance and having visibility into these expenses provide a vast opportunity for savings for many companies. However, controlling those expenses has been a complicated and difficult process.
Historically, travel booking and approval and expense management have occurred independently in isolated areas of the company. Under the traditional model, it is typically the travel manager who approves pre-trip bookings while an entirely different department signs off final expenses. There was a divide between planned and actual expenses, often leaving companies with a sizable gap in their knowledge of overall company spend. Moreover, travel patterns that may offer potential volume discounts remain overlooked.
Filling the gap
The latest technology unifies travel booking and expense reporting on a single, integrated platform, which enables unprecedented efficiencies. The key to maximizing results lies in deploying a customized technology solution, supported by expert travel personnel, that fits a company’s unique needs, strategies and objectives.
To address this need in the marketplace, BCD Travel recently launched Source: 360TM, a combination of people, processes and technology that provide an integrated travel and expense platform for North American clients and select multinational targets. Source: 360 allows companies to integrate their travel process from beginning to end and create much greater control over their travel spend. The combination of travel expertise and customized technology are present throughout the process.
Each component of Source: 360 helps companies drive out costs wherever possible. Source: 360 integrates data from online and traditional bookings, credit card and supplier receipts – so virtually all travel spend data on a trip is available upon the completion of a trip. The expense report is automatically generated from the itinerary, matching corporate card charges and receipts with each itinerary line item. The traveler simply adds comments on variances, as well as any cash expenditures. With a better view of spend, combining planned reservation data with actual expense spend, clients can improve negotiations and compliance, making decisions based on current data.
“We now can offer clients a comprehensive view of their travel and expense data and the ability to dramatically improve overall compliance and workflow,� Miller said. “BCD Travel and travel management consultants from Advito can develop the strategy to achieve the desired benefits. We configure the system and workflow for decision-making and continuous improvement—from booking, through fulfillment, documentation, reporting and analysis.�
Coupled with online booking and security & risk management — issues discussed in earlier segments of our mini-series — spend management is a critical piece of corporate travel. Companies integrating previously disparate travel and expense processes will realize dramatic cost savings through streamlined business processes, reduced operating costs, improved internal controls and actionable expense analysis.
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This entry was posted on Friday, June 6th, 2008 at 2:17 pm and is filed under Business Travel. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
