In a world where business is increasingly globalised, business travel represents the second largest indirect expenditure for corporations worldwide. However, quantifying the return on investment (ROI) of travel and expense (T&E) spend remains an unfulfilled aspiration for many companies.
In a new study commissioned by Amadeus, entitled Managing Every Mile, I explore how business leaders can better understand their T&E spending to meet their travel objectives. After speaking to Chief Financial Officers, CEOs, Chief Procurement Officers, HR directors and other senior executives from major global companies across the world, it became clear that there are some specific opportunities to improve how T&E is managed.
Organisations are currently missing out on some of their travel related goals. This could be greater employee satisfaction through simpler travel booking processes; improved productivity; or a clearer view of spending. Our research found that a simple IT-enabled framework could maximise the benefits of T&E spending for both the company and the traveller.
Our framework that was developed for the study identifies the common problems and best practice approaches that can be implemented at each stage of the T&E process. From sourcing the best deals and centralising booking and buying processes; to on-trip traveller support; right through to analysing expenditure and creating a feedback loop.
There is no one-size-fits-all solution, but proactively applying best practice across the spend management process, and supporting T&E with the right IT infrastructure can unlock substantial benefits from this integral part of any business.