A new study from the GBTA Foundation, the education and research arm of the Global Business Travel Association, shows that while travel managers are primarily focused today on tactical issues such as vendor management, they plan to begin focusing (over the next three to five years) on strategic tasks as a result of increased streamlining and automation provided by technology. A great example of technology impacting travel managers today is the use of automated monitoring and review of employee expense transactions.
Technology has made 100% analysis and review of transactions something that travel managers can leverage very cost effectively, with less than half the level of effort related to sampling 10% of expense transactions. In addition, automated analysis results in reductions of up to 70% in non-compliant expenses in the first six months and allows travel managers to quickly identify the problems requiring the most attention. Travel managers also have answers they can use to address the root causes of non-compliant behavior such as policies that aren’t working, policies that require different associated controls, and travelers who need reminders about policies and acceptable expenses.
The travel managers of leading companies are seeing positive impacts on travel budgets—as high as 5% of total travel spend as a result of leveraging automated analysis and review. Automated review also puts into place the Hawthorne effect, where monitoring encourages travelers to stay compliant with travel policies since they know they are being observed. For most companies these capabilities come at far less than the cost of one full-time resource and greatly streamline the audit process.
Making this analysis happen is greatly expedited by capabilities like the Concur App Center Platform that Oversight Systems uses for its Insights On Demand for T&E solution. Having the Concur Connector in place drastically reduces the time and level of effort for companies to provide their travel and expense data for analysis. Taking advantage of Concur App Center technical interfaces, Concur Expense customers can make their data available to Oversight and commence analysis within a couple of hours.
Want to make your travel manager more effective? Give them the latest technology that allows them to make expense review a seamless, automated process. Technology solutions like these will continue to drive efficiencies and savings for travel managers so they can free time to focus on strategic initiatives as well as effect strategic initiatives.