At this point, saying that there are immense benefits for organisations that have a comprehensive automated corporate business travel policy in place is almost a no brainer. Albeit, as we identified, many companies still have issues going about this undertaking.
In a continued effort to drive this point home, here are some other tangible business value for any Travel Manager or Chief Financial Officer to consider:
- Increased levels of employee productivity
- Decreased travel-related costs
- Risks linked with travel and expense management are minimised
- There are fewer workers to support
I. Increased levels of employee productivity
By incorporating an efficient corporate travel and expense management that is automated, you make the lives of your worker so much more easier.
On average, business employees travel a lot (1 in 3 Australian professionals flew business class while 60 percent of corporate travellers booked economy tickets)
That's a lot of people in the air.
In order to make such a trip happen, they typically spend so much time preparing, planning, completing expense reports, finding the hotels and flights, the list goes on.
Companies that rid themselves of such outdated travel and management policies free their employees up, and all that time spent on preparing for their business trips, goes into getting their actual work done. This is especially acute/worrisome if you think of those hours in terms of dollars, it paints an utterly grim picture.
2. Decreased travel-related costs
Any kind of cost saving measure is of utmost importance to a company - it is the difference between an organisation that fails and flourishes. Investing in a proper travel expense and management policy will help them curtail any financial excesses associated with travel.
Due to the visibility that such a corporate scheme affords, businesses get an intimate understanding of their worker's travel habits and spending, identify trends and patterns, and ultimately, put together analytically sound tactics that curtail exorbitant travel expenses.
3. Risks linked with travel and expense management are minimised
Processes such as invoicing and auditing operations become more efficient and less prone to costly errors.
By incorporating cloud-based services and other mechanised systems into your business travel and expense management policy, it becomes easier to conduct error-free audits which help the company provide external auditors with the information they require and you stay clear of any infractions.
2. There are fewer workers to support
Ultimately, such an automated system enables companies to reduce the amount of staff time that is needed to sort out and support such travel operations.
As you can see, there are pivotal reasons why your company should be making strategic investments in an automated business travel and expense management service. As a CFO reading this post, you are hopefully motivated to be a catalyst for change that everyone can be proud of.
Is your business spending too much on corporate travel? Calculate your potential savings using our Travel Savings Calculator below: