The world of corporate travel and expense management is continually evolving. Today's global business landscape demands agility, flexibility, and a keen understanding of shifting priorities. A survey by GBTA in January 2023, polling Travel Managers and C-level executives, underlined five essential priorities for their travel programs:
- Cost savings
- Traveler experience
- Policy enforcement/compliance
- Risk management
- Sustainability
However, there’s a clear indication that there are gaps when it comes to meeting these priorities. For instance, many flights, hotel stays, and car rentals are booked outside the scope of official programs. Not to mention, changes after bookings, which are often made directly with suppliers, can complicate matters further.
In light of these challenges, here's why companies might need to reconsider their travel and expense management software:
Improve compliance
The importance of compliance becomes starkly apparent when considering that typically between 5-15% of flights, over 50% of hotels, and 34% of car rentals deviate from your prescribed booking programs. Such deviations not only hinder your oversight of travel expenses but can also introduce unforeseen challenges and risks for your travelers and your organization.
Sophisticated travel and expense management platforms like Zeno are designed to address these challenges head-on. These systems are more than just booking tools; they serve as a centralized hub with an intuitive interface that guides users towards compliant choices. Reminders and alerts within the platform ensure that travelers remain within approved boundaries, reducing outliers.
Tracking and reporting capabilities empower your organization’s decision-makers with insights, facilitating swift interventions when non-compliance patterns emerge.
In an evolving corporate landscape, the need for travel compliance goes beyond administrative oversight. Platforms like Zeno simplify this process, offering a streamlined approach that promotes both organizational efficiency and traveler safety.
Increase cost savings
The financial implications of non-compliance in corporate travel management stretch far beyond the superficial. While often viewed through the lens of process adherence, non-compliance poses genuine financial consequences that can affect your bottom line.
When employees make decisions to book outside the designated program, they can inadvertently bypass the exclusive negotiated rates and deals. This might not seem like a big deal on small, individual transactions, but it does add up over time, leading to tangible financial deficits.
Operational inefficiencies also emerge as a result of non-compliant bookings. Tracking, reconciling, and reporting become annoying and labour-intensive, diverting valuable resources and time away from more important things. This splintered approach can also expose the company to hidden costs. For instance, an employee who books independently might unwittingly be excluded from the corporate travel insurance provisions, risking unexpected costs should any incidents happen during their trip.
Embracing a centralized booking system, such as Zeno, offers a multi-faceted solution. Beyond ensuring that your bookings benefit from negotiated rates and savings, you benefit from a wealth of analytical insights. This data-driven approach allows you to identify saving opportunities and continually optimize your travel expenses. In the broader perspective, reinforcing compliant booking behaviors and centralizing operations can unlock substantial cost-saving potential, which is great for both the process and the financial health of your business.
Optimize your travelers experience
Today's business traveler is more discerning and connected than ever before. Accustomed to the convenience and immediacy of modern digital tools in their personal lives, they expect the same effortless experience for their work trips. Disparate systems or cumbersome multi-platform processes can deter even the most loyal employees, often pushing them towards simpler, albeit non-compliant, alternatives.
At the crossroads of this dilemma lies the importance of a cohesive user experience. Fragmented tools, with their varied interfaces and procedures, can lead to frustration and reduced efficiency. On the flipside, a consolidated platform can significantly elevate the traveler's experience, reducing friction and promoting compliance.
From choosing the ideal flight to booking a well-located hotel, arranging convenient car rentals, and managing expenses, everything is housed under one intuitive digital roof. This not only streamlines processes but also introduces a sense of familiarity and ease to the end user.
With an all-in-one platform, there's the added advantage of having a consistent support structure. Travelers can find solutions, make alterations, or seek assistance through a unified channel, further enhancing their experience and confidence in the system.
In the fast-paced world of corporate travel, simplicity and efficiency are paramount. Providing travelers with an integrated platform like Zeno ensures not just their satisfaction but also sets the stage for consistent adherence to your organizational travel policies.
Increase productivity with online adoption
The old adage, "Time is money," rings true. One-third of all trips undergo changes after booking. When these changes occur directly with suppliers, it wastes valuable time and complicates the tracking process.
A platform that enables online adjustments can encourage greater online adoption among employees. This shift towards digital self-service not only reduces administrative burdens but also empowers travelers to take control of their itineraries, fostering a sense of ownership and responsibility.
The drive to enhance productivity through online adoption is not merely a convenience—it's a strategic imperative. Centralized platforms that simplify trip modifications, expedite tracking, and reduce manual interventions can deliver significant time and cost savings for your business.
Streamlined reimbursements and reconciliation
The conclusion of a business trip should ideally mark the end of a journey, not the beginning of an administrative ordeal. Unfortunately, when disparate booking methods have been used, reconciling expenses can quickly become a daunting and time-consuming task. This is where Zeno comes to the rescue.
By consolidating all aspects of travel management, from bookings to expense reporting, within a single, integrated platform, you can simplify the often labyrinthine process of expense reconciliation. This streamlined approach not only reduces the administrative burden but also expedites the reimbursement cycle, ensuring that employees are promptly compensated for their travel costs.
In conclusion, while priorities for travel programs may vary across companies, the need for efficient, unified, and user-friendly travel and expense management is universal. The gaps highlighted by the GBTA survey emphasize the need to rethink and adopt platforms like Zeno that cater to the modern business traveler and the organizations they represent.
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