This SAP Concur blog discusses how companies can manage costs through payment efficiency, virtual card technology, enhanced data visibility, and sustainable travel. It notes that 40% of major companies have committed to reducing emissions, and 97% of corporate travelers would increase travel time to reduce environmental impact.
Forrester Consulting published a thought leadership paper commissioned by SAP Concur, based on a global survey of T&E software decision-makers in finance, travel, IT, or procurement. 76% of decision-makers rank increasing automation to improve efficiency and productivity as a high or critical priority, 78% prefer a single platform to manage T&E processes, and 64% report their companies are under pressure to manage costs. 77% believe travel is important or very important to managing customer relationships, and 67% cite its role in obtaining new customers. The report says integrated platforms outperform fragmented solutions on data visibility and system connectivity.
A SAP Concur blog post notes that budgets are tight and costs are out of control, with the C-suite demanding travel managers demonstrate travel program ROI. It references the 'Measure Up' eBook, which offers five ways to demonstrate ROI: focusing on foundational priorities (adoption, approvals, compliance), improving visibility (outside bookings, unused tickets, cancellation charges, cash spending), VAT and GST reclaim, updating metrics (traveler experience, sustainability, meetings bookings), and showing the right data to the C-suite. The 2022 Global Business Travel Report states 100% of travel managers expect their jobs to be more challenging in the next 12 months.
A SAP Concur blog post notes that remote work and the return to travel shifted spending patterns and made policy compliance more difficult. SAP Concur's Spend Insights Report found excessive personal expenses jumped 21.8% in 2021, and its Pulse Survey revealed the average questionable travel expense ran $3,397. The post offers five tips, including bringing travel, expense, and invoice data together and using real-time information to improve spend visibility.
SAP Concur blog cites Phocuswright research showing invisible spend (corporate travel data not captured by traditional TMC reporting) can hurt supplier negotiations, cause compliance issues, and jeopardize traveler safety. Phocuswright surveyed 2,300 business travelers and found 88% relied on smartphones on business trips, leading to new traveler behaviors and difficulty measuring compliance. The article recommends capturing all travel data to improve policies.
A SAP Concur blog post notes that according to a J.P. Morgan study, company travel and expense (T&E) is the second largest expense behind payroll. Travel management companies (TMCs) can help companies optimize travel programs through service, savings, and visibility, including 24/7 support, policy enforcement, unused ticket management, and comprehensive reporting tools.
A SAP Concur-commissioned survey of 500 finance leaders found 91% say the finance team plays a vital role in achieving growth objectives; 79% say financial insights are important for driving growth strategy; and 96% say the role will become even more important. However, 60% of the finance team's time is taken up by day-to-day tasks, and one in five respondents want more visibility into finance data. 98% say automation would benefit their organization, and 93% agree that connecting expense, travel, and invoice processes is important to achieving growth objectives.