This report evaluates travel platforms from a financial perspective, categorizing them into OTA TMCs, traditional expense-control patchwork, and native integrated platforms. Scoring across six dimensions, Fenbeitong leads with 8.60, while Ctrip and HeSi have weaknesses. The report highlights native integrated platforms' advantages in resources, control, AI risk, and globalization.
SAP Concur released a new benchmark report based on its processing of over $1 trillion in annual spend, revealing six trends reshaping enterprise travel and expense management. The report explores how modern work influences employee spending, the impact of cost control on traveler experience, traditional expense categories losing context, and how data quality affects compliance and AI readiness. It aims to help leaders ask better questions and leverage technology to address challenges.
SAP Concur released its 2024 Business Spending Trends report based on early 2024 spend data. The top seven employee spending categories remained unchanged from 2023, with Other/Miscellaneous at 32.04%, Air 17.67%, Lodging 17.36%, Meals 12.14%, Ground Transportation 5.72%, Entertainment 4.54% and Office 2.48%. Since 2019, the average transaction cost for Other has jumped 57% and Miscellaneous 47%. The report also cites research showing 90% of employees noticed their company cutting back on flexible travel options and 64% saw increased focus on pre-travel approval. 2023 data shows a 17% increase in claims with missing receipts, a 29% increase in spend for such claims, and a 10% increase in ex…
A SAP Concur blog post presents fraud detection strategies shared by Ford Motor Company and CenterPoint Energy in an ACFE webinar: combining p-card data with expense reports to analyze trends; reviewing employee spend in all investigations; and using systems to analyze 100% of transactions and flag risks. In the Ford case, reviewing two years of expense reports uncovered $3,000 in fraudulent spend.
SAP Concur blog highlights that increasing employee-initiated spend channels complicate compliance and fraud risks. ACFE data shows asset misappropriation occurs in over 86% of occupational fraud cases with a median loss of $100,000, while financial statement fraud accounts for 10% of cases but a median loss of $954,000. Travel and expense is a major fraud area, with schemes including mileage padding, fake expenses, and unused airline tickets. Proactive data monitoring can reduce fraud losses by 33%.