Managing travel programs is a complex, time consuming process that involves ensuring travelers have a safe, pleasant travel experience while managing the variable finances associated with business travel. Today, with more and more travelers self-booking or going outside of pre-set policies, measuring travel spend becomes increasingly difficult.
Expense reporting systems are giving travel managers vital data to help control business expenses. The data they need is secured by a password-protected website, where managers can view and download the information they need in real time. This makes it easier to monitor travelers, control spending, maintain budgets, save money, improve accuracy, and create reports.
A Lack of Real Time Travel Data Hampers Expense Management
If managers are trying to control expenses manually, T&E quickly becomes a difficult cost to control. Lack of control and overspending is the result of not having real-time insight into travel management, which causes policy enforcement to be reactive instead of proactive.
While spreadsheets and paper receipts are good for individual data analysis, but they can’t keep up with data coming from multiple people and sources. Real-time data insights help travel managers define cost-saving opportunities and enforce policy compliance. Without real time data and automated expense management systems, corporate travel managers only get visibility into travel once the expense reports have been filed.
Control Corporate Travel Expenses with Real Time Data
An expense management system that provides real time travel data does more than enforce corporate policies. The automation process frees up time for those who manage spending, because they’re not stuck chasing down and consolidating individual reports from multiple sources. Real time data quickly identifies spending that goes out of budget or against policy, so managers can keep spend management running smoothly.
Real time travel data also gives managers more flexibility to make adjustments to policies, budgets, and authorized expenses. By implementing decisions faster, time and money are both saved for the company. Automated expense reporting systems allow for 24/7 access to data, and all managers need to gain access is a computer with internet access.
Expense management systems help businesses understand their consolidated corporate travel data, which in turn generates accurate, intuitive reports. For example, Concur Expense integrates travel data from the Concur Travel online booking tool.
Real time travel data analysis doesn’t just apply to managing travel spend, increasing savings, and increasing productivity. Expense management systems also give key insights into comprehensive traveler profiles, making it easier for traveler managers to accommodate the needs of their frequent travelers. These profiles contain information like traveler preferences, dietary requirements, customer reward account information, and more. More importantly, real time data acts as a duty of care, because managers can easily know where travelers are in the event of an emergency.
