Your SlideShare is downloading. ×
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
White Paper Travel & Expense One Touch Business Travel Na
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

White Paper Travel & Expense One Touch Business Travel Na

937

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
937
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
13
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Strategies for Success – The White Paper Series from ConcurOne Touch Business Travel andthe End of the Expense ReportAmplifying The Value of AutomationFor more information, or to speak with a Concurrepresentative, please call us at:(877) 4-CONCUR in North America+44 (0) 1494 582 025 in the UK+61 (2) 9113 7315 in Asia Pacific/Australia. 1
  • 2. Strategies for Success – The White Paper Series from Concur Executive Overview Historically, organizations haven’t placed much emphasis on streamlining processes that were not core to their businesses. Even with the pressure of regulatory compliance and the need to cut costs across the business, the approach many organizations have taken with internal processes – including the management of corporate travel and the expense reporting process – has either been “it doesn’t seem broken, so why fix it?” or “it’s not broken too badly, so we’ll continue to live with it the way it is”. Driven by the absence of a technology solution that unifies all aspects of corporate travel and expense management, along with a lack of understanding of the benefits to addressing these two processes holistically, organizations continue to spend an inordinate amount of time and money managing the procurement of travel and the reimbursement of expenses as two separate processes. Despite the fact that billions of dollars per year are spent on business travel and entertainment (T&E) by employees on behalf of their organizations, many companies are still not maximizing the value of that spend because they’re relying on multiple processes and solutions to manage their T&E spend – an area that for many is the second largest controllable cost after payroll. Yet, the logical result of every employee business trip is the submission of an expense report, which begs the question, “why are these two processes still viewed as discrete functions by most organizations?” T&E expenses Some forward-thinking companies are taking a new view of travel and expense management and are taking steps to unite these processes. And some T&E industry account for nearly suppliers are doing their part to ensure that they develop automated solutions that meet the needs of employees involved with all parts of the travel and expense 10 percent of an management process – from travel procurement to expense reimbursement. Additionally, with the growing trend of on-demand services, companies of all sizes organization’s are now able to automate the entire travel and expense management process without having to spend significant dollars or make material changes to their day-to-day T&E total operating business processes. These same forward-thinking companies are leveraging the power of automated expenses.1 solutions to help unite the corporate travel and expense management processes. This enables them to achieve significantly greater savings and business process efficiencies than by automating each process discretely. Additionally, by streamlining and automating the entire travel and expense management process, companies can further improve employee satisfaction by providing their travelers with greater choice, freedom, convenience and value. Finally, with a single, unified, automated solution, companies can take greater control over, and further enhance, their visibility into T&E spend so that they can make smarter business decisions and ensure compliance. Understanding The Opportunity Automated solutions have produced fruitful results for many of the companies that have recognized the need to streamline business processes, increase control and reduce costs. For example, the following paragraphs, outline how companies have used automation to improve the operations of their business and reduce their T&E spend through efficiency gains and cost reductions. Automating The Travel Management Process Lower Travel Costs: Procuring travel online can cost significantly less than using a traditional travel agency for air, hotel, and car reservations. Best-in-class companies achieve 40 percent lower online booking costs than their competitors.2 Sophisticated online booking tools maximize the benefits of free market competition by presenting a complete view of all of the travel content available to the consumer, including negotiated and Internet only rates. 2
  • 3. Strategies for Success – The White Paper Series from Concur Lower Transaction Costs: A wide variety of options creates more flexibility and convenience for the traveler, instilling confidence that the online booking tool is presenting a complete view of the available travel options and increasing the likelihood that the traveler will choose a rate within the guidelines of their corporate travel program. In addition to these hard dollar savings and increases in convenience, online bookings also result in lower transaction fees. With the need for human intervention to complete a reservation dramatically reduced, recent studies show that the transaction cost for an online-booked reservation was lower than an agency-assisted reservation. According to Aberdeen Group, online booking solutions present a great opportunity for savings with transaction costs significantly lower than booking by phone with an agent.3 Increased Corporate Control and Policy Compliance: Travel managers work hard to negotiate rates and set travel policies that maximize their organization’s travel spend. But if they lack a way to enforce these pre-negotiated rates and pre-determined policies, their efforts are in vain. Automated travel management tools feature robust A company rules engines and automated workflow and approval mechanisms to help ensure that the policies and controls in place will be properly enforced. Improvements to processing compliance can amount to as much as 60 percent of total savings for T&E.4 Enhanced visibility into actual spend also gives travel managers increased control while reducing 5,000 expense the risk of out-of policy behavior from their constituents. Actionable Information: Today’s corporate travel management solutions provide reports a complete, real-time, actionable information through Web-based reporting portals. This data can be analyzed and synthesized into forecasting and benchmarking month can save information to help drive smarter business decisions and improve new and existing vendor negotiations. In comparison, a non-automated travel program typically only approximately produces post-event reporting which is, by definition, reactionary in nature and of less value to the organization. Leveraging actual booking and itinerary information in $960,000 in real-time brings real additional value to the organization. one year with Productivity Savings: With an automated program, travelers spend less time completing their travel plans. For example, if travelers feel confident that they will automated receive a convenient, low-cost travel option within their corporate travel program, they will no longer spend time searching other locations for travel content. expense Sophisticated online booking tools also have the ability to proactively provide timely information to travelers and travel managers, keeping them up to date on the most reporting.7 current travel information that could affect their upcoming travel plans. Finally, advanced automated booking tools, unlike their traditional counterparts, are able to create trip templates, provide electronic maps, produce smart reminders, and integrate to personal digital assistants, all of which provide additional value to travelers, while increasing productivity. Automating The Expense Reporting Process Lower Processing Costs: A company processing 5,000 expense reports a month can save approximately $960,000 in one year with automated expense reporting.5 Automating this process can – depending on the size of the organization – drive that cost as low as $4 per report. Additionally, sophisticated expense reporting solutions virtually eliminate the cost of handling and processing paper. For example, electronic document imaging and cataloguing of receipts and expense items eliminates the need for storage, postage and administrative handling while allowing for easy spot- checking during audits. Automated solutions are also relatively easy to integrate with corporate card programs, capturing actual expense information directly from the card provider via automatic data feeds, reducing the need to enter or re-key expense data and reducing the costs associated with human error. Finally, with built-in payment authorization and processing, these solutions dovetail nicely with most organizations’ payroll and ERP systems for efficient reconciliation. 3
  • 4. Strategies for Success – The White Paper Series from Concur Increased Corporate Control and Policy Compliance: Companies that use automated approval and workflow mechanisms to enforce expense management policies pay less for goods and services and retain more control over their corporate expense programs. Automation reduces the risk of processing expense reports containing errors or even fraud. By helping companies actively manage their employee spend, these safeguards ensure that organizations remain in good standing with the federally mandated compliance acts associated with corporate governance. Actionable Information: Reporting and statistical analysis of policy, vendor, treasury activity and allocations is critical to managing the expense process. With an automated expense management solution – complete with real-time business intelligence data – companies ensure that the right information is readily accessible to simplify the audit process and prevent fraud. Productivity Savings: The time to complete an expense report manually is about 28 minutes, while completing an expense report electronically takes about 15 minutes – By tying travel twice as fast.6 This enables employees to spend more time on high-value tasks that drive more top-line revenue to the company. For example, if an organization has a 100 and expense person sales team and each sales representative is able to spend one additional hour per week selling vs. filling out expense reports, that’s the equivalent to adding two together, could and a half more salespeople without actually hiring any additional staff! And that’s in addition to the positive effects that a streamlined, more user-friendly process has on such a solution the staff as a whole. It’s clear that many organizations have greatly benefited by simply automating two actually be discrete, but interrelated processes. However, in today’s mobile and global economy, the lines are quickly blurring between travel and expense. The next big step that smart enough progressive companies are beginning to undertake is uniting the travel and expense processes into a single process that considers all elements of T&E – from travel to automatically procurement to expense reimbursement. fill out an The Synergistic Effects of a Unified T&E Process Travel is an integral part of doing business. When an employee takes a business- expense report related trip, the reporting of T&E expenses inevitably follows. So why aren’t these two processes linked together in a strategic way? What would be the result if an with virtually organization were to streamline the entire process from pre-trip planning through to reimbursement and analysis of spend data? And what if this streamlined process went no human even a step further and shattered the traditional notion of an expense report? With technology powerful enough, could a process be developed to automatically gather intervention? and reconcile electronic data generated during the course of business travel, match that with itinerary data captured during the booking process, ushering in an era of one touch business travel? With the cost of business travel rapidly increasing, the answers to these questions are literally worth billions of dollars per year. Combining these two processes – corporate travel management and expense report automation – is now one of the largest opportunities organizations of all sizes have to drive real bottom-line savings. Progressive companies are recognizing that the deployment of an integrated, end-to- end travel and expense management solution to automate and control travel booking and expense reporting is now a strategic initiative. Fiscally aggressive companies are seeking ways to reduce operating overhead, simplify the process and take control to drive savings to their bottom line. While tangible savings can be realized from looking at these two processes independently, the real value of this opportunity comes when companies harness the power of one seamless travel and expense management process. 4
  • 5. Strategies for Success – The White Paper Series from Concur The Power of an End-To-End Solution Having explored the benefits of automating travel management and expense reporting with solutions that are independent of one another, we now turn our attention to how a single, automated, end-to-end travel and expense management solution amplifies the effects of those benefits. Progressive companies that recognize the value of an integrated approach are looking to technology suppliers to provide them the solutions they need to automate the entire process. Luckily for these companies, these solutions exist in the market today. On top of automating the entire travel and expense management process, technology suppliers also have developed robust reporting capabilities that provide companies with enhanced visibility into their T&E spend. By automating the entire travel procurement, expense submission, approval, and reimbursement process – and leveraging the resulting data – these organizations are able to drive additional costs out of their businesses and extract even greater business value from the data they collect. The average A smart, end-to-end corporate travel management and expense reporting solution delivers significant value by helping companies link the travel and expense corporation management functions, putting greater controls and reporting mechanisms in place that help drive additional costs out of their business. For example, an end-to-end processes 43,000 solution can streamline the process from start to finish, and pre-populate information where possible – not only from the solution itself but also from integration with third- expense reports party T&E suppliers – in order to further reduce data entry and reliance on paper receipts, making the one-touch experience for both the traveler and the company a per $1 billion in reality. Additionally with robust, automated business rules, reporting and analytics found in an end-to-end solution comes the ability for companies to capture even revenue. 8 greater amounts of information about their travel and expense programs. And, with automation comes real-time decision making capability including the ability to: • Approve travel spend BEFORE it occurs • Corroborate travel bookings with transaction receipts in smarter and more efficient ways, to ensure the traveler paid and expensed the same amount as what was booked • Recognize trends of their business travelers and modify a corporate travel program to increase the satisfaction of the travelers • Use that same trend data to negotiate smarter with travel inventory suppliers • Help ensure greater corporate expense policy compliance and eliminate fraud Below is a summary of the primary ways a unified travel and expense management process further benefits companies today and amplifies the value of automation. With travel booking, expense reporting, auditing and payment finally all integrated, the click that the employee uses to book the trip can literally take care of everything else. The key takeaway is that when companies eliminate the line between travel and expense by uniting these interrelated processes, and use a single automated solution to manage that process, the resulting benefit is that these businesses optimize their travel and expense management program, run even more efficiently and extract even greater value from their T&E spend. 5
  • 6. Strategies for Success – The White Paper Series from Concur User Satisfaction: The single most important success metric to the implementation of any travel and expense management solution is user satisfaction. This is best measured by user adoption levels. Because the entire process is now made seamless – travelers are presented with all of their available booking options before they book and their expense reports are automatically populated with accurate travel expense data based on what they spent - it makes procuring a trip easy, and submitting an expense report even easier. Smart use of travel and expense technology enables users to quickly complete their travel procurement and expense reports with one touch, which will increase a company’s adoption level and drive further satisfaction from its users. Lower Operating Costs: These additional cost savings include preventing unauthorized travel expenses before they occur, eliminating duplicate expense reports or the need to approve the same expense items more than once, and finally, further reducing the chance of human error by eliminating more manual processes and touch-points. Increased Productivity: Users of a unified solution are able to more quickly complete the travel booking and expense reporting process – or even skip the expense reporting process altogether due to smarter use of all data sources – thereby giving them more 13.2 percent time to focus on their core area of expertise. Managers spend less time focusing on policy enforcement, data accuracy or compliance, and more time maximizing their of fraud cases travel and expense management budget, confident that their travelers are working within the established travel and expense guidelines. involve T&E Reconciliation Across Business Functions: Automated reconciliation of expense items across multiple credit sources mitigates the risk of submitting an expense reimbursements item more than once, preventing duplicate entries and reducing the potential for fraudulent activity. with a median Enterprise Business Intelligence: The more an organization automates its business loss of $25,000 processes and the more its employees adopt those solutions, the more informed its managers will be. With access to information captured within automated solutions, each instance. 9 managers can make timely and informed decisions in response to business and market changes. And, when an organization expands the automation of its travel and expense management process across additional business units, the aggregate data collected across those businesses provides even greater intelligence across the entire enterprise – intelligence that can be turned into tangible business value. Best Practices Across Business Functions: A unified data stream of travel spend, disbursements and reimbursements creates a high degree of quality and consistency in the data collected for analysis. Specific examples of how this information aligns a company to manage the entire business include: • Reports on air, hotel and car expenses that have occurred and have not yet been submitted as an expense, making cash management more predictable • Visibility into expenses that have already been approved in the travel management solution, eliminating the need to re-approve them in the expense solution • Alerts and reporting on air, hotel, and car rental expenses that fall within corporate policy, but were purchased outside of the end-to-end travel and expense process, mitigating any potential leakage or inefficiencies • Statistical analysis on payments, sourcing and vendor details to further optimize cost control and vendor agreements across the travel and expense process Providing cross-business functionality through an integrated solution provides a single access and a single source of traveler information, eliminating the need for a second support infrastructure for a subsequent application. 6
  • 7. SummaryAutomated corporate travel and expense management solutions provide an About Concuropportunity to reduce direct and indirect costs, driving significant savings to acompany’s bottom line. Organizations are increasingly making travel and expense Concur is the world’s leading providermanagement initiatives part of their strategic plans. Companies forging ahead with of on-demand Employee Spendthese plans can expect to see short-term returns only increasing as more travelers Management services. Concur helpsadopt the solutions put in place and the travel and expense process extends further organizations control costs by unitingacross the enterprise. online travel booking with automatedThe benefits of automating the travel and expense management processes are further expense reporting, and streamliningamplified when those two business processes are integrated. One seamless end-to- invoice processing. Concur’s suite ofend travel and expense management solution increases efficiencies across the entire award-winning on-demand servicesbusiness. User adoption is increased by providing end-users with an easy-to-use allow companies to get up and runningplatform, driving a higher percentage of travel spend through approved channels and quickly so they can focus on what’s mostincreasing compliance with corporate policies. This in turn produces enhanced business important. By automating and optimizingintelligence by leveraging the entire organization’s travel and expense data to further business processes, Concur deliversdrive costs out of the business. actionable business intelligence and rapid ROI, helping companies increaseProgressive companies and the suppliers who support them will not be complacent efficiency, control employee spend andwith the processes and solutions that exist today. The companies will continue to drive down operational costs. Concur’sdevelop strategic initiatives that use technology to drive costs out of their business and business travel and invoice solutions areextract value from every step in the unified T&E process. And the suppliers will create trusted by thousands of companies andand enhance solutions that deliver further innovation in the T&E industry. It’s these reach millions of employees worldwide.companies and suppliers who stand to benefit the most by extracting value throughout Learn more at www.concur.com.every part of the T&E process.To learn more about One Touch Business Travel™ and the power of Concur’s travel andexpense management solution with Smart Expenses™ visit www.concur.com.1. Travel and Entertainment Technologies and Services, Aberdeen Group, May 20072. T&E Expense Management: Leveraging Data to Drive Performance, Aberdeen Group, April 20083. Travel & Entertainment Technologies and Services: Overcoming Obstacles Through Data Insight, Aberdeen Group, May 20074. Playing by the Rules: Optimizing Travel Policy and Compliance, Carlson Wagonlit 20085. Expense Management Automation: An Arduous Process Begging for Automation, Aberdeen Group, February 20076. T&E Expense Management: Leveraging Data to Drive Performance, Aberdeen Group, Visit us at www.concur.com April 2008 World Headquarters European Headquarters Asia Pacific/Australian7. Expense Management Automation: An 18400 NE Union Hill Road 7 Bath Road Headquarters Arduous Process Begging for Automation, Redmond, WA 98052 Slough 123 Epping Road Aberdeen Group, February 2007 USA Berkshire SL1 3UA North Ryde NSW 21138. “Concur analysis of randomly sampled tel (425) 702-8808 ENGLAND AUSTRALIA customer practices”, 2003 fax (425) 702-8828 tel +44 (0) 1753 574 400 tel +61 (2) 9113 7315 (877) 4-CONCUR fax +44 (0) 1753 501 700 fax +61 (2) 9113 73309. 2008 Report to the Nation on Occupational http://www.concur.com/ Fraud and Abuse, Association of Certified Fraud Examiners, 2008 ©2009 Concur, Redmond, WA U.S.A. all rights reserved. All other company and product names are the property of their respective manufacturers. Specifications and other details listed are accurate as of printing, but may change without notice. WP 2009/05

×