With the rapid adoption of new technologies, corporate T&E management has changed from a regular back-office function to a strategic set of methods which can drive enormous business value. One of them is analytics-an important means for organizations to enhance T&E management and improve the intelligence of how corporate travel affects the overall business. Many enterprises have realized the value of implementing analytics within the T&E expense management and are using the analytics capabilities to cut extra costs.
Data analytics in expense management provide operational insights through improved visibility, and also offers the ability to take action on that visibility. Consistent reporting on policy compliance and up-to-date reviews of pre-trip travel against budgets improves T&E management. Analytics provide real-time visibility into the corporate travel spending, with complete information in hand organizations can cancel or alter future travel plans when they face revenue shortfalls. Data analytics enable organizations to regularly compare spends with corporate budgets and ensure that the corporate travel doesn’t put them in danger of overspending.
Business T&E data is not only the critical factor to track and monitor through analytics, a best-in-class approach should actively collect and analyze information regarding employee itineraries and the frequency of corporate travel. This helps you know when the expenses are made, how frequently your employees are travelling and how the corporate travel affects their performance.
These analytics can be used to uncover the accurate ROI of corporate business travel and enables you to plan, budget, and forecast better for the future.
The advanced data analytics of SutiExpense enable you to manage business T&E much easier than you think.