travel and expense management

Reasons Why Travel and Expense Departments Should Work Together

Corporate travel programs offer significant cost-saving opportunities and are considered a boon for many organizations. The success of your travel program relies on to what extent your employees leverage for corporate travel.

Although financial factor is critical, businesses should not forget that customer experience is vital too.

There are many factors to convince you why a healthy relationship between expense management and travel is required:

T & E Management

The expense and travel departments should take a collaborated approach to manage the corporate travel management process effectively. T & E software gives you complete control over employee spending and allows you to gather pertinent data from the systems for optimal decision-making.

Balanced Priorities

Cost savings, ROI, and employee satisfaction are the three critical factors for any business. Expense and travel departments should be discussing their common goals and objectives to determine how both departments can drive ROI to the company.

For car rentals, travel software should ensure that all costs, such as surcharges and mileage, comply with the corporate travel policies. Any out of policy booking will be automatically notified so the travel department can make wise decisions while making a booking.

Cross-functional Interactions

Direct communication with corporate travelers, HR, and marketing departments can help essential. HR can help inform employees about travel policies and compliance, while marketing might give ideas for how to improve travel programs, which could then result in more saving opportunities.

Building an informative site that detail about policies and leisure perks for employees can help save more on corporate travel. As a result, compliance can be increased; meaning travelers are satisfied, while the business can take advantage of increased savings.

Control Risk

Understand factors that pose risks to the T & E management. Identify potential risks and create a plan of action to help overcome the challenges.

Reporting

Cost savings or compliance are the two parameters to look for in T & E management. Travel managers should not allow employees to access high-level expenses such as non-stop flights or business class. Reports and analytics can help travel managers analyze the productivity and savings of corporate travel management.

Set up a meeting to understand the goals and objectives of your expense and travel departments. This will give you valuable insight into demographics, preferences of travelers, and corporate travel policies.

Find where you can generate savings in corporate travel and align your strategies considerably. Finally, work together and create a plan for addressing and accomplishing your business goals.

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