Indirect Spend Series - Travel and Expense
Travel & Expense Management
There’s More Opportunity Than You Think
Travel and expense management presents up to a 35% savings opportunity to the average organization. This is because at most firms the largest cost after payroll is employee initiated spending on expense reports and corporate cards/p-cards. This spending, which is the second most difficult category to control, typically exceeds 10% of organizational budget on the travel category alone, and can exceed 15% of organizational spend and 25% of indirect organizational spend.
Part three in our "Indirect Spend Series" focuses on Travel & Expense Management and teaches you:
- How much you can save by implementing a T&E solution
- How important it is to ensure employees are compliant with policy
- How common accidental non-compliance and intentional fraud are
- How much employees appreciate a simple way to book travel
- How much employees appreciate being quickly reimbursed
- How successful T&E solutions have been for other companies
Over the coming weeks and months the “Indirect Spend Series” will explore the different elements required to effectively manage indirect spend, identifying and defining each stop along the “Journey." In the series of white papers to follow we’ll take deeper dives into each individual element of indirect spend management and identify actionable strategies and tactics every company can take to combat out-of-control spend.