As an industry, business travel has risen year after year and was expected to grow to be worth $1.7 trillion in 2022, though the Coronavirus pandemic will have a massive impact in 2020. Companies spend around 10% of their revenue on business travel-related expenses. This was reported in the New York Journal and given how significant the percentage is, it’s critical that companies are strategic about managing their business travel expenditure. Additionally, fluctuating costs and the emerging subscription economy as a result of that are one of the key trends in the business travel space in 2020, and is discussed in-depth in our whitepaper on the topic.
Given that, business travel management should be a key priority for business leaders. Recent research suggests business travel is a company’s biggest unpredictable cost. This has a direct impact on business growth and therefore is of strategic importance to businesses.
Traditional expense management processes don’t provide an insight into spend until well after the travel has occurred and expenses have been submitted and reconciled – which can be months later. To reduce costs and obtain the best view of business travel spending and its return on investment, companies should harness software with automation and real-time reporting capabilities.
SalesTrip effectively does this by:
Travel booking, ticketing and expenses are all in one place eliminating the needs for multiple contracts and vendors with differing costs. This supports Finance and accounting teams by providing them with a clearly defined monthly cost that won’t simply rise as the result of a particularly travel-heavy period.
Other automation software lacks the integration that allows for real-time reporting and analysis, effectively blinding them to expenditure insights until well after travel has taken place. For example, a business trip in August that isn’t accounted for and analysed until November, leaves Finance teams with missed opportunities to accurately predict September and October projections, making it difficult to project future spending in a timely manner overall.
Unlike other systems, SalesTrip can leverage the ability to extract insights in real-time in order to make timely decisions based on current data. These insights can guide a team to determine where expenditure is resulting in profitability and should be reinvested, and which activities aren’t supporting business goals.
Compared to travel agencies, booking companies or other automation software, SalesTrip allows teams to benefit from the advanced data analysis and reporting that supports teams in reinvesting their new savings into even more profitable activities while simultaneously reducing cost through subscription services and resource allocation.Back to the top