Travel and Expense
The C-Suite is Wondering What Travel is Up To
Budgets are tight, costs are out of control, and every inch of the travel process seems to be in constant flux – from shifting regulations to shaky supplier reliability. So naturally, the business wants to see that you’re measuring every travel dollar, yen, and euro with care.
So what should you do first?
Start with the right questions.
The C-suite is asking you for more, so you need to ask yourself how you’re going to get it. A recent “Measure Up” eBook highlights five ways to demonstrate ROI in your travel program – in other words, it offers just about every answer you’ll need.
- The first question: Are all the recent shifts in strategy getting in the way of getting things done? Yeah. They certainly could be. But if there’s a way to focus on your foundational priorities, like adoption, approvals, compliance, and so forth, you’ll get a sense of what the C-suite needs you to measure. And instead of metrics being some sort of guessing game, you’ll find the right measuring tools.
- Next, take a look at visibility. Are you able to see all of your outside bookings, unused tickets, cancellation charges, and things like cash spending? It’s easy for this kind of data to fall through the cracks, and when it does, your budget goes with it.
- How much VAT and GST reclaim are you leaving behind? This isn’t the simplest question you’ll ever answer, but with millions of unclaimed taxes out there, your CFO, other stakeholders, and even shareholders will welcome a solution that brings cash back into the business.
- Another issue to consider is the metrics themselves. Travel has changed, travel priorities have changed, and if you want to keep up, you need to change what you’re measuring and how you measure it. Are you tracking the traveler experience? Do you have sustainability goals and ways to meet them? Do you have a handle on meetings booked outside your program? If not, you’re not going to be able to prove your ROI.
- Finally, ask yourself what you’re showing the C-suite and what you should be showing the C-suite. Better yet, ask the C-suite. They’ll likely want to see the high-level data that tie to your organization’s overall goals.
Why does that matter?
Naturally, what matters to leadership matters to everyone. But the stress their scrutiny is causing is often only felt by the folks at the helm of your travel program. Like you, for example. And when 100% of travel managers expect their jobs to be more challenging in the next 12 months than they were last year, you know you’ve got trouble.*
Avoiding that stress – and too-tough-to-tackle questions from the C-suite – takes more than a few good reports and a couple lucky guesses. It takes the right tools measuring the right data, then showing the right findings to the right people.
Fortunately, you’ve got the right tricks up your sleeve. Read the “Measure Up” eBook, and you’ll find five tips for demonstrating the value of travel management. You’ll also find the answers to the questions you’re asking yourself, not the least of which is: How am I going to do it all?
*2022 Global Business Travel Report