On which line items do road warriors spend more? If they’re working for a small business, all of them.
Concur recently partnered with IDC to create the third annual Concur Expense IQ Report, an exclusive analysis of the T&E spend from more than 20 million Concur users worldwide. We uncovered small businesses travel more often and spend more money on the road on average than large market companies. Check out our infographic to get an overview.
What other secrets did our data reveal? Quite a few for travel managers:
10 tips for T&E management
1. Review your organization’s historical spend data. Armed with this information, you can begin making informed decisions about how to shape your policies.
2. Talk to your peers and industry experts like the Global Business Travel Association, Aberdeen Group, or even local or regional business associations to learn how your organization compares to other businesses.
3. Think about your company’s culture. A core set of guidelines can go a long way toward helping employees understand the kinds of spending that’s within policy — and what’s not.
4. Make sure you have executive support. Lots of good ideas never get implemented, because the right people aren’t bought in. Get a plan together, and make your case to key stakeholders.
5. Evaluate providers. Make sure the providers you evaluate understand your organization’s unique needs, have solutions that are easy to implement, and can scale with your business.
6. Use data to negotiate. Armed with the powerful analysis tools provided by Concur, even smaller companies may find opportunities to improve deals with key vendors.
7. Lock in savings with automated policy enforcement. With Concur, your policy is built into the system, from the time a reservation is made all the way through to the processing of payments.
8. Small businesses should look for new offerings. Many providers are starting to look at small businesses as an untapped market opportunity. Check with your current travel provider, or with companies like Concur, about new programs aimed at SMBs.
9. You can’t manage what you can’t measure. If your aim is to remove out-of-policy T&E overage costs, the first step is to automate your process from end to end — from sourcing to support to expense reporting. Only then will you be able to measure how good a job you are doing.
10. Finally, once you measure, benchmark — relentlessly. Benchmarking can help you know what's working and what's not, and where you most need to focus your attention.
To read all the detailed findings and T&E highlights, download the full report! Download your complimentary copy of the Expense IQ Report here.