The question is: How do you get there?
IDC arrives at the answer (and that particular figure) in the InfoBrief, sponsored by Concur, The Connected Journey: Evolving to the Next Level in Business Travel, a detailed look at what businesses need to do to keep up in a rapidly growing, constantly evolving travel ecosystem.
Among the top recommendations? Connecting travel to the cloud to improve the experience for your employees (thereby increasing productivity) and to help you more quickly and accurately manage:
- Duty of Care
By managing travel with a cloud-based solution, the InfoBrief suggests, your organization will be able to trim time, costs and other challenges out of the T&E process. These savings include:
49% less time spent on travel planning
70% less time spent creating expense reports
35% more compliance with internal travel/expense policies
54% fewer lost receipts
The IDC InfoBrief also describes what to look for in a cloud partner—so that you and your team can focus more on revenue generation and less on travel bookings and expense reports. IDC goes on to outline specific pre-, during- and post-travel challenges and opportunities—from reining in booking policies and managing productivity to reviewing, integrating and reimbursing expenses.
The savings associated with these improvements are staggering. As an example, the InfoBrief highlights Concur’s connected travel ecosystem, which can save the average business $97,000 in invoicing/auditing processes, $122,000 in travel-related costs, and a game-changing $728,000 in improved staff productivity. Every single year.
And with that, you’re well on your way to $2.78 million (by 2020), simply by connecting travel to the cloud.
Download the InfoBrief now to see what it takes to take your travel program to the next level.