Many experts believe a lean, new economy is unfolding—a business environment where cost control will remain an essential for success. Travel and entertainment (T&E) expenditures typically represent an organization’s largest discretionary spend, with an average annual cost of $12,211 per traveler. Organizations with a strong travel policy and aligned processes tend to be high performing, and realize significantly lower costs that can range from a 5% - 20% reduction in annual spending.
Solutions may be in place to provide some visibility and control over T&E expenses, yet nearly 87% of those responding to a recent industry survey reported that their organizations do not “aggressively manage” travel costs.
As they plan for new economic realities, business leaders may find it worthwhile to examine the practices of high performance organizations that have improved visibility into and control of their T&E spending.
To help business leaders understand where they may most effectively focus attention to measurably reduce T&E spending, this white paper provides background information on the importance of visibility and how it relates to three key methods used by high-performance organizations.