How to create a sustainable travel program for indirect procurement

| May 8, 2019

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When building out a Travel Policy, it is important to understand your goals for cost savings, as well as your traveler’s buying behavior towards compliance. Focusing on only one area will dramatically reduce your opportunity to run an effective program. In the end, it is important to remember that the traveler makes the majority of the end buying decisions for their trips (even when approval processes are in place). One simple rule to remember: the culture of your organization will trump cost savings every time!

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OTHER ARTICLES

Frequent flyer: will business travel bounce back from coronavirus?

Article | March 9, 2020

With trade shows cancelled and companies limiting or even banning travel, Mark Manduca, aviation analyst at Citi, recently raised the question: “Will corporate travel ever truly recover again?” When the coronavirus crisis is over, will companies that have managed just fine with video conferencing decide to carry on, given how much cheaper it is? We have heard similar questions before. I wrote an article in the early 1990s, after the first Gulf war and the economic downturn, quoting experts who said company bosses had noticed a fall in costs from the resulting decline in travel and decided to make it permanent. Similar things were said after 9/11. Every economic slowdown produces the same statements.

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How finance teams can proactively manage travel spend before it happens

Article | May 26, 2021

Controlling how employees spend company money on travel has been one of the biggest historic challenges for finance teams. Most company spend is governed by purchase orders, with payments made in relation to specific invoices from the company’s own bank. The data is available transparent and can be analyzed to spot any inconsistencies. But controlling travel spend, which is most company’s largest discretionary spend area, is much harder. Employees increasingly organize their own travel, empowered by corporate self-booking tools for search, booking, and payment. This can help with visibility, particularly if the corporate uses lodge or virtual cards to pay. However, pre-trip spend like air and hotel bookings only represent 50-60% of the money spent on travel. What about the rest?

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As travel giants circle, understanding the economics in tours and activities is vital

Article | March 3, 2020

In the past 24 months, the tours and activities sector has moved from, to borrow a Cinderella analogy, the cinders to the palace, where its untapped potential has moved into the sights of major travel retailers and investors. These retailers and investors, as we know, included Booking Holdings, Tripadvisor and SoftBank via their investments in Klook and GetYourGuide. These moves have led to lots of opportunities for operators and consumers alike, but, as always, change does not come without its casualties. Some operators are to dealing with distributors and they understand that such partners can be both partner and competitor.

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Travel Trends 2020 — Technology

Article | March 9, 2020

Technology’s a double-edged sword, and it will just get sharper. On one hand, it’s wonderful to have a complete toolbox in one hand (camera, photo library and editor, tickets and itinerary, currency converter, maps and navigation) and access to the wider online world. On the other, it will become even more a DIY world. Not connecting to the cloud? Well you’ll have to Google the issue and fix that. Contacts not loading? Same. Check in online, get to the airport, fix your bag tags and put them on the belt. Tech will become better and more frustrating all at the same time in 2020 and beyond.

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