For CIOs, it’s too easy for us to get caught up, what’s more, the world of IT. We want to focus on things like servers, virtualization, networking, and making decisions about IP4 vs IP6. It turns out that the rest of the company really doesn’t care about any of these things. They care about much more important things. Like, say, travel expenses.
The Problem With Travel Expense Reporting
It turns out that most companies have a problem with how they track and manage travel expenses. This isn’t just a problem, it turns out that it’s a big problem: a typical company spends 1-2% of their revenue on Travel & Entertainment (T&E). This can easily become a big expense.
Companies would like to have a better understanding of just how much they are spending (and what they are spending it on) so that they could do a better job of keeping a lid on costs. If they had this information, then they could use it to get volume based discounts from companies who supply travel and they could also crack the whip internally and steer employees to use these travel service providing companies.
What most companies are missing is an easy to use single view that shows a comparison between what employees booked for travel and what was expensed. A simple fact of life is that it is very difficult to track what a company’s employees do after they have left on a trip.
How IT Can Solve The Travel Expense Problem
IT can play a major role in solving the problem of runaway T&E expenses. It turns out that by integrating travel systems, IT can provide the rest of the company with a very rich set of travel data to analyze. This can allow them to determine patterns, maximize the …