According to the GTBA 2016 Global Travel Price Outlook Report, global hotel rates are expected to rise 2.5%, and in North America, meetings and event costs per attendee are projected to rise 4.5%. How much will that impact your T&E budget?
If you’re like many CFOs, you realize that travel expense management is an important component of financial health, yet you may also realize you don’t have the visibility you need to improve your bottom line. In fact, you might feel T&E is something of a black hole.
It’s no secret that the first step to savings measurement is to review your existing corporate travel policy while considering your company’s financial objectives. If one of your goals is decrease spending, an area to look at is how to lower costs related to your travel program. Take some time to go over your current travel processes. The review will help to reinforce your correct assumption that reducing travel costs is largely about streamlining systems and creating easy-to-follow procedures.