The MacNair Travel Leadership Blog

How a TMC Contributes to Business Process Management

Posted by Mike MacNair on Feb 2, 2017 2:00:00 PM

Even if they are not using a comprehensive business process management (BPM) enterprise suite through vendors such as Oracle and SAP, most organizations still use some form of a business process management system. Unfortunately, few companies realize the true potential of BPM and how it relates to the T&E processes.

Harnessing the power of BMP for travel can only be achieved by first identifying processes to optimize, then choosing the right TMC partner and finally, implementing an intelligent yet flexible BPM methodology that works for your business.

This article is intended to inform you about some of the common pitfalls that threaten travel initiatives and how a TMC can help you achieve success in your business travel processes. But first, what exactly is business process management?

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Topics: CFO, business process outsourcing

Ancillary Fees and Beyond: Cut Costs with a TMC

Posted by Mike MacNair on Nov 22, 2016 12:00:00 PM

Ancillary fees can have a significant impact on your travel budget. As airlines continue to charge for services that were once provided at no cost, the task of tracking various ancillary fees for air travel becomes a complex challenge for Chief Finance Officers (CFOs).

However, these costs can be controlled when CFOs thoroughly track and assess all data related to ancillary fees previously incurred by your travelers. This information will contribute to a travel policy that makes sense for your business, while providing clear guidelines and flexibility to your travelers.

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Topics: Travel Management, Ancillary Fees, CFO, TMc, Travel Management Company

Is Your Travel Data Buried? 3 Tips to Manage & Streamline Travel Data

Posted by Mike MacNair on Nov 11, 2016 1:00:00 PM

Can you easily consolidate your corporate travel data? For most companies, the answer is “no.” In order to manage your travel data, you must know your travel volume, your preferred supplier rates, the ratio of travel compliance within your company and many other elements. It is simply not easy to control your corporate travel data if you do not have the right information at your fingertips.

As CFO, you know that if you can’t measure it, you can’t manage it. Corporate travel can be complex and difficult to oversee without the right processes and tools. Fortunately, there are new tools that can aggregate your travel data into easily digestible reports to help guide and measure your travel policy and procedures.

With a rules-based booking program, like Concur Travel, you can manage your corporate travel data with set parameters that align with your business requirements. When you have visibility into your travel data, you are in a better position to control overall program costs. It requires a powerful solution to manage the wide variety of travel options, and these three tips should help streamline the process:

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Topics: CFO, Travel Data

5 Key Data Points for CFOs to Better Analyze Corporate Travel Expenses

Posted by Mike MacNair on Jul 12, 2016 12:00:00 PM

What would it look like if you had better visibility into your corporate travel expenses? What if you had the right technology that integrated booking, authorizations, and payments; and then that technology streamlined your processes? What if your business travelers were happy to follow the corporate travel policy?

Learn how to create an effective travel policy here.

For many companies with unmanaged travel programs, that scenario is far from reality. Rather, your organization may experience rogue travelers and multiple inaccurate or incomplete expense reports that require you to piece together the larger financial picture.

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Topics: Corporate Travel, Travel Management, CFO, TMc, Travel Management Company, Travel Expenses

The Out-of-Control CFO: Gain Control of Travel and Expense Management

Posted by Mike MacNair on Jul 8, 2016 12:00:00 PM

Gaining control over Travel and Expense Management (TEM) is on the top of the minds of many CFOs. According to recent CFO Research, more than two thirds (69%) of senior finance executives agree that their company would benefit from better control over T&E.

If you’re like many CFOs, improving T&E control and addressing reporting variances are key goals for your travel program. You want actionable data when it comes to travel expense management. You also want visibility into how your travel program fits within the larger picture of your organization.

After all, corporate travel management affects more than your business travelers; it also touches on HR through duty of care and policy compliance, procurement when it comes to control and travel costs, and even the legal department as it relates to liabilities. Your challenges lie in managing the complexities around travel. According to CFO.com, “Many finance executives say that companies lack the centralized oversight or controls that would help them better manage T&E spending.”

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Topics: CFO, Travel and Expense Management

Reach Your Travel Program’s Potential with KPIs & Savings Measurements

Posted by Mike MacNair on Jun 30, 2016 12:00:00 PM

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.

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Topics: CFO

BPO: The Answer to Relieving the Pressure on Financial Capabilities

Posted by Mike MacNair on Apr 12, 2016 12:00:00 PM

The future of finance is here, requiring a new and improved way of managing expectations based around your team’s financial capabilities. Globalization, increased competition, advancing technology all work to improve a business’ function; yet for SME Financial Executives, these improvements also increase the pressure to provide value-added results for your business. An increase in your CEO’s need for transparency and visibility into finances does not always equal an increase in staff. Finance executives are increasingly being asked to do more, do it better, and do it with fewer resources.

Now is the time to utilize all of the resources and tools available to ensure the areas that fall under the purview of the finance department are working in sync, and furthermore, with all departments within your business. In order to bring value to your department, and provide strategic direction to your business, it’s essential to utilize business process outsourcing (BPO) resources.

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Topics: CFO, business process outsourcing

Reduce Travel Costs to Achieve Operational Excellence

Posted by Mike MacNair on Mar 29, 2016 12:00:00 PM

As a CFO, you know achieving business growth comes as a natural byproduct of achieving operational excellence. Improvements in efficiency, flexibility and lowering costs in your travel program are all contributors if you know where the gaps lie. After all, many organizations face ballooning T&E expenses due to inefficiencies and lack of compliance from employees.

For example, we worked with one Internationally Known Membership Organization and helped them gain control over an unmanaged travel program. By making it clearer and easier to comply with travel policy, we were able to help this organization see a 98% adoption rate and reduce travel costs from 1.5 million to $250,000. We reduced average ticket price from $591 to $459.

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Topics: Travel Management, CFO

3 Tips to Help CFO’s Improve Travel Policy Compliance

Posted by Mike MacNair on Mar 3, 2016 1:36:00 PM

There is a definite balance that needs to be maintained when talking about travel policy compliance within your organization. As the CFO, you have seemingly clear expectations regarding compliance; employees simply enter their travel spend information, reports are processed, and data is analyzed to show cost savings.

On the other hand, employees don’t simply comply with travel policy and procedure just because it’s there. They have other jobs to do and the time it takes for them to manage their travel – especially if the travel and expense system is not automated – is cumbersome and decreases productivity.

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Topics: CFO, travel policy

3 Ways for Finance Executives to Provide the Visibility CEO's Demand

Posted by Mike MacNair on Mar 1, 2016 12:00:00 PM

Clarity, predictability and strategic insight regarding finance management. These are the top requirements that CEO’s have for their CFO’s, demanding increased visibility from finance executives. In a recent study from KPMG A View From the Top, 63% of the surveyed CEOs from high performing organizations believe that the CFO’s role will increase in significance over the next 3 years, as compared with other C-suite roles.

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Topics: Finance Executive, CFO