The MacNair Travel Leadership Blog

Travel Policy Optimization = Effective Data Management

Posted by Mike MacNair on Feb 9, 2017 1:00:00 PM

You can’t manage what you can’t measure. Having access to reliable data is essential for controlling business travel, yet many CFOs do not pay the same amount of attention to this aspect of their business as other core areas of operation. This is a mistake.

Travel and Expense (T&E) budgets represent the second largest controllable cost for most organizations, typically coming in behind only payroll and rent. The benefits of analyzing travel data to identify gaps in efficiency are many. Travel data analysis can offer CFOs insights into company-wide travel spend and an accurate interpretation of this data can help control traveler’s choices and increase compliance. Yet research released by the GBTA Foundation – the education and research arm of the Global Business Travel Association – found that despite the demonstrated value of travel data, CFOs continue to struggle with deciphering travel data.

Why is travel data difficult to manage? It comes down to several root causes:

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Topics: travel policy, Managed Travel, Travel Data

Best Practices for Benchmarking Your Travel Program

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

Travel and Expense (T&E) budgets represent the second largest controllable cost for most organizations. Improving your managed travel program offers a huge opportunity to enhance your company’s bottom line and overall financial wellbeing. One of the most effective ways to accomplish that is through the process of benchmarking. For managed travel, the benchmarking process will compare key components of your travel processes (identified by you) against similarly sized organizations.

When you compare your managed travel program against companies with excellent managed travel programs in place, you will understand your strengths and weaknesses. In addition, any areas that require additional attention are identified so that they can be studied, analyzed and eventually improved by adopting best practices and implementing the results.

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Topics: travel policy, Benchmarking, Travel Data

Travel Reporting Objectives for the Data-Driven Travel Manager

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

According to research from the Aberdeen Group, 51% of companies cited a lack of visibility into travel spend as their top T&E management challenge. If you are like most organizations, the amount of spend related to travel is huge. In fact, travel is considered to be the second largest controllable business expense. With that in mind, do you feel like you have control over your company’s travel expenses?

A comprehensive and flexible travel management reporting system can provide travel managers the view they need to effectively monitor performance indicators, identify travel patterns and track spending in granular detail. A powerful reporting tool will consolidate travel data in real-time so managers have quick access to accurate information. The more accurate your travel activity data, the more empowered you are to manage travel behavior, track cost savings and enforce policy.

When evaluating a reporting system that is best suited to your unique business situation, consider these features and travel reporting objectives:

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Topics: Travel Data, Travel Reporting

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