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: