How can you determine where to invest in business travel and where to cut costs?
History and economists alike tell us that a recession is coming sooner than later. And while 77% of organizations closely link the strength of their travel culture to their business performance, nearly seven in ten admitted to Harvard Business Review Analytic Services that they reduced their business travel budgets during the Great Recession of 2008. More than half restricted travel frequency, as well as selected cheaper airline tickets and accommodations.
Businesses have traditionally viewed T&E as a cost center, and as such, it has often been one of the first casualties of corporate budget cuts. By viewing travel spend in a more analytical manner, it becomes easier to see the return on investment (ROI). This in turn helps preserve the budgets, which are necessary to maintain strong sales.
In this briefing paper by Harvard Business Review Analytic Services, experts in business and academia explain the danger of sweeping, arbitrary cuts. Because the ROI of travel is so difficult to determine, businesses can easily lose out on key benefits of face-to-face meetings that they themselves identify–closer relationships with key customers, better collaboration with key partners, and increased effectiveness in closing deals–at a time when they can least afford to negatively impact outcomes.
Without the correct analytical tools, organizations often lack the visibility into their travel spend to strategically identify cost savings and growth opportunities. Use this report to discover how a modern expense management solution leverages data and allows companies to strengthen their travel culture through targeted cost cutting and insight-driven investment. Learn how automation and analytics can help you optimize your travel budget, allowing your business to avoid unnecessary spending, negotiate discounts, and turn cost centers into revenue drivers.
Download the report using the form to the right and use the findings to help you inform your strategy. And when you're ready to learn more, we're here to help. After all, Chrome River lets business flow.
Chrome River provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide. The company’s easy-to-use, enterprise-scale solutions enable future-readiness for its customers. As a result of this focus on innovation, Chrome River is rated as a Leader in expense management by analyst firm IDC. Chrome River’s commitment to delivering a superior customer journey by creating long-term value for its customers, makes it a preferred choice of CFOs, CIOs, AP teams, travel managers and business travelers. Details on Chrome River’s customers can be found on the company’s web site.
More than 2 million business travelers around the world trust Chrome River. To learn more, contact Chrome River at 888-781-0088, or visit chromeriver.com and its social pages on LinkedIn, Facebook, Twitter, and Instagram.
Our firm saved over 1 million dollars in travel expenditures [last year] as a result of implementing the Chrome River Expense Pre-Approval process.
It is taking us just one quarter of the time to manage the expense process as it used to.
Chrome River takes all the guess work out, forces the user to be crystal clear on where they put their money and allows us to effortlessly reimburse them.