Lack of T&E policy compliance and visibility into T&E spending are the two of the biggest challenges facing corporations looking to cut costs, according to a recent study by technology research company Aberdeen Group and sponsored by Concur Technologies, ExpensAble, Gelco Expense Management and Visa Commercial.
Of the 290 procurement, finance and travel executives who responded to the study, 72 percent said they were trying to cut costs. According to Aberdeen, T&E expenses account for approximately 8 percent to 10 percent of total average operating expenses.
In order to achieve cost savings, 39 percent of those surveyed said they would communicate a corporate travel policy and 44 percent said they would adopt technology to improve visibility into T&E spend. The findings also showed that 26 percent of respondents plan on adopting an end-to-end travel booking and expense reporting solution within the next two years.
Concur earlier this year claimed to have an end-to-end solution, after its acquisition of Outtask and the company's Cliqbook online booking tool
(BTN, February 6). France-based KDS, an online booking tool provider and expense management company, unveiled a similar product earlier this fall
(BTN, Oct. 4).
Aberdeen, in conjunction with Concur, will hold a free Webcast on Tuesday, Nov. 14, at 2 p.m. Eastern time to discuss the findings. Similarly, Gelco on Wednesday, Nov. 15 at 1 p.m. Eastern time will hold a Webcast focused on best practices in expense management.