T&E Spend Management: What Best-in-Class Companies Get Right

In Business travel, Innovation and leadership, Spend management by Heather Lohmann9 Comments

If you want to better manage your company’s travel and entertainment expenses, you learn from those who do it best. Aberdeen Group recently surveyed the top 20% of organizations across a variety of industries to find out how, when it comes to expense management, they institute programs and find efficiencies that save time and money.

Best-in-Class T&E Expense Management: How They Do It gives financial leaders a roadmap they can follow to increase visibility and reduce costs when it comes to expense management.

Why Emulate Best-In-Class?

aberdeen chartAs shown in the figure to the right, pulled from a previous Aberdeen study, a majority of companies contend with serious business pressures related to expense management:

Best-in-Class companies overcome those business pressures by implementing policies, procedures, and expense reporting automation. By doing so, these organizations streamline their expense management processes to maximize visibility and efficiency.

Advantages Enjoyed by Best-in-Class Companies:
  • 67% more of their travel and entertainment spend is under control
  • Compliance rates for controlled spend increase by 26%
  • 43% less time is spent filling out expense reports
  • Expense approval time is cut down by two-thirds

While many organizations are simply trying to get a handle on expenses, Best-in-Class companies implement process efficiencies that not only reduce those expenses on a go-forward basis, but also increase employee satisfaction by simplifying processes and speeding up reimbursement.

Command Travel and Entertainment Expense Management like the Best-in-Class:

Best-in-Class companies don’t rely on any one thing to get expense management right. Instead, they implement a ground-up framework that allows them to be successful.

In this new Aberdeen Group report you’ll learn:

  • Expense management practices that increase visibility into travel and entertainment spend
  • How Best-in-Class companies use technology to gain greater control over travel and entertainment costs
  • The role sourcing programs play in reducing travel and entertainment expenses
  • How to pinpoint opportunities to negotiate with vendors
  • Which expense reporting tools increase compliance

Download Best-in-Class T&E Expense Management: How They Do It to discover what a comprehensive expense management framework looks like, and how your company can mimic the infrastructure and processes that allow Best-in-Class companies to increase visibility and reduce expenses.

About the Author
Heather Lohmann

Heather Lohmann

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Heather Lohmann is a Content Marketing Manager at Deem and has been working in the SF tech industry for over 4 years. She received a bachelor's degree from CSULB and an MFA in creative writing from the California College of the Arts.