In part three of our Indirect Spend Series we look at how Travel and Expense Management solutions not only present an organization with a huge savings opportunity, but can also help prevent significant loss.
The only way to reduce spend is by using traditional vendor consolidation, discount negotiation, unused ticket refunds, and, most importantly, maverick spend reduction. However, a company without a modern travel and expense management system will never know how much it is losing from non-compliance, and will not detect policy violations until it’s too late. While travel is often the greatest component of employee-initiated spend, it’s not the only component. Employees also spend on office-supplies, computers, electronics, software, client entertainment, consulting and PR, logistics and shipping, and other non-recurring expenses that arise in the course of business or travel.
A good travel and expense management system:
• Creates compliance through a seamless and integrated application
• Applies policy at the time of booking
• Eliminates double-payments through monitoring
• Ensures regulatory compliance through auditing
• Reduces processing costs though automation
• Identifies opportunities for cost reduction through analysis
A penny saved may be a penny earned, but you can’t save something you don’t know you’re spending in the first place. Our modern cloud-based travel and expense management platform provides a true enterprise solution, and Deem can play a pivotal role ensuring your employees’ expenses fall within your policy while simultaneously delighting them with ease of use and turnaround time on reimbursement.