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Thumbnails Document Outline Attachments Layers Current Outline Item Previous Next Highlight All Match Case Match Diacritics Whole Words Color Size Color Thickness Opacity Presentation Mode Open Print Download Current View Go to First Page Go to Last Page Rotate Clockwise Rotate Counterclockwise Text Selection Tool Hand Tool Page Scrolling Vertical Scrolling Horizontal Scrolling Wrapped Scrolling No Spreads Odd Spreads Even Spreads Document Properties… Toggle Sidebar Find Previous Next of 12 Presentation Mode Open Print Download Current View FreeText Annotation Ink Annotation Tools Zoom Out Zoom In Automatic Zoom Actual Size Page Fit Page Width 50% 75% 100% 125% 150% 200% 300% 400% Biggest T&E Pain Points for Travel and Finance Managers— and How to Overcome Them Survey and report from Why? Historically, companies developed or provided specialized products and services tailored to various departments. Travel management companies emerged, for example, to help corporate travel departments streamline their organizations’ business travel needs. Corporate credit and purchasing cards from banks simplified employee spend, while expense reporting software helped better manage that spend. Travel and finance managers could work more efficiently and effectively, and companies became content with their processes. But modern, digitally based solutions upended the status quo by bringing these components together into a fully built “bridge,” with corporate travel and expense features imagined and designed to work together seamlessly. Managers could be even more efficient and effective, thanks to controls and insights that can contribute to greater engagement, compliance, ease of use, and peace of mind—and result in considerable savings in both time and money. Executive Summary Historically, corporate travel software has been akin to having the individual components of a bridge waiting to be assembled. Much like the construction site will have the steel, concrete, nuts, bolts, and other items needed to build the bridge, the key components businesses require for effective corporate travel programs have all been standalone elements: travel management company (TMC), booking tool, expense management system, and corporate credit card. While some companies have adopted such a solution to power their travel and expense operations, others are still making do with legacy systems. Still others rely on consumer travel channels to book travel—and a software program such as QuickBooks to balance the books. The question is: With all of the benefits that modern, all-in-one solutions offer, why isn’t every company using them? To help answer that question—and to better understand the needs and pain points involved in corporate travel and finance operations today—Atmosphere Research Group surveyed business professionals in corporate travel management, finance, procurement, administrative, and executive roles. Biggest T&E Pain Points for Travel and Finance Managers—and How to Overcome Them2 Among the key findings from the study: Navan (formerly TripActions) hired Atmosphere Research Group, an objective and independent travel industry marketing research firm, to conduct a research study among business professionals. Atmosphere, in collaboration with Navan, developed and hosted a 45-question survey between May and July 2022. The 292 survey respondents work for companies that employ, on average, 42,176 employees, making them sizable enterprises. One in four work Research Background and Methodology The respondents themselves work in a diverse mix of industries, led by travel and tourism (12%), manufacturing (9%), and software (8%). Thirty percent work at publicly-traded companies; 83% work at for-profit businesses. While the widespread industry fragmentation precludes the ability to conduct meaningful analysis by industry sector, it does provide for a well-balanced mix of industry views. Survey respondents also work across various roles, led by finance, corporate travel, and executive. This diversity allows us to examine the attitudes of multiple stakeholder roles within organizations’ business travel and expense management programs. All charts in this report use data from the Corporate Travel and Expense Solution Online Research Study, Q3 2022, conducted by Atmosphere Research on behalf of Navan. Business professionals like the concept of an integrated travel and spend solution. Procurement and administrative/corporate services professionals are the most enthusiastic, with 81% and 72%, respectively, saying they like the integrated product offering. Corporate travel professionals were less approving, at 64%, but travel managers are the ones who have been at the forefront of corporate travel’s digital transformation. Having seen it all, it’s understandable why their opinions are more reserved. That almost two in three like the all-in-one concept is, in Atmosphere’s opinion, a strong endorsement. The most significant product benefit is its ability to assist travelers. The most appealing aspect of the integrated concept is its potential to improve ease of use for traveling employees, followed by its potential to better manage expenses and an improved ability to reconcile expenses. 95% of organizations in our survey operate managed travel programs. This choice increases the companies’ responsibility for factors such as duty of care, policy compliance, travel tools and services, and timely reimbursement for approved business travel expenses. Companies’ flexible approaches toward credit card use create expense management complexity. While a plurality of the organizations surveyed requires employees to use a company-issued credit card, others give employees a choice between corporate and personal cards or allow employees to use personal cards. This mix creates complexity for everyone charged with tracking and managing their business travelers’ expenses. Organizations’ existing expense management tools aren’t robust—or popular. Half the survey respondents say they cannot seamlessly incorporate employee expenses from designated credit cards into their expense management solutions. And most say their tools don’t provide adequate controls or visibility. Expense management tools aren’t employees’ friends. Many expense reporting products don’t inform employees when they’re booking with unapproved suppliers, making a purchase outside approved company guidelines, or approaching preset T&E spending limits—resulting in potential compliance issues that waste time and frustrate employees. Incumbent travel management companies have drawbacks. Long call center hold times lead the list of frustrations for survey respondents, followed closely by cost. There was a tie between inadequate or lagging traveler technologies; inadequate legacy distribution technology; and inflexible, unaccommodating account management teams. Concerns about adopting an all-in- one solution are addressable. While 19% of the surveyed business professionals had no concerns about embracing an integrated solution, that means nearly four in five managers and executives do. Helping this latter group better understand the benefits of such a platform can help. at organizations with 99 or fewer employees; almost as many—24%— work at companies with 10,000 or more employees. And, despite the uncertain U.S. economy, the people in our survey work for firms with confident future outlooks, expecting their employers to add 1,139 new employees in 2022. Most survey respondents work at established companies that are slightly more than 21 years old, on average; almost two in three launched 25 or more years ago. Fewer than three percent work at companies started less than two years ago; just 11 percent work for firms created between two and nine years ago. Why does this matter? Longer established organizations are more likely to have (and do have, according to the survey results) managed corporate travel programs, TMC relationships, and expense management solutions. More Information Less Information Close Enter the password to open this PDF file. Cancel OK File name: - File size: - Title: - Author: - Subject: - Keywords: - Creation Date: - Modification Date: - Creator: - PDF Producer: - PDF Version: - Page Count: - Page Size: - Fast Web View: - Close Preparing document for printing… 0% Cancel Next Next 5 T&E Processes That Waste Your Time — And Company Money Watch a 2-Min Demo pdf:Atmosphere Research Overcoming T&E Pain Points pdf:5 T&E Processes That Waste Your Time — And Company Money pdf:The One Thing Most T&E Solutions Overlook pdf:How to Supercharge Your Credit Card