by WEX Travel
Business travel spending continues to grow, roughly 3-5% annually, solidifying itself as the second biggest expense organizations face.
More Data, More Problems
However, with the steady, continued growth comes more and more spend data generated from a variety of sources.
Unfortunately, even with the right planning, policies and policing, keeping up with the ever-growing, increasingly disparate data is a challenge for multiple reasons:
- T&E is a business area with very little to no data standards and wrought with different platforms used to manage T&E, many of which do not connect or integrate easily
- Every corporation is different in their strategy on how to manage and get the most ROI out of T&E, so no set method for success exists that can be portable from organization-to-organization
- Organizations that do attempt to bring all the data together usually end up doing so manually, taking an enormous amount of time, money and energy to design a system that could be defined as “reactive at best”
Naturally, with all of this data stacking up (more data has been generated in the past two years than in the entire previous history of the human race), this ‘data monster’ will only grow bigger, uglier and harder to tame—resulting in higher costs, less visibility and more work month-after-month, year-after-year.
Taming the “Data Monster”
Luckily, by taking the right steps now, any organization in the corporate travel chain can begin to cut the data monster down to size, all of this while offering more options for travelers, a true win-win throughout the corporate business travel management spectrum.
Leading travel management news website Tnooz recently hosted a webinar, sharing how TMCs and agents tame the data monster with payments tech. Featuring Jim McGowan, Strategic Sales Manager for WEX Travel, and Dave Lukas, VP/CDO at Grasp Technologies, the webinar shared with attendees the tactics and strategies for organizations to take control of travel data—gaining visibility into the spending and using technology to control costs.
Register on the Tnooz website to see the recording and slides and learn more about how payments tech can help organizations to:
- Ensure Control and Compliance: Prevent overpayments, eliminate risk and ensure policy compliance
- Maximize Efficiency and Process Savings: Simplify reconciliation and ease dispute resolution with 1:1 matching, saving time and money, providing better data for accounting and reporting
- Improve Decision Making: Using better information, negotiate better pricing, measure ROI of each trip and inform future policies with better data
- Move from Gatekeeper to Superhero: Using the data available, you can now become more proactive in your decision-making and move from the ‘no’ person to the superhero your organization deserves
All this, and much more when you watch How TMCs and Agents Tame the Data Monster with Payments Tech on the Tnooz Website.
A recent WEX Travel blog took a deeper look into the role that Big Data plays for OTAs, sharing how to use it to improve sales and support business, as well as how to overcome challenges that exist in data management. See the blog, Big Data Becomes Real for Travel Agents for more information, and gain even more insight into turning data into dollars, euro, etc. by downloading Six Ways to Optimize Your Payments Strategy, an in-depth look at tailoring payments strategy for the future.
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