Finance leaders are being left in the dark. Outdated manual systems, low visibility, and little to no control put finance leaders in the uncomfortable position of not having the data or insights needed to make critical decisions -- especially now as they chart their paths to business and economic recovery.
Organizations as a whole, but particularly finance departments, have learned that real-time data, analytics and visibility into corporate travel will play a growing, mission-critical role as the world adapts to changing public health and economic realities.
Unfortunately, there needs to be a fundamental shift in how finance leaders approach their tools and teams in order to prepare for the future. Recent research conducted by CFO.com and TripActions found that nearly half of the companies surveyed lack data, analytics and insights into corporate travel spend.
[CTA: Download CFO.com Report]
Four out of 10 of the surveyed CEOs, CFOs, and senior finance executives reported not having or not knowing if they had real-time data, insights and analytics into their organization’s travel spending. Without access to even basic data and analytics, it is impossible to plan, forecast, effectively manage a budget related to travel spend and expenses, or negotiate with suppliers. It also impacts the finance executives’ ability to channel resources into the most effective sources of growth and recovery.
The good news is that finance executives are hungry for change and pushing for better travel management, payments, and expense solutions from the inside. Two-thirds of the executives say that having real-time data, insights and analytics to shape travel policy is a high priority. Eight out of 10 are interested in improving the employee travel experience while controlling costs and maximizing the value of travel-related spend.
CFOs today need an end-to-end, cloud-based corporate travel, payments and expense management solution that brings real-time data, insights and analytics into their travel booking, expense submission and reimbursement processes and decision making. The data shows that finance leaders have recently become aware of the major gaps into their current systems, what’s needed to fix it, and why it’s critical that it’s done as soon as possible so they can be prepared for the future.
Get in touch with TripActions today to learn how we’re bringing real-time data, analytics, and insights to finance leaders around the world.