New analysis commissioned from Forrester Consulting shows that the economic impact of adopting TripActions as an all-in-one travel, corporate card, and expense solution is significant. According to the study, a composite company sees a return on investment of 153% over three years when adopting this unique approach. Companies can realize benefits in both time and cost savings, thanks to the efficiency that comes from streamlining the expense management process and providing a simple, user-friendly travel booking and management solution.
Full results from the Forrester Consulting Total Economic Impact™ study are now available for free at tripactions.com.
Much of the analysis built into the study focuses on the costs and benefits of upgrading to an all-new solution for managing travel, corporate cards, and expenses. For many finance and travel leaders, change management is a major consideration when looking at new solutions. Sticking with the status quo may minimize disruption, but the costs associated with this stasis can pile up.
This study helps quantify the benefits of switching to a modern solution for travel, corporate cards, and expenses.
For example, the Forrester study shows that for the composite organization, travel managers improve productivity by 20%, which gives those leaders back critical time for strategic work such as supplier negotiation and team enablement.
Employees, too, see direct improvements in their day-to-day operations when their companies implement the TripActions solution. According to Forrester’s calculations, each employee using TripActions Liquid™ saves 30 minutes as a result of the streamlined policy and expense management process afforded by TripActions Liquid™. In fact, many employees may need to not file expense reports at all, thanks to the system’s built-in policy that automatically recognizes and approves transactions.
“It was really important for us in rolling out the travel [solution] that the expense side tied it together…It was important for me to have something that puts it all together in one place,” says one shared service director interviewed for the Forrester study.
Direct cost savings are also part of the equation when calculating ROI. Thanks to tools like dynamic policy controls and inventory from the likes of the TripActions Lodging Collection, customers using the solution have reaped significant savings on travel spend.
“Prior to TripActions, our average daily hotel rate was anywhere between $205 and $220, which to me seemed outrageous just in terms of where we were going and given the fact that our travel is domestic,” shared a corporate programs administrator quoted in the study. “Now, I think our average daily rate is right around like $180, $185. That’s a big deal for me. I think that just shows the value that they bring. And same with the average ticket cost before TripActions. We were over $500. Now, our average flight price is around $350.”
All told, the new Forrester study brings critical, third-party insight into the real value that TripActions can provide to companies looking to modernize, create efficiencies, and drive savings. Download the full study now on TripActions.com.