Many TripActions customers rave about the time and cost savings they’ve realized with this innovative travel, corporate card, and expense management solution. But what does that mean in real numbers for the typical company?
That’s exactly what Forrester set out to learn. They interviewed decision-makers at nine companies using TripActions and aggregated the findings into a single composite organization.
The results offer up a clear picture with real numbers behind it, which you can see by downloading the Forrester report, The Total Economic ImpactTM of TripActions.
Challenges of Legacy Travel & Expense Management Platforms
Prior to signing up with TripActions, those interviewed for the Forrester study discussed having implemented a wide range of legacy solutions for travel and expense management. Along the way, they encountered a variety of challenges.
Here are just a couple of them, as documented in the Forrester report:
- Poor employee experience. Using mobile or web platforms was difficult, and there was a lack of helpful, immediate support from the vendor.
- Low compliance with travel policy. Employees were more apt to book out of policy when they found few travel options, uncompetitive prices, and frustration with the platform.
- Excessive time spent on expense tasks. Manual tasks included inputting transaction details, then reviewing, approving, and reconciling.
The Efficiency of the All-in-One Solution
The composite “company” created through the Forrester interviews for this study has 2,000 employees who generate 2,000 expense reports in the first year, totaling $8 million. During the year, 500 regular travelers take four trips, while 100 non-travelers submit 10 expense reports per year.
As the Forrester report finds, TripActions saves time for everyone connected to this process, from travelers who book travel plans—and then have to submit expense reports—to travel managers, as well as the accounting and finance team members who have to process those expense reports and reconcile accounts.
In fact, the time saved on processing just a single expense report by using TripActions LiquidTM would make any finance team take notice.
How much time does each group save, on average? Get the answers by downloading the Forrester report, The Total Economic ImpactTM of TripActions.
How TripActions Significantly Reduces Spend
Based on the same composite company, Forrester was able to detail how TripActions delivers a significant reduction in travel spend.
Here’s the calculation they used: The number of trips starts at 2,000 in the first year of using the solution and grows 10% annually for the following two years. In addition, 80% of trips include a flight and average one night of lodging.
The Forrester report reveals a list of specific savings realized through TripActions, which includes an eye-opening $150 per flight. And the savings extends into lodging, as well as what the lack of a booking fee. The result for this aggregate company: Hundreds of thousands of dollars over three years.
And the savings continue on the finance side, where accumulated rebates on total spend with TripActions Liquid results in hundreds of thousands of dollars more.
Plus, the report covers the unquantifiable benefits that TripActions offers, including the greater agility that comes with real-time financial insights, as well as increased compliance thanks to TripActions’ automatic policy enforcement.
Exactly how much could a typical company save on each trip by using TripActions? Find out: Download The Total Economic ImpactTM of TripActions.
Costs of Implementing TripActions
So what’s holding companies back from realizing savings with TripActions? For some, it’s a concern that the time and cost of implementation and training will be prohibitive. But according to the companies interviewed for the Forrester study, that’s absolutely not the case.
In fact, companies took on the quick task of implementation while handling the tasks of their daily routine. And training for admins was a breeze.
All in, the Forrester report offers clear evidence that companies of all sizes can quickly get up to speed with the TripActions end-to-end solution and start realizing significant savings in time and costs—savings that will only grow over time.
See what your company could be saving right now. Download the Forrester report, The Total Economic ImpactTM of TripActions.