These Are the New Realities of T&E In 2024

Whether it’s changes in the macroeconomy or an evolution within a particular industry, the world never stands still. And that requires companies to keep up.

When it comes to modernizing, a great place to begin is with T&E; after all, it can be one of the most complex and nuanced areas within a business. When travel and finance teams operate efficiently and effectively, it can directly impact the larger business by reducing spend and streamlining processes.

Getting to that streamlined state requires an understanding of the challenges businesses currently face, which is why we put together the guide, “The New Realities of T&E for 2024.”

The guide covers seven of these realities — here are two of them:

Importance of Real-Time Visibility

Business moves fast — and finance teams that have to wait until the end of the month to know what employees have spent are at a disadvantage. Considering the pace of global change, companies need to see what’s happening with spend at any given moment.

That’s why, unlike some expense management solutions, Navan comes with real-time visibility. And finance teams using Navan make full use of this feature. For Quickbase, a Boston-based work management software solution, it’s a feature they didn’t have with their previous solution. For the company’s senior FP&A analyst, Seth Yaniv, it’s been a game-changer. “With real-time visibility, I can see any hot spots in the budget and get ahead of them,” he said.

Cost Savings Remain a High Priority

With the macroeconomic picture still fuzzy, companies continue to watch their budgets, of which travel can be a significant part. According to a GBTA study, the rising cost of travel in 2024 was a concern for 66% of respondents.

But travel is more important than ever in the era of hybrid and remote work. Gathering teams for meetings or offsites has become essential, while the importance of face-to-face meetings with clients never went away. In other words, cutting back on travel could have ramifications for a company’s development and growth.

Fortunately, saving companies money on business travel has always been top of mind for Navan, and our robust inventory is one way we’ve done it. Now, to help ensure that Navan customers can access the best prices on flights, we’ve established 15 (and counting) NDC connections with some of the world’s biggest airlines. And we’re just getting started.

See what else has changed in the T&E world with our guide, “The New Realities of T&E for 2024.”