What do travel and finance managers like — and not like — about the tools and systems they use to run T&E programs?
To get an objective, unbiased look at the sentiment behind T&E today, the independent research firm Atmosphere Research Group conducted a survey of 300 travel and finance professionals. The results are outlined in the report, Biggest T&E Pain Points for Travel and Finance Managers — and How to Overcome Them.
Travel and finance managers do like some aspects of their current T&E solutions: 34% of respondents said that their travel platform is cost-effective, while 32% said their expense management tool is easy to use.
But they also have a lot of frustrations around these solutions, with 19% saying their expense management platform simply cost too much, and 29% saying they experienced long hold times with travel call centers. Other gripes with travel platforms include inadequate traveler technology as well as legacy distribution technology.
In fact, outdated technology and high cost are phrases that appear repeatedly in the survey as pain points. And what’s especially frustrating is that respondents know solutions exist that could save them time and money, but their companies aren’t using them. Features like incorporating travel expenses into expense management software or automating manual reconciliation are known benefits of modern T&E platforms — and their absence creates busywork and wastes money. And what company can afford to waste time and money these days?
Of course, there is a solution: An integrated, all-in-one solution like Navan automates the busy work of T&E management and future-proofs the technology so that it can grow with companies.
Travel and finance managers understand the benefits of the modern solution for both themselves and their companies. So the question is: If companies know what could help increase their efficiency and decrease costs, why aren’t more of them switching?
In fact, 19% of the respondents said they had no concerns about embracing an integrated solution. But that still leaves a large majority on the fence. Some expressed a worry about cost, others about the time and effort around implementation. These are fears that a little research could allay. And that would be a worthwhile endeavor, since implementing a modern solution can result in the kind of time and cost savings that every company, large or small, could use right now.
Get all the opinions of travel and finance managers: Download the guide Biggest T&E Pain Points for Travel and Finance Managers—and How to Overcome Them.