Technology & Innovation
6 T&E Tweaks That Could Reshape Your Business

6 T&E Tweaks That Could Reshape Your Business

Rich Beattie

17 May 2024
3 minute read
Business Transformation Through Travel and Expense

In the race for growth and prosperity, some companies look to cost-cutting as a strategy for reaching their goals. But slashing costs in key areas like business travel may end up hindering companies instead.

After all, if sales teams are visiting current and prospective customers less frequently, and remote teams have fewer chances to meet in person, the result may be fewer signed contracts and a lack of game-changing ideas.

Fortunately, there’s a way to save money that could actually increase growth opportunities: more efficient management of travel and expenses.

T&E tends to be such a complex, nuanced part of the business that change might feel hard to tackle. But it can be done — and the results can be significant. That’s why we created the guide, 6 T&E Changes That Can Transform a Business.

Finding Savings In Policy

What some companies may not realize is just how powerful a tool T&E policies can be for saving money. When employees travel and spend outside of policy, whether intentionally or not, the resulting complications can require time and money to investigate and correct.

And T&E policy compliance is a problem for companies — a growing one, in fact. A report from Skift, The State of Corporate Travel & Expense 2024, showed a downward trend in this key area.

Why is that happening? For some companies, the problem stems from the limitations that come with a legacy T&E management system. If policies can’t be set at levels granular enough to handle the complexity of a business, more employees could find themselves out of policy and triggering those costly complications.

How can Navan help solve this problem? Read more in the guide, 6 T&E Changes That Can Transform a Business.

Another Savings Treasure Trove

Here’s another area where companies may not realize the potential for savings: travel inventory.

Not all travel management solutions have access to the same sources for flights and hotels. And a smaller inventory could force employees to make choices that are either more expensive or more inconvenient. Even worse, they may book off-platform, which makes tracking spend and projecting future trends much more difficult.

The answer is to find a travel solution with as robust an inventory as possible. Right now, that means having multiple connections to New Distribution Capability (NDC), where a growing number of airlines are publishing their most complete options, including some of their best rates.

At Navan, we’ve been out in front of this trend and continue to grow our NDC connections. The upshot: Travelers get more flight options, saving them booking time, as well as more options to book fares that save the company money.

Discover all the ways T&E can help companies grow with our guide, 6 T&E Changes That Can Transform a Business.

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