New Emburse Research Finds Strong Link Between Managing Travel Spend and Better Financial Performance in Organizations
2024年7月23日 - 12:30AM
ビジネスワイヤ(英語)
Businesses exceeding their financial targets
are almost 4x as likely to be “very confident” in their ability to
control travel spend compared to those behind target, and almost 4x
as likely to describe employee compliance with T&E as “very
good”
Emburse, whose innovative travel and expense (T&E) solutions
power forward-thinking organizations, today launched survey
findings revealing an even stronger than expected connection
between a business’s financial performance and its T&E
processes.
Emburse, in partnership with YouGov, surveyed over 500 American
travel, finance, HR, and operations professionals about their
actions, thoughts and plans regarding business travel and employee
spend. The results revealed a close link between their ability to
control employee spend and positive financial outcomes.
The Future-Proof Your T&E Strategy report details the survey
findings, outlining the forces shaping modern T&E management,
and providing a framework for future-proofing against these
factors.
The study revealed that businesses see real threats to spend
control. Almost half (49%) of all survey respondents list inflation
and rising prices in the top three factors negatively impacting
their ability to control employee spend over the next year,
followed by the increased volume and cost of business travel (32%)
and growing employee autonomy in purchase decisions (25%).
However, respondents reporting higher financial performance for
the year – specifically those growing their revenue or
exceeding financial targets – are more confident in their
ability to meet T&E challenges:
- 63% of those at companies whose financial performance is ahead
of target for the year are “very confident” in their ability to
control travel spend, compared to only 16% who are behind
target.
- 54% of those ahead of their financial target are “very
confident” in their ability to control other spend (such as
subscriptions and SaaS) vs. 21% who are behind.
- 58% of those ahead of target characterize employee compliance
with T&E policies as “very good,” compared to only 15% of
companies that report financial performance as behind target.
- Those ahead of their financial target are much more likely to
have high regard (“excellent” ratings) for their company’s ability
to analyze T&E spend than those that are behind target (67% vs.
18%).
“Travel and expense management has become a business imperative
in its own right,” said Marne Martin, CEO of Emburse. “More than
most functions, it is central to the needs and demands of the
modern workforce in growing and more established companies. Travel
and finance leaders need to maintain control in the face of rising
costs, but they have to balance that with meeting evolving employee
expectations for mobile-first convenience and increased autonomy.
Organizations that think strategically and implement best-in-class
T&E solutions are seeing growth in their bottom line. It’s time
to move beyond archaic systems and recognize that frictionless
T&E can be a strategic asset and competitive advantage to any
organization. Emburse’s mission is to help make the lives of
professionals easier and deliver the greatest value to our
customers,” she concluded.
When asked where they expect their workplace to invest in the
next 3 - 5 years regarding its T&E processes, the top answers
from respondents were:
- Artificial intelligence (33%)
- Integrating T&E processes and systems such as updating
expense platforms (29%)
- Analytics, reporting, and forecasting capabilities (29%)
- Price optimization technologies (28%)
Overall, those at high-performing businesses are up to two times
more likely to expect to invest in T&E technologies (87% vs.
56%). They are also more likely to be working with a T&E
software vendor who they feel is "ahead of the curve” for helping
them manage emerging demands and challenges (54% vs. 13%). And they
are more optimistic about how technology will change their role;
60% anticipate technology will help improve their role and provide
them with new strategic opportunities, while only 19% of those at
companies behind target feel the same way. That may explain why
those behind target (44%) are more than three times as likely as
those ahead of target (13%) to say they do not expect to invest in
any T&E technology over the next three to five years.
To learn more about the survey and gain deeper insights from
industry leaders and analysts, download the Future-Proof Your
T&E Strategy report here.
About Emburse
Emburse delivers innovative end-to-end travel and expense
management solutions that solve for what’s next for
forward-thinking organizations. Our suite of award-winning products
are trusted by more than 12 million finance and travel leaders, and
business professionals around the world. More than 20,000
organizations in 120 countries, from Global 2000 corporations and
small-medium businesses to public sector agencies and nonprofits,
count on us to manage business travel and employee expenses with
ease.
Our highly automated, mobile-first solutions streamline business
travel planning, booking and management, and eliminate manual,
time-consuming expense submissions, approval and reconciliation. We
deliver efficiency and time savings, increase financial visibility,
enhance spend control and compliance, and improve the entire
business travel experience. This empowers our customers and their
teams to deliver meaningful value for their organizations.
For more information visit emburse.com, or follow our social
channels at @emburse.
Methodology
All figures, unless otherwise stated, are from YouGov Plc. The
total sample size was 500 adults in the US, employed in HR,
finance, travel, or operations. Fieldwork was undertaken between
the 27th of June and the 3rd of July 2024. The survey was carried
out online.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240722394700/en/
Maura Lafferty Firebrand Communications for Emburse 415.848.9175
emburse@firebrand.marketing