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With more businesses in the region expanding regionally and globally, it’s not surprising to see that on average, business travel-related expenses account for, on average, 10% of a company’s annual budget. This was according to a survey by Concur.
The survey also found that Asia Pacific is the largest business travel region globally (40%), followed by North America (27%) and Western Europe (23%).
With 80% relying on time consuming manual entry of T&E data, and Millennials being two times more likely to travel more for business, and a lack of visibility with 59% still relying on spreadsheets and 42% unable to import data from other systems, T&E spending is one of the most difficult operating expense to control as highlighted by 24% of respondents – only second to maintenance and repairs (25%).
Additionally, the survey pointed out that by 2020, Asia will form 60% of the world’s Millennials who generally love to care and share making deviant spending an increasing challenge.
Apart from being the largest business travel region globally, the survey estimated that by 2020, Asia Pacific will gain another 3% of global market share.
In order to ensure maximum productivity and efficiency of the workforce, organisations in the region should focus on making T&E optimisation a top priority, the survey noted.
In line with that, Concur has put together 5 tips organisations can use to optimise their T&E spending.
- #1 Automate and transform
- #2 Increase operational efficiency
- #3 Accept supplier direct bookings and embrace the sharing economy
- #4 Go mobile first
- #5 Ensure that there is end-to-end visibility
To view the full survey results, check out the infographic below.