Business travel directors may need to rethink the way they compile and compare travel information, according to a recent study by the Global Business Travel Association (GBTA) Foundation. The report claims that corporate travel managers waste more than 400,000 hours or $22.7 million per year reconciling travel data.
About 73 percent of survey respondents indicated that they have challenges integrating travel information. Another 82 percent “strongly” or “somewhat” agreed that they have to manage multiple data sources to answer management’s questions about travel expenses.
Six in 10 do not trust that they have all the data they need, while 58 percent believe they spend too much time compiling data. Only 37 percent of those surveyed believe their data is completely accurate.
“Corporate travel managers need accurate, timely and complete data to effectively manage the multitude of responsibilities they have within their companies, from ensuring travel dollars are being spent wisely to making sure travelers are safe on the road,” said Joseph Bates, senior director of research at the GBTA Foundation. “From this study, we’ve learned that the data management industry needs to provide consolidated, clear data so travel managers can control spending, deal with compliance issues and better leverage the plethora of data they currently receive.”
Seventy-three percent of travel managers surveyed said an excess of information from multiple sources made their job more complicated. Only 15 percent said that they consolidate their travel data sources into a single system.
For more information, read the Travel Daily News article.