Business Travel Cost Reduction Using Best in Class Strategic Sourcing Methods
Corporate travel program management is as much about compliance to corporate travel policies as it is to cost savings and efficiencies. By developing a strong Travel & Entertainment (T&E) policy, employee satisfaction will increase, your visibility into spend becomes available and ultimately cost savings and even budget projections become attainable.
According to American Express Business Travel, travel and entertainment now comprise 15% of all indirect operating expenses. Source One’s travel expense management solutions will help your organization develop, implement and manage an efficient, cost effective and comprehensive travel program across all of your locations as part of your strategic sourcing initiative.
We start by assembling a cross-functional team to include executives, executive assistants, road warriors, HR and any other employees who utilize or administer corporate policies. Upon creation of the team, Source One will complete a comprehensive spend analysis as well as a full review of any corporate Travel & Entertainment Policies that are already created. Next, we will create a baseline report to encompass current agreements, spend, and policy review to show the full scope of your current travel program. Included in the baseline will be rates for airlines, hotels, car rental and Amtrak. Additionally, city parings for air travel will be identified.
We will conduct a RFP for Reliable Travel Agencies, with a focus on Service and Price:
- Dedicated Service Agents Configuration,
- On-line Booking Tools with Travel Policy Parameters (TPP),
- 24-hour in-house Toll Free, Global Coverage,
- Credit Card Reconciliation,
- Custom Travel Policy Administration,
- International Rate Desk / Visa & Passport Services,
- Blanket Discounts with Airlines, Car, and Hotels, and
- Other Services Important to Extended Team.
After administering the RFP, we will help you select the appropriate vendor by scorecarding and analyzing the responses. Source One will then assist in final contract negotiation, and qualifying and implementing the selected agency.
Source One will provide each of our clients with a tailored suite of strategic sourcing services that delivers exceptional value while comprehensively addressing each of their needs. Our strategic sourcing experts will allow you to:
- Analyze the travel industry and market to understand characteristics and identify roadblocks
- Establish full visibility into spend across your enterprise for all aspects of travel management
- Identify inefficiencies in sourcing methods and assist in streamlining purchases
- Leverage your total travel spend to drive decreased costs
- Negotiate and improve contract terms, pricing models and rates with all providers
- Develop a best in class travel management program.
Our industry expertise, in-house subject matter experts and proprietary volumes of real-time market data combine to align a tailored travel management solution to your needs and requirements. Source One’s strategic sourcing model is all-encompassing, flexible and scalable, which will allow your organization to reduce the overall costs allocated to travel services while securing favorable contract terms and performance levels, all while ensuring employee satisfaction and compliance.
In addition to travel management, you may want to consider looking Ghost Card Programs to manage travel spend or a Purchasing Card Programs for your small dollar spend.
By creating a travel management program, you can ensure compliance and safety for your employees while at the same time streamline processes and drive savings to your bottom line. Contact Source One’s travel category experts today to get started.