Finance Leaders Struggle to Forecast Travel Spend, Says Report
Research conducted by Lola.com shows half of respondents use their “gut” to manage expense >>
by: Harvey Chipkin
Many finance leaders are consistently going over budget and struggling to accurately forecast travel spend, according to a report called “The Corporate Travel Reporting Black Hole” conducted by Lola.com, a travel management company that uses machine learning and 24/7 human support. Mike Volpe, CEO, said the research showed that 72% of respondents said their money is more data-driven in areas other than travel, and more than half say they rely on their gut to manage travel expenses. The average company, according to the survey, spends more on T&E than almost anything besides salary and benefits. The survey of 700 managers revealed that companies are losing a lot of money on corporate travel for multiple reasons, including fees associated with changing travel plans. Seventy-two percent of respondents said they wished they were more confident in their travel spend forecasts. The most common reason for this was lack of real-time visibility, with 42% of respondents saying they don’t have the effective tools necessary for travel spend forecasting.
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