The 12 Data Sets of Spend Analysis – Set 12: Travel and Expenses Data
Description:
Every company has the traditional "travel and expenses" or "T&E" that need to be monitored and evaluated for supplier management and savings opportunities. These expenses can be found in cash expenses, personal credit cards, company credit cards, P-cards, mobile apps, e-procurement systems, or paper receipts. Preferred airlines, hotels and car rental companies with negotiated contracts may be consistent across the company, but departments and employees have different budgets and expense levels. Oftentimes, this is one of the company's largest expense and since it may include international travel, may include foreign currency and constantly changing exchange rates.
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Travel
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Expenses
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Types of Data:
- Expense accounts (Concur)
- Airfare rates
- Hotel rates
- Meetings and events
- Transportation
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Types of Data:
- Credit card expenditures (P-card data)
- All employee expenses
- Utility
- Telecommunications
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Example:
Companies use travel spend data to leverage corporate programs and savings across airlines, hotels, company meetings, and events.
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Example:
Companies use expense data to analyze and monitor what is being expensed and ensure that money is spent on approved business expenses.
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Do you include travel and expenses data in your spend analysis? Do you use other types of travel and expense data in your spend analysis?
This is the twelfth in a twelve-part series of blog posts on twelve different types of advanced data sets that are used in advanced spend analysis. See our posts on prior data sets. Along with your basic spend data set of supplier name, spend amount, item description, and transaction date, these data sets will further enhance your ability to:
- Gain insight into your company’s spend
- Identify opportunities for savings
- Increase your spend under management
- Provide visibility on what the company is spending money on, with who, and for what
Using all twelve of these data sets to enhance your basic spend data set will provide a true, accurate view of your overall spend and allow you to make smarter spending, sourcing, and savings decisions.
Spend Radar Team