Travel managers using card data to save
Travel managers who use card data for negotiations yield an average reduction of nearly 9% in annual travel costs, says the 2004 Corporate Travel Card Benchmark Survey.
“The typical company with a travel budget of $50 million that used card data in vendor negotiations generated annual cost savings of $4.26 million through use of corporate travel card spending data,” said University professors Nahendra Gupta and Richard Palmer.
Eighty-four percent of respondents forecast a rise in spending on corporate cards. They said they expected average volume to grow by 19% in the next years, 35% over the next three years, and 56% over the next five years.
The study found that 28% of expected growth can be traced directly to increases in travel budgets. But other factors are also spurring companies to put more volume on their cards. Some companies are expanding their card spending to other areas, as well as mandating that type of spending.
Report by David Wilkening
David
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