Tuesday, September 16, 2014

11:20 PM

How Companies Can Save Thousands Trading Travel for Tech

It used to be that business as usual meant packing a suit and heading for the business meeting, sales opportunity or educational summit, regardless of location. Over the years, it has cost organizations vast amounts of money to send their best and brightest to personally cohort with peers, participate in continuing education sessions or to set up sales networks. With the amount of present technology, both professionals and the companies that they work for currently enjoy, it makes sense to reassess the reasons for travel and how trading it in lieu of technology can save companies thousands in travel expenses.

Corporate Travel Policies

Although it did not used to be necessary for some reason, over the years businesses have implemented stricter travel policies and outlined acceptable best-practices for the corresponding account and expense processes. Companies, especially corporations, have clearly defined travel and expense parameters for accountability purposes alone. Companies want to ensure that they are not reimbursing travelers for personal or inappropriate transactions, but also are keenly focused on improving federal compliance and cutting costs across the board. Some companies have gone as far in recent years to include and require an entire pre-approval process in order to facilitate accurate, fair, justifiable expense and travel management practices. Corporate credit programs have been adequate at reducing the number of embellished travel receipts, creating financial incentives or allowing rebates for companies and for reducing the amount of work involved with expense reports. In regard to corporate travel policies, there have been diligent principles put into play over the years however, fortunately it is becoming unnecessary as a whole thanks to technology.

How Technology Saves Companies Big Bucks Annually

Foregoing travel and electing to engage in self-service webcasting is an intelligent choice for numerous reasons. First, Webcasting technology allows professional groups to both visually and practically work together while at the same time creatively approaching objectives inclusive of key individuals who may only be able to present or participate for a limited amount of time based on their schedules. Second, real-time meeting technologies allow business professionals to meet with colleagues and other partner companies around the globe, and finally, using technology to bring people together cuts costs, and is both simple and effective. Travel policies have to cover item after item and they are still vulnerable to employee interpretation and manipulation on occasion.

Using technology to bring the "travel" to the company means less overhead-hours spent, otherwise allocated to staff tasks like arranging respective travel details, preparing and submitting expense reports and diligently working to support those away from the office. Setting up virtual meetings, teleconferences and webinars takes less than 30 minutes, and professionals can stay on agenda and be as productive as possible without interruption or delays. Corporate travel policy development over the years has allowed us to appreciate and embrace technology for these very reasons in addition to enjoying the cost-savings in black and white. Software continues to provide unmatched convenience and resource.