Insights from Coupa and Acquis Consulting Group on T&E Spending
T&E spend is typically the 2nd largest controllable expense
The pandemic changed everything — travel spend decreased but remained flat in many cases
Budgets were reallocated to accommodate the changing working environment
Opportunities to Reimagine and Redesign T&E Spend Management
You don’t want people to feel like people are being watched. We must work towards a trusted but verified and respectful culture.
Leverage community buying power to pre-negotiate optimum pricing.
Technology can help eliminate fraud, biases, and optimize spend.
5% of business expense is fraud. It is important to have technology on your side to make sure fraud is not happening.
Four main considerations when reevaluating your T&E program:
Create processes that don’t disrupt existing workflows
Document current spends habits into formalized expense policy
Better user experience = more adoption = better control
Spend has shifted to accommodate new working styles and changing business needs
Evaluate and consolidate new areas of spend
Spend consolidation = greater visibility = deeper insights
T&E fraud has increased overall during pandemic
Build a culture of trust and verification
Consider non-punitive audits
Unpredictability in spend isn’t a problem, it can be an asset
Just because it’s post-approved spend doesn’t mean you can’t influence it or optimize it
Make your T&E spend work for you
If you want to stay ahead of the curve, you need to shift from tactical T&E management to strategic.
Reach out to the Acquis team
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Read More
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Read More
We are entering what can best be described as the Alliance Economy, an operating model defined not by linear development pipelines, but by an ecosystem of interdependent players working together to navigate the new biopharma reality.
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