One seamless service delivers unprecedented access to the richest set of reconciled data available, enabling clients – for the first time – to compare booked travel to actual spend
Redmond, Wash., July 22, 2008 – Concur (Nasdaq: CNQR) the world’s leading provider of on-demand business services that automate Employee Spend Management, today announced that the next generation of travel and expense analytics and reporting capabilities will make its debut at the National Business Travel Association (NBTA) International Convention & Exposition in Los Angeles, CA on July 28. In an industry first, visitors to Concur’s NBTA Convention booth (#739) can experience the first ever travel and expense management solution that automatically reconciles line-item level booked travel data with actual spend – all from one seamless service accessing one source of data – exclusively from Concur.
Every travel manager knows there is significant spend occurring outside of their travel programs. The challenge has been gaining access to all of the data to understand where and how this spend occurs. For instance, the Aberdeen Group estimates that hotel costs are about 20% of a typical company’s T&E spend. A recent USA Today study found that almost 12% of those hotels stays were "overcharged $11.35 per night”. Similar issues plague car rentals, with items like insurance and re-fueling adding unnecessary and out-of-policy costs to many transactions. And of course – with travel agency and corporate card program compliance averaging about 60% – corporations have long struggled to control the leakage that siphons even more corporate travel spend away from negotiated contracts.
Now, with Concur’s next-generation analytics capabilities leveraging the combined travel booking and expense reporting data exclusively available from Concur® Travel & Expense to automatically reconcile line-item level booked travel data with actual spend, travel managers finally have complete visibility into all aspects of their corporate travel spend. With Concur processing over $35 billion a year – ten percent of the estimated $300 billion in global T&E spend – these opportunities represent more than $1 billion of hard cost savings opportunities for the company’s existing client base.
“It’s been referred to as ‘the holy grail of the business travel industry’ – reconciling the vast amount of corporate travel spend data generated throughout the business travel life-cycle”, said Rajeev Singh, president and COO of Concur. “To date, efforts to reconcile all this data have been costly and ineffective. Traditional agency and card analytics tools have struggled because they only capture a part of the spend. Only by incorporating the expense reporting process can a company capture 100% of the information that clients need to truly compare what was booked with what was actually purchased. With Concur Travel & Expense now delivering unprecedented analytics capabilities with just a few clicks, billions of dollars in out-of-policy corporate travel spend are just waiting to be uncovered, giving our clients the opportunity to drive even more costs out of their businesses.”
Powered by Cognos reporting technology, this unprecedented set of analytics capabilities enables Concur clients to easily and intuitively access and report on the broadest and deepest set of T&E data available. Unlike other T&E reporting solutions that can only provide access to silos of information from disparate sources, Concur enables clients to report on, compare and analyze booked itineraries, corporate card spend, supplier e-receipts, cash expenses and supplier contracted. All aspects of employee initiated T&E spend are captured and automatically reconciled by Concur and made available for detailed analysis on-demand, without any messy integration of disparate systems or outside sources of data.