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Travel is intrinsic to most businesses and in many cases, it can define the future trajectory of the business and its competing ability. Being part of an economy that is growing and globalizing rapidly, travel, both domestic and international, is now a large and important focus area. Globally, Business Travel spends are considered amongst the top 3 controllable expense and are expected to grow at a CAGR of 8-10% over the next ten years.

The increased focus has meant that this expense is closely controlled, especially in times of economic slowdown. Businesses should recognize the need for travel as an essential and, therefore, be prudent & smart in managing travel expenses, rather than cutting down travel itself.

Businesses increasingly have to take a strategic approach to managing travel, which is about deploying resources in the right place and wisely. Travel Programs should be aimed at adopting expense management solutions that provide robust controls for monitoring, reviewing and optimizing travel costs.