Corporate travel is back, and travel dominates corporate credit card spend. Corporate credit cards are being used in other important areas including helping remote workers pay for various home office & other purchases. As a result, corporate credit card and virtual payment system vendors and banks are adding functionality at a furious pace. In keeping abreast of changing economic conditions, major corporate travelers are now also having to generate better ESG data including useable audit trails enabling verification of ESG data sources.
We use our state-of-the-art CVX data engineering software platform to seamlessly reconcile in near real-time the key data sources for maximum cost control: corporate credit card data, expense reports, TMC data, other card spend data, and we add the necessary ESG data for carbon usage, plus location tracking for governance & tax accounting, and much more.
We build unique traveler journeys for each staff member that include all of their travel events and spend. Trip cost predictions as a result are far more accurate because they are personalized for each traveler. Reconciling all of the key data sources and better, more personal, predictions means much tighter compliance with policies and better data for negotiating contracts with suppliers.
Corporate credit cards
Employee expense reports
Corporate travel mgmt.
Other card-based purchases
for users: increased compliance, ESG, benchmarks
for CFOs: controlling leakage costs & non-compliance
for banks: CX benefit that can increase adoptions
Enterprises of all sizes and in all verticals are coping with serious inflation for the first time in decades. Analyzing costs and program expenditures has never been more important. This is especially so in corporate travel. In 2019, the top 100 corporate traveling companies spent $32B on travel and related expenses, in 2020, only $7B.
With business travel roaring back to life there has never been a better time to deploy our state-of-the-art technology. We reconcile corporate credit card spend, employee expense reports, travel management data, other card-spend data. Our ability to do these tough reconciliations is a game-changer for controlling costs and ensuring proper governance of corporate spend policies for travel and other spend categories.
And more than ever, there is a need for reliable ESG data for a variety of KPIs including carbon usage due to air, ground & hotel travel choices, and other important travel and work location KPIs. Net Zero means understanding your carbon footprint down to flights taken, rental cars & rail options taken and hotel selections. In addition, governance may be a priority including understanding the “working” location of all team members every month for calculating the payment of withholding taxes. Another governance issue is accurate data for purposes of negotiating lower premiums for BTA insurance. Our accurate, reliable data engineering and AI modeling drives a host of other KPIs we are discuss with you and your team.
Controlling costs and reporting on travel & other corporate credit card spend categories requires the complex reconciliation of multiple data sources: TMC data, credit card data, expense reports & other spend data. We reconcile these data sources in near real-time even as they can come in over several months as outlined below.