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Most CFOs do not think their companies manage travel costs well
17/01/2009 - N/A
Fewer than half of chief financial officers (CFOs) believe their companies manage travel costs well or very well, according to new research by CFO Europe Research Services in conjunction with GDS firm Amadeus.

This is despite findings that 60% of the 120 senior finance executives from Europe, Asia and the US who responded to the survey felt that managing travel costs was very important.

The survey also reveals that CFOs believe that travel cost management makes a minimal contribution to overall cost management at their companies.
Two thirds of the CFOs surveyed say they rate the potential for automated travel and expense reporting systems as medium to high, the biggest proportion of all the methods surveyed, slightly ahead of online booking tools.

In conclusion, the report says: “CFOs do see scope to save more on travel, but the research shows that companies looking to do this by introducing travel tools like online booking and automated travel expense reporting systems should focus on integrating them thoroughly with other IT systems to get one coherent set of data. This will help to negotiate better deals with suppliers and to track spending by project and employee to increase transparency and control have seen improvements in both service quality and operational efficiency as a result of adopting such tools."

 
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