Corporate Travel Review Exceeds $3.5 Million in Annual Savings
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Expense Management Solutions helped this company establish a corporate travel program that reined in unnecessary spending while satisfying the needs of its diverse business units and effecting $3.5M in savings annually.
The fourth largest variable annuity company in the nation, this company markets retirement planning and wealth protection solutions, such as annuities and life insurance, through strategic partnerships with financial planners, broker/dealers, stockbrokers and banks.
Faced with rising travel costs, decreasing service from providers and rising traveler expectations, this company hired Expense Management Solutions (EMS) to help develop an effective strategy to better control travel policy, procedure and expenses. The challenge of creating an effective solution was complicated by multiple acquisitions over recent years resulting in numerous “preferred” vendors, differing travel demands and a wide variety of payment mechanisms and financial systems.
- Lead a cross-functional team comprised of key players from every subsidiary or division and each functional unit, including purchasing, travel, finance, audit, fixed assets and compliance.
- Complete a comprehensive assessment of travel and expenses policies, practices and contracts.
- Define current service levels and total spend by category and division and delineate key drivers.
- Identify opportunities for leverage and improvement.
- Total savings exceeded $3.5 million per year.
- Maximized traveler comfort.
- Minimized bureaucracy.
- Eliminated redundant or unnecessary processes .