Globally, companies are projected to spend $1.7 trillion on business travel per year by 2023. Travel is the largest corporate expense aside from payroll and real estate. What’s more, business travel is significantly more expensive than leisure travel — 67% more expensive to be exact.
However, there are many ways for companies to cut down on the expenses of business travel, making the overall cost more manageable. In a recent webinar Rocketrip conducted with VAT IT, we explore two of those cost cutting measures. Together, they come together to provide companies with 360 degrees of savings on business travel.
Saving with the Concur App Center
Concur, one of the most widely used online booking tools in the world, hosts useful apps in their App Center. Among these, savvy travel managers can find abundant platforms to support their savings goals. Rocketrip and VAT IT are both offered in the Concur App Center, making it easy for Concur users to take advantage of the savings they offer.
VAT IT simplifies the process of claiming VAT refunds for businesses. The money left behind by businesses in unclaimed VAT refunds for a single trip may seem minimal, but those refunds can add up to millions of dollars. Unfortunately, claiming VAT refunds is so time consuming that many businesses eat the cost. That’s where VAT IT comes in: They make it easy for businesses to retrieve those expenses.
Rocketrip approaches travel expenses from a separate and unique angle. We believe that employees will go above and beyond to save money on airfare, hotels, and more if their efforts are recognized and rewarded. How do we put that idea into practice? We show Rocketrip customers a Price to Beat — taking into account company policy and negotiated rates, market inventory, and employees’ historic spending behavior — within their online booking tool when they search for travel accommodations. When employees spend less than that Price to Beat, they are awarded half the savings. Companies save on travel costs, and employees are empowered to reinvest in the things that matter most in their live
360 Degrees of Savings
Companies with heavy business travel don’t need to resign to a fate of over-spending. Together, VAT IT and Rocketrip are here to help them achieve 360 degrees of savings.
Learn more about what VAT IT and Rocketrip can do for you in our webinar on demand.