The proliferation of data today offers great benefit if it is turned into intelligence. Fortunately, this intelligence is available to help manage one of the largest discretionary expenses for most corporations: business travel. Corporations can gain negotiation power with vendors by using cost benchmark information on airfare, hotels, ground transportation, and meals. Our recent car rental negotiation survey is a strong example of results. 79% of the survey participants indicated actively pursuing negotiations with car rental companies with a savings result of 13 to 30% annually vs. standard car rental rates. What benchmark data does your organization use and what type of additional information would you like to see tracked?
Greg Harper
President
Runzheimer International
We use hotel benchmarking data by city to make sure that we aren't leaving money on the table during our negotiations. This approach has saved us over $100,000 (10% of our hotel spend). Knowing what is appropriate for hotel costs per city is a great asset for our Procurement Team.
Posted by: Financial Service Company | September 23, 2010 at 08:05 AM