BCD Travel buyer survey: Travel and expense spend management is growing in importance
According to a recent BCD Travel survey of 164 travel buyers worldwide, the importance of travel and expense spend management has increased in priority, reaching its highest level since 2020. In 2023, 88% of buyers regarded payment & expense management as “very important” or “extremely important,” compared to 76% in 2021.
In terms of payment and expense priorities, the ranking remains unchanged compared to two years ago. Simplifying processes remains at the top, followed by traveler satisfaction, combating fraud and frictionless payment and expense experience ranking equally. Operational efficiency, which translates into indirect cost savings, saw the most significant increase in importance.
When it comes to payment setup and administration, the biggest pain points for travel buyers are suppliers not accepting specific payment methods or charging extra fees (46%) and payment needs of non-employees (43%).
Source: Travel Daily News