How to Use Spend Data to Improve Spending
Recent Analytics Reveal Interest Spending and Procurement Patterns
Spend analytics are only as valuable as real results and actions they provide. Vroozi works to make sure we get our clients the right data so they can really strategize on their future spending.
A recent study by a travel expense company revealed that millennials spend about ⅕ less than their older peers. Tracking spending provides insightful revelations about spending, but what does this information mean for companies? Or more importantly, how can companies respond to their new insights?
Armed with better information, purchasing organizations can make better decisions. Here are some of the ways a company may respond to millennials traveling cheaper than their counterparts.
- Divide travel between older and younger workers. Some companies may find that it is more cost-effective to send millennial workers when possible on business trips.
- Anticipate higher and lower seasons for travel expenses based on who is travelling.
- Forecast long-term trends of decreasing travel expenses.
Spend data alone is not good enough. Your spend data must provide real actionable information. Check out how Vroozi uses analytics to help companies plan for the future and make better buying decisions today.
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