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The Power of Consolidation

A Global Financial Services Firm Saves with a 14 Percent Increase in Policy Compliance

Situation

The merger of two leading financial services firms created a new big player in the sector. This recently formed company boasted more than 225 years of experience in delivering distinguished service and helping their clients manage their financial assets.

To maintain this level of service, more than 1,000 professionals in the UK alone were travelling globally to meet clients face to face, adding up to an annual travel cost of £6 million. Keeping these meetings running smoothly after the merger was business-critical, so the company appointed an in-house global travel manager and engaged their trusted travel provider,American Express Global Business Travel to bring the two travel programmes together.

Solution

A project team of seasoned professionals from both the company and
American Express Global Business Travel conducted a 360-degree analysis of the existing travel booking processes, and identified the key objectives for the new consolidated travel programme. The team identified these key travel objectives and how they would be met:

Objectives Plan
Re-define the travel policy which would deliver on business objectives (e.g., savings, process efficiencies, duty of care Implement a global travel programme with one travel policy
Drive compliance to policy Develop and launch a dynamic employee communication plan
Maximise savings by consolidating travel spend with one supplier Use insightful data to drive supplier negotiations, provided by monthly management information reports

Having a team with members from the financial company and American Express Global Business Travel made the difference in building an effective roadmap. “Together, we discussed the customer’s business objectives and developed a business plan based on our experience with similar businesses,” said the American Express Global Business Travel client manager. “With this insight, we were confident the new travel programme would deliver.”

The firm launched their global travel programme in stages to enable a smooth transition to the new booking process. Select groups of travel arrangers were instructed to book via designated channels, and their results were tracked to understand savings achieved, time spent using the new process, etc. As anticipated, the early results from this group were positive – these results were then communicated globally amongst all travel arrangers and key stakeholders, helping to gain their buy-in of the new process.

Outcome

By executing a strong communications plan, the customer successfully implemented a consolidated global travel programme that’s making a difference. Policy compliance has increased by 14 percent in six years, helping to maximise the travel budget – and having consolidated spend has steered supplier negotiations, providing greater discounts on air fares and hotel rates. Perhaps most importantly, 90 percent of travellers are highly satisfied with the travel service and programme.