In 2024, we commissioned Forrester Consulting to conduct a Total Economic Impact™ study that evaluated TravelBank’s potential total cost of ownership and TravelBank’s ROI. For this study, Forrester interviewed five TravelBank customers to obtain data about costs, benefits, and risks. Forrester then constructed a risk-adjusted financial model for a composite organization based on issues and concerns of the interviewees.
We’ve always been proud of the value we deliver through product innovation and a better customer experience, and are thrilled that the study findings quantify this value in such a clear and impactful way.
The study found that TravelBank generated $482k in benefits and savings over 3 years.
Here’s a preview of what that looks like for TravelBank customers:
Reduce Travel Spend by 10% with Better Visibility
Lack of visibility into T&E spend is a major pain point for organizations trying to manage their travel and expense spend. Better visibility into T&E spend not only allows organizations to make smarter decisions, but also manage budgets and optimize spend more efficiently.
The Forrester study found that TravelBank reduced travel spend by 10% because TravelBank’s analytics give leadership visibility to improve T&E policy and negotiate preferential deals with repeat vendors. Travelers can easily see and choose the most cost-effective travel decisions, and since TravelBank estimates costs for future travel, management can make informed decisions when greenlighting future trips.
“Our goals with TravelBank were to better plan our T&E budgets, really get our arms around people expensing out-of-policy, and to know exactly where spend is going to better plan for the future.”- Director of Procurement, Education
Save 15% of Time Booking, Managing, and Reporting on T&E
Expense and travel management can be an inefficient process that requires significant time for some organizations. Organizations are able to maximize efficiency by replacing time-consuming, manual T&E processes with TravelBank.
The Forrester study found that TravelBank’s user-friendly interface trimmed 15% of the time spent approving requests, submitting expenses and receipts, and creating reports.
“If you asked me how much we spent on something, it used to take a month to do an analysis. Now it takes an hour.” – Director of ERP Solutions, Healthcare
Grow T&E Policy Compliance from 40% to 91%
Many organizations struggle with low adherence to T&E policies, and don’t have the means to track overspend in a timely manner.
The Forrester study found that TravelBank grew policy compliance from 40% to 91% by increasing employee awareness of policies and assisting management with identifying out-of-policy spend. For organizations using TravelBank, more employees book directly through the app and are guided by up-to-date and easy-to-follow policies. Managers are alerted to out-of-policy spend when it happens.
“Before, if someone booked out-of-policy we might find out, we might not. It might have taken me two or three months to catch. Now we get alerted immediately if someone is out of policy.” – Director of ERP Solutions, Healthcare
Save 40% on T&E management tools
The Forrester study found that TravelBank’s competitive pricing compared to the high cost of legacy solutions immediately saves 40% on subscriptions for T&E management tools.
“Our previous solution was too rigorous a system for what we needed. It was too painful to use and administer for what little we put into play. We were charged for every report, and paying for things we didn’t need or want. For us, it was wasteful.” – Treasurer, Real Estate