WALK THE TALK. STAY A STEP AHEAD
The untold story of an Audit which works like a profit centre in your organization
You have often spoken about driving change, improving efficiencies, cost control initiatives in board rooms, employee town hall meetings and leadership forums. And you have been fairly successful in areas which are your core competence and directly related to the business you are engaged in. Have you ever considered the fact that there are several suppliers delivering goods & services to you each day and their inefficiencies or negligence may also be adding unwanted costs to your balance sheets.
Let’s take the example of Travel Management services. You have perhaps negotiated the best service fee from the travel company you have engaged but have you ensured that they are making the best fares available to you in a transparent manner or managing the tickets you buy efficiently to ensure there is no wastage of your money. As per International Air Transport Association, each year 4% of all tickets remain unused and/or unclaimed. In India, as per industry estimates, the average cancellation rate of tickets is 12-13% and the no show rate is approximately 2%. You may be aware that multiple airlines offer a wide array of fares with accompanying complex fare rules particularly with regard to rerouting, reissuance and refunds. For a busy corporate traveller it is fairly common to make changes in travel dates and itineraries either prior or post commencement of their journey. As a result of this several unused coupons and/or taxes which are refundable go unnoticed and therefore unclaimed. The processing of these refunds requires detailed automation of business processes and in depth knowledge of the complex worldwide fare rules.
Today, All tickets are electronic and tend to sit in overflowing email boxes. Mismanaging, or even forgetting about unused, ostensibly non-refundable airline tickets can have a dramatic impact to the bottom line of any travel program. Globally an average company loses between 3% and 5% of their annual spend on forgotten unused tickets.
Fare audit & Ticket audit including End to End Processing of Unused tickets as an outsourced service is available in India and is independent of any Travel Management company thereby giving you full benefits of a third party audit .
The key benefit of a third party audit program is that it identifies, tracks, reports and reuses these "cash assets" in a neutral and unbiased mechanical fashion.