Our client is a leading real estate and investment company in the Middle East. With multiple businesses across various industries under their wing, they have a large market share in the hospitality sector of the UAE, with a large portfolio of international 5* hotel properties. They have also established a wide range of development projects across the world through multiple subsidiaries.
The approach to the corporate travel management reporting was completely offline with their previous travel agency which led to high turnaround time [TAT] for procuring reports and financial statements & invoices with the added concern of human error since the reporting was done manually for 35+ subsidiary companies. Apart from this, there were other issues such as:?
- Lack of digitisation meant that each report would take anywhere between 3 - 10 working days to produce.?
- Manual reporting leads to a greater chance of misinformation or incorrect factual reporting?
- Lack of transparency owing to a high TAT for each report?
- Budgeting & reconciliation was a major pain point for the client as it was an inefficient & time-consuming process for the client’s finance department which hampered productivity and costs.
The mbiz platform offered tailored solutions to this particular problem using the mbiz feature Tracking Tags, leading to an overall smooth flow of operations. The below solutions were provided:
- Created a parent company account on mbiz under which their multiple other business units became tag values under the parent account. This made the process of obtaining any form of travel reports easier for the client to access at any given point.?
- We provided in-depth access to the HR and finance teams to be able to access and export detailed travel spend reports by month, quarter, year or subsidiary on a real-time basis. This provides greater visibility to all the involved stakeholders regarding group spends and individual subsidiary spends.
- We created multiple trackable categories such as number of tickets, spending amount, reason for travel, number of changes done, advance purchase days, etc. on our musafirbiz dashboard. This allowed the respective stakeholders to identify and track their employees travel spend patterns over time.?
- Included hierarchical cost allocation structure which gives procurement and HR teams a reasonable projection frame and the data to implement better corporate travel policies
