A Case Study on Travel and Expense Management - The AON Global Experience
· Savings in Hotel booking Rates: Over Rs.1500000 in 1 year.
· Savings in Airfares: Over Rs.1800000 in 1 year.
· Reduction in Reimbursement Lead time: From 45 days to 15 days.
· Reduction in Vendor settlement time: From 60 days to 30 days.
Nothing imaginary about the data above! AON Global has achieved these with:
The Client - AON Global
AON Global Insurance Services Pvt. Ltd is India's Premier Insurance, Re-Insurance broking and Consultancy Practice Company.
A joint venture between Global Insurance Services and AON Corporation, AON Global offers both reinsurance and corporate (domestic) broking solutions to its clients. AON Global became operational on March 3, 2003.
The company has 51 staff members.
Business challenges
Travel and Expenses constituted 17.65% of the operating revenue.
Existing processes for T&E management were manual.
The expenses were increasing - A better handle on it was needed.
Monitoring of "Good Expense" and Minimising of "Bad Expense" was the need of the hour.
Streamlining of Workflows to drive efficiency and transparency was required.
Focus on Vendors was needed to obtain best value for money.
Control was required without creating RED TAPE in the organisation!
Why Nexstep?
Nexstep is the leading Collaborative Solutions firm with numerous implementations in multiple countries.
TnE.Works has been certified by IBM (VAP certification)
Nexstep has an impeccable track record of many successful TnE.Works implementations
Nexstep has the right mix of technology and domain knowledge in the Expense Management arena.
Positive feedback from multiple existing TnE.Works implementations.
Why TnE.Works?
TnE.Works! modules are feature rich and met the needs of AON Global.
TnE.Works! is modular, so new systems can be added as and when required.
System was highly parameterised and could easily be configured as per AON Global's business requirements.
MIS and Reports were tailor-made for the client's requirements.
The Nexstep Implementation methodology focused on a quick roll out and ensuring a trained and satisfied user base.
Product Overview
TnE.Works is the complete expense management solution that helps the organisations in:
Reducing Turnaround time and costs Saving travel costs.
Ensuring policy compliance
Reduce fraud
Do smart purchasing with vendors.
AON has gained these Benefits
Non-Financial benefits:
Transparency for staff member, Approver and Finance Department.
Reporting(accurate and standardised).
Time savings- One Time Data Entry.
Easy implementation of T&E Policy.
Control without creating Red Tape
The Financial Benefits:
Save 10-15% by reducing inflated claims.
Save 10-20% by enforcing entitlements and policies.
Get 20-25% savings through lower rates from your suppliers.
Save 50-80% of processing time!
AON implemented some key modules
Travel Requisition and Settlement [Domestic and International].
Expense claims
Vendor Payments
AON found these Features really useful!
Online Help on Each Screen
Printer Friendly System
Easy Navigation and one click processing of multiple vouchers
Highlight vouchers if expenses cross the defined policy limits
Personalised Consoles for requestors, approvers, finance teams
Keep employees updated with the status of their requests.
