Nasdaq is the world’s largest exchange company. It delivers trading and capital-raising solutions to approximately 3,600 companies around the globe. Their technology supports the operations of over 70 exchanges, clearing organizations, and central securities depositories in more than 50 countries. As is common with large, global companies like Nasdaq, their travelers’ varied booking habits, unfocused travel policy, and low visibility into travel spend made for an extremely complex and difficult-to-manage travel program with high costs. They were looking for a simple solution to save time and money.
- $500,000 savings in the first 6 months
- Online adoption from 30 to 61 percent in the first 6 month to 85 percent in 2018
“With Egencia, we’ve been able to create a multifaceted view into our travel spend, allowing us to identify and act on cost savings opportunities in real time. Egencia’s trip approval process took the pressure of managing policy compliance off our travel management team, and put it where it should be — with the travelers and their managers.” — Nasdaq global head of procurement
Low adoption, low visibility, high costs
The company was using disparate solutions for online and offline travel. Developing accurate views of corporate travel patterns and spend was tedious and incredibly time-consuming. In addition to limited visibility, Nasdaq travelers were booking primarily offline, resulting in travel management fees that were 7 percent of their overall travel spend, compared to an industry average of 3-5 percent. Nasdaq wanted to partner with a travel management company that could provide an accurate and immediate view into their travel spend, allow them to monitor their corporate travel policy, reduce travel management fees, and provide a seamless transition for travelers and travel arrangers.
Seamless rollout of new global travel policy
Nasdaq wanted to lead a significant change management process for travelers and arrangers from a predominantly offline to online, while still maintaining agent support when needed. For a successful implementation of their new global corporate travel policy, Nasdaq needed a partner who could offer a positive and productive experience for their travelers.
Seamless transition and traveler satisfaction
Nasdaq travelers were asked to make significant changes to the way they plan, book, and manage their corporate travel. The intuitive nature of the Egencia online platform and superior agent support provided a seamless transition to the new program. In fact, 90 percent of travelers surveyed indicated they were likely to recommend Egencia to a friend or colleague, and the overall satisfaction rate was 100 percent.
Increased compliance and streamlined approval
The Egencia solution allowed Nasdaq’s travel manager to support the new corporate travel policy and easily guide travelers to in-policy choices when booking. The ability to adjust policy levers as needed allowed them to quickly react to trends and cost savings opportunities.
They also introduced a pre-trip approval process. The transition from booking freely by calling an agent to booking online with trip approval represented a significant cultural shift for Nasdaq travelers. Egencia offers a flexible and automated approval management options that made the process seamless for Nasdaq’s travelers and approvers.
Cost savings and management
Six months after signing on with Egencia for their corporate travel management Nasdaq realized savings of $500,000 (a 32 percent reduction), increased online adoption from 30 to 61 percent and reduced the number of hours needed to manage the travel program by 50 hours per week.
The results exceeded the original goals that Nasdaq defined when they began looking for a travel management company that could provide deeper spend visibility, overall cost reduction, flexible and customizable policy controls, and excellent customer service for their travelers. Nasdaq continued to increase their online adoption to 85 percent in 2018. The company was also able to better negotiate rate agreements with air and hotel partners.
Nasdaq relies on Egencia for comprehensive visibility into its travel spend, so it can react quickly to evolving trends and take advantage of cost-saving opportunities.