More Buying Power in Emerging Markets
In another upgrade, American Express said that in the fourth quarter it will more than double the number of countries in which it can provide detailed transaction-level commercial card spending data to companies. The move to expand Market Level Enhanced Reporting to more countries will further assist companies, many of which are operating in developing markets, to refine how they manage expenditures and boost buying power, American Express said.
Through its global data repository, American Express currently provides summary level commercial card spending information to companies in a total of 121 countries, plus transaction-level detail reporting in 39 countries. But this fall, the company will add more detailed reporting for an additional 41 countries, all of which are in the Latin America and Caribbean region. Next year, enhanced reporting for the remaining European and Asian countries will follow.
Market Level Enhanced reporting allows firms to study spend in a variety of ways, including from hundreds of spending categories, including major T&E and other everyday business purchases (such as air, car, hotel, office supplies and computers), to subcategories such as telecom, rail, limo and taxi; as well as by vendor level, by region, country or market, business unit, department and cost center, and by employee level or employee ID and transaction-level.
The expanded reporting will be accessible round-the-clock to clients via American Express @ Work. To ensure the most inclusive picture of spend possible is captured, the reports will be updated daily, including unbilled cardmember charges, American Express said.
In a recent study of more than 100 companies across the globe, Accenture found that companies that don't use the most comprehensive corporate card management information for negotiations and expense processing are potentially missing out on a savings opportunity of up to 9 percent of their total travel and entertainment (T&E) spending. That figure is made up of an additional 7.2 percent in price savings, above and beyond the deals they already have with airlines, hotels and car rental companies, as well as an additional 1.8 percent in savings on processing and paying for T&E.
For a large company with $25 million in annual T&E spending, this equates to $2.25 million in hard-dollar savings.