Many times we are asked for a Return on Investment (ROI) when companies are considering conducting a Topaz audit. We realize that it's hard to specifically identify the ROI for this type of expenditure; however, we suggest you consider including Topaz as part of your risk management proposition. As in most companies, the CFO engages with a Risk Manager to ensure that their company is financially provided for in the event of a loss of property and/or sales revenue. The company may spend millions of dollars a year for this coverage but may never need to use it. What they are really paying for is peace of mind in knowing that in case any catastrophe occurs, their business model will continue to move forward.
When you hire Topaz to conduct an audit of your air, hotel and car Passenger Name Records (PNRs), you are expecting us to convey to you whether or not your Travel Management Company is applying your negotiated rates properly for your travelers on a daily basis, and properly obtaining the best rates for your travelers within your policy. Why leave that money on the table that you have worked so hard to negotiate?
In addition, hiring Topaz to audit your transaction fees and commissions for a specific time period will either provide peace of mind for you in that you have only been charged for the transactions that you have incurred and you have received all the commissions due to you OR will entitle us to produce documentation showing that you have overpaid your transaction fees and/or only received a portion of your commissions due. In summary, we will be able to provide you peace of mind that your corporate travel department is operating as it should be or we will be able to provide you with specifics relating to areas that need improvement.
For example, if your company spends $10M on corporate travel annually (inclusive of air, hotel, car, TMC, etc.) and you spend $100,000 to hire Topaz to audit your corporate travel department; that is only 1% of your annual budget that you will spend to either achieve peace of mind that everything is working as it should be, or to find out what areas could be improved and therefore, save you money. Furthermore, the lost savings that we have found have exceeded the cost of an audit by a two to one margin - so we have historically found that for every $1 you spend for audit fees, we have found $2 in lost savings.
Seems like a sound investment to make and we look forward to working with you to determine your ROI.