In the midst of slowing business growth and in an effort to bring down costs, corporates are seeking the services of experts offering business solutions to cut down on operational costs and other expenses.
As more and more companies look to reduce their expenditure on travel and entertainment, American Express (Amex) has witnessed a 20 per cent increase in the number of corporate card subscriptions starting January 2009.
“Companies are looking to bring down travel and entertainment costs of employees to strengthen bottomlines. Our clients saw a drop in these expenses by 8-10 per cent as we offer them better deals through tie up with airlines and hotels,” said Manoj Adlakha, head, global commercial card, India.
“The size of the travel and entertainment business is $10 billion in India and roughly 80 per cent of it is out of the card net,” said Adlakha.
Amex has tied with vendors of various businesses to offer better deals to firms on operational expenditure like purchase of raw materials through Amex cards.