Search
 
Best Practices

We Spent How Much On Audiovisual?

Meeting cards help companies get a grip on event spending

By Staff Writer | Updated on March 01, 2005

Richard Wooten controls spending in the neighborhood of $400 million as the director of corporate travel for Lockheed Martin Corp., but there was one area that always struck him as out of line–the $100 million of costs related to meetings that Lockheed organized for such constituency groups as shareholders, its board of directors and employees. Last year, he decided it was time to drill down, so Wooten approached U.S. Bank about participating in a Visa meeting card program.

Of course, a portion of the spending for Lockheed meetings was already being put on cards of one sort or another; the bulk, however, was still coming in the form of paper purchase orders or invoices for such items and services as hotel rooms and group lunches. But the Visa meeting card program allowed Wooten and his meeting planners to segregate and automate the entire spend for all meetings. It also let them extract specific charges and allocate them to various departments or budget lines.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.