How Soldo is Transforming GetYourGuide’s Finances
Tourism is a dynamic industry that requires a rapid procurement process to ensure organisations can respond quickly to fluctuations in customer demand, enhance customer satisfaction by guaranteeing availability and minimise operational bottlenecks.
Delays in procurement in the tourism industry can not only lead to lost revenue and opportunities by selling out of high-demand tickets or packages but it can also enhance operational inefficiencies that will hinder competitiveness.
Software company Soldo has remained driven to improve the procurement process and overcome financial operational challenges of GetYourGuide since 2017.
As a result of utilising Soldo’s spend management platform, the organisation has experienced a 14% rise in sales.
Brandon Till, Head of Transformation at Soldo, says: “The success that we have helped GetYourGuide achieve over the past seven years is a testament to the power of real-time spend visibility and control.
"We’re very proud to have played a key role in supporting the business’ global operations and helping to drive growth, so the team can focus on what they do best; delivering incredible experiences.”
Meet GetYourGuide
GetYourGuide is an online marketplace for travel activities across the world.
The organisation works with more than 33,000 suppliers to offer experiences across 11,000 cities.
By offering a range of sightseeing tours, safaris, outdoor activities, cultural experiences and wellness days, GetYourGuide strives to make travel an accessible experience.
What were GetYourGuide’s main difficulties?
GetYourGuide began to experience financial difficulties surrounding decentralised control and greater spending caps due to its reliance on traditional credit cards.
These credit cards had been issued as the normal procurement process - which often consists of manual processes, delays in payment authorisations, multiple approval layers and issues handling cross-border transactions - is too slow for the dynamic tourism industry.
However, when spending limits were rapidly reached, the organisation began to face difficulties with productivity and customer satisfaction as they could no longer pre-purchase tickets in bulk.
This issue - combined with the fact that the organisation faced problems surrounding overspending due to a lack of a unified system and inaccurate reporting due to a lack of standardisation across vendors and regions for reconciliation protocols - resulted in its finances becoming extremely complex to manage.
Soldo’s spend management platform
For seven years, Soldo’s spend management platform has been improving the procurement process of GetYourGuide.
The travel organisation has experienced a 14% rise in sales as a result of Soldo’s automatic top-up feature, which prevents productivity from failing by ensuring the team can keep spending without reaching limits.
Gianmichele Zappia, Head of Risk and Fraud at GetYourGuide, explains: “It’s so easy to manage company spending, and see everything in real-time,
“I can set rules that control who’s allowed to do what, set up automatic instant funding to maintain budgeting, and disable particular expense categories or geographical locations.”
Soldo solved the issue surrounding the variety of reconciliation protocols globally by streamlining the process, making sure employees can make purchases without having to sort our reimbursement processes and providing separate cards for each office location globally.
To stop overspending and enhance security, Soldo crafted a solution where a virtual card will deactivate after the transaction it was created for is completed.
Soldo’s work with GetYourGuide has ensured that the travel organisation can capitalise on the growing tourism market and globalisation.
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