Who is winning the Shorting battle, page-13

Been involved in our firm outsourcing their corporate travel department, and at 30% margin, it would still be cheaper than an inhouse function if the firm contracted were half decent (you only need to look at the big 4 banks outsourcing loans to mortgage brokers because it's still cheaper to pay both upfront and trailing commissions for someone to source the loads and take care of the documentation).

CTD systems would have to integrate into approval processes, approved providers (flights, hotels, transport), corporate cards, accounting systems, employee preferences, etc etc.....this is very different from what WEB can do, and also what FLT can do competitively. Sure there will be disruptors, but once a firm has paid for this integration, you are not going to want to change too quickly (price is one aspect, but also employers don't want to retrain staff on whole new system)