The corporate travel industry is a massive sector of American business. In 2019 alone, there were 464 million domestic business travel trips, which brought almost $790 billion to the economy. Although the coronavirus pandemic has brought these numbers down in the last two years, the sector is slowly recovering and will likely surpass the 2019 levels in a few years.
A Travel Management Company (TMC):
- Is a specialized and dedicated business that helps you customize your travel policy.
- Plan your internal travel policy, deal with vendors and suppliers, make bookings, and help you manage costs and expenses.
- A TMC works directly with companies to analyze and streamline travel programs.
- Manage, report, book, and attend to your particular business travel needs.
- Arrange your transportation, organize events and meetings, control travel costs, and provide duty of care support.
Differences Between a Corporate Travel Agent And a TMC
The global corporate and business travel industry is massive. In 2017, companies spent almost $1.33 trillion on business travel, which is expected to rise after the pandemic. Company travel can be a complex endeavor for many businesses, so hiring a corporate travel agent or a travel management company (TMC) can be a great solution to get personalized services. So what are the main differences between these two concepts?
- Travel agencies work as simple travel platforms where you can book separate services
- TMCs implement and streamline all the delicate aspects of your travel needs
- On the other hand, a TMC will implement special technology to streamline your travel needs; you can better establish your goals and track your travel needs
- TMCs have better access to packages and provide personal attention and higher quality of service
- TMCs provide a broader set of services than travel agents; most of them are tailored to your specific business needs.
Which option is better for you?
To determine what you need, you have to know several aspects of your business.
- How do employees like to travel?
- What are their typical destinations?
- What type of travel policies do you want to implement?
- Do you need 24/7 unique travel solutions?
Make sure you answer these questions precisely – a TMC is usually necessary if you need special boutique corporate business travel services. If not, you may use a travel agent, which offers simpler, essential services.