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Innovative Travel Management Company

Travel Management Company: The Secret Weapon to Corporate Travel

In 2019, 464 million domestic business travel trips contributed $791 billion to the U.S. economy.

Unfortunately, the last two years took a hit due to the pandemic. However, the future of domestic business looks promising. Experts suggest that figures will rise back to pre-pandemic levels over the next few years. We have created a separate article on Corporate Travel Management Trends

With domestic business travel on the rise, now is the best time to consider your future business travel programs. However, managing business trips can be a disaster waiting to happen, especially for larger companies with hundreds of employees.

Travel Management Company or TMC

Hiring a travel management company (TMC) can take control of your company’s business travel needs.

Is your business ready to travel again?

Find out the answer to “what is a travel management company” and how they can help you organize your next business trip.

What Is a Travel Management Company? 

Travel management companies (TMCs) are specialized travel agencies that assist in managing an organization’s corporate or business travel program.

They are typically tasked with establishing a travel policy, dealing with vendors, making bookings, and helping to monitor and manage travel costs and expenses.

The critical difference between a TMC and a travel agency is that TMCs work directly with businesses to analyze and streamline all aspects of their existing travel program. Unlike travel agencies who primarily assist clients with booking business travel.

Common TMC Responsibilities

TMCs do more than making flight or hotel reservations. They will book, manage, report, and support all of your corporate travel needs.

Here are just some of the responsibilities held by a TMC:

Create and Manage Travel Itineraries

TMCs can assist with travel preparations, including flight reservations, ticketing, and advice on best fares. If you book directly through an airline, you’re likely to get charged higher fees if you wish to change your itinerary. A TMC can make the changes for you without any extra charges.

Find the Best Price

TMCs can find the best possible rates and even negotiate with different service providers on your behalf. They have the expertise in handling the task of negotiation and can find you the best rate you might not have been able to get yourself.

Arrange Suitable Accommodation

As a busy business owner, you don’t have the time to scour sites to find the best accommodation for your employees. TMCs look for all the available accommodation options within your budget and make the best choice for you.

Arrange for Transportation

Transportation is essential to getting your employees safely from one location to another. A TMC can book your transportation needs well in advance, including rental car hire, airport transfer, and train or bus tickets.

Organize Meetings and Events

Planning events and conferences can be time-consuming and complex. TMCs can organize meetings and events to help you reduce costs and make your business events more profitable.

Control Travel Costs and Policy Compliance

A TMC will take control of tracking and reporting on your company’s travel-related expenses. They can also work with you to understand your specific needs and customize a travel policy that meets those requirements.

Provides Duty of Care Support

A TMC will provide a duty of care to ensure your employees’ safety and the proper procedures and travel policies are in place and understood. They will provide 24/7 support to your employees by monitoring delays, disruptions, and disasters.

Benefits of TMCs for Planning Business Trips

TMCs can benefit your business in more ways than one. There are quite a few benefits to using a TMC instead of keeping your efforts in-house.

Let’s take a look at the best ones:

Reduce Costs

Business trips are a high cost for any company, domestic or abroad. TMCs are more likely to focus on cost savings while ensuring your employees remain safe.

Assistance With Travel Policies

Your business must establish a travel policy to keep your employees happy and safe. With a clear policy, everyone knows what is acceptable and unacceptable. TMCs can assist you with creating a robust policy that meets all of your requirements.

Efficiency

TMCs make your entire booking process much smoother than if you were to do it in-house. This is especially true for larger companies with more employees than you can count.

Expert Advice

Working with travel experts can give you access to corporate rates, partnership perks, and expert account management. If you like saving money, hiring a TMC is how to do it.

24/7 Help and Support

Travel plans don’t always go the way you want them. TMCs provide rapid 24/7 service to help you when you need it the most.

Greater Peace of Mind

Travel management is often considered an uncomplicated process. But it’s surprisingly easy to overlook something important such as visa requirements or transportation. TMCs take care of everything that needs to be prepared before, during, and after.

Finding the Right Corporate Travel Management Company

Here are seven things you should look out for when selecting a TMC to handle your corporate travel:

  1. Smooth booking process
  2. Access to a range of carriers and products
  3. Transparency
  4. Built-in approval process
  5. Reporting on travel spend
  6. Experience
  7. Modern technologies
 

Your TMC should integrate the right travel technologies for your business. For example, modern travel technologies can help you stay in touch with your travelers and monitor any potentially dangerous situations.

They can also help enforce your travel policy, track and monitor trends, and identify inefficiencies.

All TMCs are unique, and it’s essential to find one that’s a good fit. Telios can keep you within your budget, set up a travel policy, and find the most efficient logistics solution to get your employees from point A to point B.

Next Steps

A travel management company deals with corporate travel plans’ planning, execution, and logistics.

You’ll never need to ask “what is a travel management company?” again.

Are you ready to schedule your next corporate trip?

Telios are the travel experts. We will work with you to provide a duty of care, data analytics, and 24/7 travel support for your employees during their corporate trips.

Better manage corporate travel with Telios. Focus on your business while we focus on the rest.

For help planning your next business trip, contact us today. Find out how we can help your business achieve significant yearly savings.

Average savings*

From 10% to 12%

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Approximately 80% of companies plan to conduct business travel within the first four months of 2022. As business begins to return to normal, business travel is becoming busier than ever. 

Did you know that a travel management company can make business travel easier and more affordable than ever?

In this article, we answer questions like, ‘what does a travel management company do?’ We also explain how corporate travel management can bring your company’s travel to the next level. Continue reading to get ahead of the competition.

 

What Does a Travel Management Company Do?

How can a TMC Help?

Before diving into the benefits of corporate travel management, let’s discuss the answer to, ‘what does a travel management company do?’ The short answer is that they help manage corporate travel in a way that emphasizes efficiency.

The more complex answer is that it depends on your company’s needs. They can develop corporate travel policies, manage finances, and handle all travel logistics. Corporate travel management improves nearly every aspect of business travel.

Why Do I Need Corporate Travel Management?

Your company may rely on an in-house team for all of your corporate travel management. They may also expect employees to plan their own trips. However, that doesn’t mean that your business travel needs are completely met. 

With the best service, hassle-free programs, any-time support, and more, a travel management company can make business travel a breeze. 

1. Benefit from Professional Expertise

Your company likely has experienced professionals managing the company’s business travel needs. A travel management company has the expertise to make their jobs more efficient. 

They have the most current knowledge of every aspect of the travel industry. Their knowledge and experience can offer you priceless insight. You can use this to build your corporate travel policies and business travel budget. 

Comprehensive Training

While learning new systems and policies can be challenging for some, it doesn’t have to be. The right corporate travel management company offers comprehensive training to ensure all users feel comfortable with the new system.

Some companies offer short videos online for learning while others allow you to schedule one-on-one training sessions that are convenient for your schedule. The best companies offer both options for optimal learning.

2. Increase Your Data and Resources for Decisions

The right travel management company has been around for decades. They’ve spent this time closely analyzing travel trends and fluctuations as well as storing that data for ongoing use. 

This means that a travel management company doesn’t just bring you knowledge, but it brings you far more data and resources than you could acquire within your company alone. This means less time and stress spent making the best arrangements.

3. Save Employee Time

Employees should focus on their jobs, not on making travel arrangements. With everything that goes into planning a trip, employees lose hours of their time making the necessary arrangements. It’s even worse for multiple trips.

This approach wastes valuable time that employees could use to focus on more lucrative tasks such as conversing with clients or preparing for their meetings while traveling. A corporate travel company can save this time.

Improve Employee Performance

When employees have to navigate the complexities of corporate travel policies and planning, their performance can be affected. Instead of focusing their attention on the reason for their trip, they’re worrying about travel.

A travel management company considers everything necessary to help an employee remain safe, secure, and comfortable during their trip. This allows them to focus on their job instead of the logistics of their travel. 

4. Optimize the Business Travel Budget

The business travel budget is one of the most important considerations in corporate travel. A travel management company can optimize the budget in the ways listed below.

  • More planning time
  • Extensive resources
  • Business connections across the travel industry
  • Unused ticket tracking
  • Monitor spending
  • Price negotiation

These resources are invaluable to you and your company. While you may feel confident your team can accomplish the same results, keep in mind that this type of expertise takes decades to establish.

Cost vs. Benefit

One common reason why companies delay investing in corporate travel management is due to the added cost. They believe it’s more cost-effective to keep travel management within the company. 

While the services associated with travel management come at a cost, they’re more than offset by the benefits. This occurs as a result of a combination of travel savings, refocused employee time, and access to greater resources.  

5. Around-the-Clock Support for Business Travel Needs

Business travel needs don’t stop once the last booking is made, and the best travel management companies understand that. For this reason, you must work with a company that’s available 24/7. 

They can help monitor for potential flight delays or other types of travel disruptions and adjust accordingly. This also means they’re available to initiate and track two-way communication in case of travel emergencies.

6. Improve Compliance With Corporate Travel Policies

Without adequate corporate travel policies, tracking travel expenses is complex and strenuous. This can affect a company’s ability to maintain compliance with its policies and remain within budget. 

A travel management company keeps everything in one place so noncompliance isn’t even an option. Since management companies learn preferences and habits, employees don’t have to sacrifice comfort for compliance.

7. Consolidate Travel Expense Reports

Even when the business travel is complete, the work is far from over. Finance teams still need to procure the relevant data and reconcile the numbers with credit card statements. This is challenging with multiple sources.

Instead of compiling numbers from multiple reports from multiple employees and booking platforms, a corporate travel management company can translate all expenses into one report. This makes for better business travel budget planning.

Find the Right Travel Management Company

The right corporate travel management company can optimize the business travel budget, meet business travel needs, and consolidate data. The investment more than pays for itself with these outcomes and more.

Are you Looking for a TMC? Save From 10% to 12%

See what Telios can do for you!

Business travel is a massive industry, with the sector valued at $695.9 billion globally in 2020. That figure will grow to over $2 trillion by 2028.

To fill the ever-growing business travel needs across the world, travel management companies have sprung up everywhere in recent years. In the US alone, there are 73,249 travel agencies as of 2022. These companies help manage all the aspects of business travel for you, from designing your corporate travel policy to monitoring your travel expenses to taking care of your travelers’ well-being.

But not all travel management agencies are created equal. That’s why you should approach the process of hiring a travel manager carefully to ensure you get the best one for your needs.

In today’s post, we’ve put together a list of seven traits that make a great travel management company. Read on to find out more!

They Offer a Wide Variety of Services 

A good travel management company will be able to provide you with a range of services, including booking flights, accommodation, and transport. They’ll also be able to arrange for visas and passports if needed. And if there are any changes or problems along the way, the company’s team will be on hand to help out.

Top companies will also offer customized services that are tailored to your business needs. They’ll be able to provide you with a quote based on the number of people traveling, where they’re going, and how often they travel. This way, you only pay for what’s necessary.

They’re Knowledgeable

Good travel management companies are a great resource for all things travel-related, including booking flights, accommodation, and transport. They have travel agents with a wealth of travel management experience. 

They know how to find the best travel deals for your business and will always be on hand if you need advice or assistance. This means that travel management companies are an excellent resource when it comes to planning business trips, whether they’re short-haul flights or long-haul travel arrangements.

They’ll be able to advise you on what travel routes will save both time and money. They might even have some special rates that aren’t available anywhere else. 

They Practice Professionalism 

A travel management company that practices professionalism is a great find. They will be able to provide you with a travel itinerary before your trip so as not to waste time during it. 

The best travel management companies are always aware of their customers’ travel needs and work to accommodate them as best they can. 

Professionalism also extends to the way a company presents itself—from its website design to how it communicates with customers. Everything should be neat and tidy. This creates a good first impression and gives customers confidence that they’re dealing with a caring company.

They’re Excellent Communicators

Excellent communication is key when it comes to travel. No one wants any nasty surprises while they’re away from home.

A travel management company that is good at communicating will be able to keep you updated on any changes or updates regarding your travel arrangements. They’ll also be available if you have any questions or concerns before, during, and after your trip. 

The travel management company will be able to explain the travel details and make sure that you understand everything. It’s important for travel managers to be clear about what they expect from their clients. This way, there won’t be any confusion when it comes time for them to plan your trip or book tickets on your behalf.

They Practice Integrity 

Integrity is another important trait for travel management companies. This means that they will always act with honesty and integrity in their dealings with customers. They’ll be truthful about what services they offer, the prices they charge, and any restrictions that may apply to travel arrangements.

A company with integrity won’t make false promises or mislead its customers in any way. It’s important to be able to trust the travel management company you’re working with, and integrity is one of the most important traits a company can have in this regard.

Their Prices Are Considerate

Naturally, you want to maximize your travel savings. Choosing the right travel management company can help you do that. That’s because these companies have competitive prices. 

A good agency will offer you the best deals and travel arrangements while still charging a fair price for their services. A travel management firm that charges too much is a put-off to potential clients who are looking to save money on their travel expenses.

On the other hand, a travel management company that offers very low prices may not be able to provide the same high level of quality service. It’s important to find a company that offers good value for money – one that has competitive rates without compromising on quality.

They Have a Stellar Reputation

Finally, a good travel management company will have positive references and reviews from previous clients. This is an important indicator that they provide quality service and are trustworthy. It’s always a good idea to read through these reviews before choosing a company to work with.

If there are any negative comments, it might be worth looking elsewhere for your travel needs.

A company with good references will have been recommended by their clients to others in need of similar services. A company that doesn’t provide references or reviews can be a red flag. You don’t want to work with someone who has nothing but bad things said about them online.

Always Work With the Right Travel Management Companies

Working with the best travel management companies can dramatically transform your corporate travel experience for the better. Not only will the right company ensure that your trips are planned flawlessly and without any stress on your part, but it also charges a price that doesn’t hurt your pocket. Look for the qualities we’ve listed above to find such an agency.

Are you looking for a transport management company you can count on for the best experience? Get in touch with us today and learn how we can help.

Traveling for work can boost employee morale, enhance team bonding, and take your employees somewhere they’ve never been before. Whether it’s a corporate retreat or a weekly business trip, a travel agency can make the whole process easier.

Corporate travel agents can adjust to the latest travel trends. They work with your company to create the perfect travel plan for you and your finances. When you’re looking for the perfect travel agent, it’s important to understand all your options.

These are the top 9 corporate travel agents that you should know about. By the end of this article, you’ll be itching to book your next corporate travel experience.

1. CWT

With headquarters in Minneapolis, Minnesota, and a total transaction volume of $23 billion last year alone- CWT is one the top-earning travel companies on the globe! They handle business trips as well meetings with clients or suppliers; they also organize events for Exhibition halls like this year’s World Rend Comedy Event.

2. Egencia

Egencia is a subgroup within Amex GBT. Their goal is to help reduce travel risks, improve the traveler experience, and increase your return through their program. This part of Amex GBT works with smaller companies, while Amex GBT works with larger ones.

They offer ways to get your money back if something goes wrong. They have detailed procedures in place to mitigate risks. And, a large brand selection to provide your company with a range of options.

But, Egencia does have a complicated pricing system that can confuse clients. This model also results in surprise extra costs.

3. Telios

Telios is a team of travel advisers who use modern technology to make the corporate travel experience perfect. By using modern technology to streamline the booking process, it reduces costs while still meeting all your business travel needs. With a focus on customer experience, planning business trips will stop being stressful and start being enjoyable.

4. Gant Travel

Gant Travel, Ltd. is a business travel management firm. They help clients optimize their travel spend by employing a combination of technology, people, and processes to coordinate business travel properly. In addition to corporate travel, they also provide meeting and event planning services.

5. Trip Actions

In 2015, after years of experience founders, Ariel Cohen and Ilan Twig created TripActions, a technology-first corporate travel platform that combines data science, modern user-friendly design, and world-class service to bring businesses and their employees the best experience in business travel.

6. Direct Travel

Direct Travel is a premier corporate travel agency that provides customized services to every client. They have been recognized as one of the best in North America and around the world, delivering high-quality client satisfaction through personal attention from expert staff members.

They specialize in providing cost-efficient midmarket solutions for significant events or business trips with knowledgeable advice. 

7. CTM Travel

For more than 30 years, CTM has been a leading provider of corporate and leisure travel services. They specialize in delivering customized solutions for their clients, focusing on the mid-market and personalized service to all clients worldwide.

A large portion of their business comes from providing cost-effective transport management widely recognized across North America, including airways booking due to airline conflicts. 

8. Brickell Travel Management

As one of the market leaders in the corporate travel industry, Brickell Travel Management and Corporate Services has grown from its humble beginnings as an operation that offers personalized service to this day. Today they are one of South Florida’s most successful privately owned businesses with annual revenue surpassing $85 million dollars per year and counting!  They have developed innovative solutions for next generation travelers while maintaining relationship-based care whenever possible – all without sacrificing quality or value .

Work With the Best Corporate Travel Agents Today

Corporate travel agents are here to help make your business trip easy to book. The only thing on your mind should be making money and having a great time.

Our team at Telios wants to provide you with the perfect corporate travel experience. Book a demo today and see what our team can do for you.In 2015, after years of experience founders, Ariel Cohen and Ilan Twig created TripActions, a technology-first corporate travel platform that combines data science, modern user-friendly design, and world-class service to bring businesses and their employees the best experience in business travel.

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