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?
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.
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.