Corporate travel is inevitable for the expansion of any organization. However, travel managers can get overburdened by the enormous travel requests of the employees. Hence, hiring a travel management company has become necessary for efficient travel management process. Benefits of corporate travel management companies include a comprehensive booking packages, promising high cost savings and safety of employees.
What is corporate travel management?
Corporate travel management is the processes and steps taken by a company to efficiently manage it’s travel expenditures, improve productivity and save costs. It also involves the implementation of a corporate travel policy to streamline business travel and monitor expense reimbursement. Companies or individuals can outsource these tasks to a reliable TMC capable of managing and implementing all these requirements and necessities.
Benefits of corporate travel management companies
1. Implementing corporate travel strategies
Most companies spend hours creating or revising corporate travel policies that remain only on paper. Stakeholders may forget the purpose of creating a travel policy in several typical scenarios. Having a corporate travel strategy and not implementing it is as good as not having any strategy at all.
Corporate travel management companies enable easy implementation of the travel policy by integrating it into one of several available platforms. These platforms ensure effective tracking of traveling employees with the facilities for quick bookings, cancellations, and other business travel activities.
An ideal corporate travel management partner allows companies to design, adjust, and revise their policies to keep pace with the current best practices. Integration of the travel policy into the travel management platforms ensures seamless compliance.
2. Access to real-time booking information
Corporate staff can use real time booking information provided by TMCs for efficient bookings. It helps the employees in making instant decisions by using reliable information that is easy to understand and quick to access.
Additionally, the app-based travel management solutions like Paxes allow users to access critical data irrespective of the time and location. TMCs use these platforms to assists in streamlining travel management and providing a superior travel experience for employees.
3. Improved accountability and audit-readiness
TMCs improve adherence to corporate travel policies at all employee levels. Fixing accountabilities is with TMCs using travel management platforms. They adopt these systems to easily track travel activities of an organization for identifying deviations and discrepancies.
Some of these TMCs can provide advanced benefits such as like tracking and analytics, to help organizations fulfill internal budgeting requirements. Availability of expense reports and details of reimbursements with TMCs improves the audit readiness of the organization. Additionally, these TMCs offer efficient monitoring of bookings, hotel expenses, and other expenses of business trips ensuring timely corrections of errors besides fixing accountability.
4. Mitigation of risks
Employers are morally and legally accountable for the safety and well-being of employees. Merely sending email communications to know the plight of employees does not suffice the purpose. A comprehensive overview of employees safety is crucial to implement duty of care objectives in true spirit. Locating and helping an employee in need during corporate travel is greatly important for an organization. TMCs helps in offering real-time information about the threats or risks employees may face while traveling to particular destinations. These risks include political disturbances, strikes, natural calamities, epidemics, and terrorist activities.
Suggested Read: Decoding The 6 Phases Of Corporate Travel Management
TMCs can handle all aspects of business travel, including booking flights, hotels, and rental cars, as well as managing changes and cancellations. This can save employees time and allow them to focus on their work.
6. Risk Management
TMCs can provide guidance and support to companies to ensure that their employees are safe while traveling. This includes assistance with travel insurance, emergency response, and tracking employees’ whereabouts in case of an emergency.
Benefits to travel managers
TMCs have extensive knowledge of the travel industry, including airlines, hotels, car rental companies, and other travel providers. This expertise can help travel managers make informed decisions about travel policies, vendor selection, and other important aspects of managing a business travel program.
2. Data Insights
TMCs can provide travel managers with detailed reports and data insights, which can help them track travel spending, identify areas for cost savings, and optimize their travel policies and strategies.
3. Risk Management
TMCs can help travel managers ensure that their employees are safe while traveling, by providing assistance with travel insurance, emergency response, and tracking employees’ whereabouts in case of an emergency.
Benefits to business travelers
1. Travel Support
TMCs provide 24/7 support to travelers, which can be especially helpful for travelers who experience flight delays, cancellations, or other travel-related issues. TMCs can help rebook flights, find alternative travel arrangements, and provide assistance with lost luggage and other travel-related problems.
TMCs can handle all aspects of travel, including booking flights, hotels, and rental cars, as well as managing changes and cancellations. This can save travelers time and hassle, and allow them to focus on their work while on the road.
3. Safety and Security
TMCs can provide travel insurance, emergency response, and tracking services to ensure that travelers are safe while on the road. This can provide peace of mind for both travelers and their employers, and help ensure that business trips go smoothly.
Managing corporate travel can be complex, as there are several possibilities of missing glaring mistakes. Corporate travel managers can enjoy the benefits of corporate travel management companies. Additionally, adopting platforms like Paxes can also take an organization’s travel management to the next level. It eliminates errors and fixes accountabilities. Travel managers can easily configure workflows and policies by taking assistance from travel manager companies using effective technological solutions.
Benefits of Corporate Travel Management FAQs
Why should one hire a corporate travel management company?
For a successful travel management process, employing a company is now required as it takes care of all the bookings and ensures cost-effective plans and the safety of the employees.
What is the definition of corporate travel management?
It means taking the necessary steps to ensure the efficiency of travel expenses, increasing productivity, and also implementing the travel policy.
What are the key benefits of corporate travel management?
It helps implement corporate travel strategies, providing real-time booking information, increasing accountability, and reducing risk factors.
How does having real-time booking information can help the employees?
It helps employees to make immediate decisions with easy-to-understand, instantly accessible, and reliable information.
How does a corporate travel management company help in reducing risks?
TMCs provide real-time information about the threats and risks employees may face when traveling to specific destinations. These risks include political unrest, strikes, natural disasters, epidemics, and terrorist activity.