Businesses with a global network aiming to expand their operations must send their executives out on trips regularly. This help establish and develop relationships with associates and partners. When planning and executing business trips regularly, it is better to leave the tasks to a professionally managed corporate travel management service.
Hiring top corporate travel management companies can bring multiple benefits to your business. It can save your in-house staff from the hassles of arranging flight and hotel bookings, drafting a foolproof itinerary, and overseeing the complex aspects of a corporate trip involving multiple people.
However, choosing the right corporate travel management company with many players operating in this domain takes time and effort. So how does one select the right company? We’ll soon find out but before that, let’s discuss what exactly is the role of a corporate travel management company.
What is a corporate travel management company?
A corporate travel management company is hired by a business to manage the business travel needs of its employees while adhering to established corporate travel policies. The company is responsible for managing all aspects of business travel for the company’s staff. It aligns with airline services, hotel chains, and automobile rental services to ensure that corporate travelers have a smooth and hassle-free experience while on business tours.
Travel management company vs agency
Corporate travel management companies cater to the business employees, whereas agencies work with broader customer base. The TMCs offer personalized services with limited purpose for travel whereas agencies serve an extensive range of purpose with generalized services. Travel management companies offer reporting and expense management options whereas agencies focus more towards creating vivid itinerary and luxury experience.
Services offered by top corporate travel management companies
There are numerous services offered by corporate travel management companies; however, some of the top services include:
- Making efficient booking as per the corporate travel policy and budget requirements
- Setting up excellent expense management processes
- They provide negotiated rate with supplier side
- Corporate travel management companies offer reporting and trip risk management
- They also help with miscellaneous services such as venue booking, technological backing and more.
Benefits of hiring top corporate travel management companies
Companies with business interests overseas need to send out their executives for meetings, conferences, seminars, and networking purposes. For such organizations, travel and its associated expenses form a significant component of their overall operational costs. The role of a business travel management service is of strategic importance for such companies. They can enjoy many benefits by using the services of the best corporate travel management company .
- A business travel management company usually has long-term contracts with airlines and hotels.
- They get priority bookings for the steady business they provide to airlines and hotels.
- Your business can be assured of finding suitable flights, the best transportation facilities, and premium hotel rooms whenever your traveling executives need them.
- You can also enjoy substantial travel discounts as a frequent user of these services.
- The companies offer travel risk management and 24×7 customer support
- TMCs offer easy reporting and and conclusive reporting
If you had booked the flight and hotel on your own, it is extremely unlikely that you could have been offered these facilities and discounts.
Things you should look out for in a TMC
There are different types of business travel management companies out there. That’s why you will have to research to find out which best corporate travel management company will meet your company’s specific needs. These tips can help you make the best choice.
1. Look at the pricing policy
The pricing structure is one of the most important features to look at when choosing a corporate travel company. The fees you pay must be commensurate with your potential savings by using their services, especially in the long term.
That’s why using the services of an established corporate travel management company is recommended. They will have excellent contacts through their extensive travel and tourism industry network and enjoy huge discounts on flights, transport, and hotel rooms. The same can be passed on to you, helping you save a substantial sum on every business trip.
Suggested Read: What Is A Business Trip Report And How To Prepare One
2. Personalization option
Your corporate travel needs may vary in terms of purpose and location. For instance, employees attending an overseas seminar may not have to bother about hotel bookings as the host generally arranges them. If your executive is traveling to meet a client to stitch up a business deal, they may need a different type of travel and accommodation need. That’s why choosing a business travel agency that provides personalization services is vital for your business.
3. Experience in the industry
You must also consider the experience of your travel management company before finalizing a contract with them. Some agencies specialize in local travel services, while others specialize in foreign trips. Based on your needs, you must select a corporate travel management service that can cater to your travel requirements from one platform. Only an experienced agency can deliver the goods. They will have the personnel and the infrastructure to provide you with quality services 24/7.
4. Access to technologies
Modern-day corporate travel management is powered to a large extent by technology. Most service providers use cutting-edge technology to deliver clients the best quality travel management solutions. Make sure you collaborate with a corporate travel management company incorporating the latest technology, tools, and trends in its system. They will be better placed to serve your travel needs better than others.
Top corporate travel management companies
Choosing the right travel management partner is important for saving cost and providing best in class services to your employees. Hence, here are some of the top travel management companies and platforms to get you started.
1. Paxes
Paxes is a SaaS-based platform that helps businesses of all shapes and sizes with their corporate travel requirements. Additionally, it aids in the effective management of client global business travel by best corporate travel management companies. Corporate administrators can create numerous invoices using Paxes, manage budgets, and perform minute expense analysis.
2. Egencia
A travel management tool called Egencia can assist businesses in keeping track of their travelers and travel-related information. As a result, traveler security and a seamless itinerary can be guaranteed. Egencia also provides reports and analytics so that businesses can assess the effectiveness of their travelers and identify areas for improvement.
3. CWT
CWT provides a dependable and user-friendly business-to-business platform for employees. Travelers can reserve rooms at numerous properties through their app, which is available on PCs and mobile devices.
4. TravelPerk
TravelPerk can meet all of your needs because it has the largest selection of travel options in the world and partnerships with top brands. Spend less time researching flights, hotels, and car rentals by letting TravelPerk handle the legwork.
5. Navan (TripActions)
With the help of Navan’s dependable partner connections and simple booking procedure, you can get where you need to go quickly and easily. Additionally, Navan customer support is always available to assist you if you need it.
Conclusion
If your company has to send out employees on business travels frequently, associating with an experienced and established travel management company is highly recommended. It can save you time, money, and effort. One should always choose best corporate travel management companies. Top corporate travel management companies will be able to provide a comprehensive travel management plan customized to meet the unique needs of your corporate travel program. Further, they use management platforms like Paxes to ease the complete process.
Top Corporate Travel Management Companies FAQs
What is a corporate travel management company?
A corporate travel management company is a service that helps organizations of all types manage their business travel needs smoothly at every stage.
What are the key benefits of using a corporate travel management service?
You can save time, money, and effort as the service provider is responsible for smoothly managing your travel needs. As they have a robust network within the industry, you can be assured of the best deals in airline bookings, hotel room bookings, car rentals, and more.
What kind of support can businesses expect from a corporate travel management service?
You can expect comprehensive support at every level. Every detail of your travel plan will be provided in detail in advance. If anything doesn’t go as per plan, they will have the backup systems ready to ensure your convenience, safety, and security.
Can I save money by hiring a corporate travel management service?
Yes, using the services of an expert in business travel is definitely a money-saver. They get huge discounts from their business partners and associates. The same will be passed on to you, resulting in substantial savings on every trip.
Should I work with a new entrant or an experienced service provider?
Connecting with an established and experienced corporate travel management service is always better. They can draw from their expertise to provide a great experience on every business trip.
Why work with a corporate travel management company?
Travel management companies provide excellent resources and tools for business travel management.
What do CTMC Offer Business Travelers?
Travel planning and booking, travel policy compliance, travel expense management, 24/7 travel assistance, travel risk management, and data analytics and reporting
How to Grow Your Corporate Travel Program
Define your travel policy, promote travel program adoption, leverage technology, negotiate with vendors, analyze travel data, encourage compliance, and offer incentives
Which are the largest corporate travel management companies in India?
Paxes, Make My Trip, Thomas Cook, FCM Travel Solutions are some of the top corporate travel management companies in India.
Why work with a corporate travel management company?
Corporate travel management companies provide benefits such as cost savings, time savings, risk management, enhanced travel experience among others.
How can corporate travel management companies help businesses reduce travel costs?
They do so by negotiating supplier contracts, policy development and compliance, consolidating travel volume, monitoring and enforcing travel policy compliance.
How do corporate travel management companies handle travel disruptions or emergencies?
They offer 24x7 support, risk management, travel insurance, automatic travel updates, traveler tracker and more.
Can corporate travel management companies assist with visa and immigration requirements for international travel?
Yes, they can help with the visa application and immigration certificates.
Do corporate travel management companies offer 24/7 support for travelers?
Yes, corporate travel management companies offer travel support for employees round the clock.
Do corporate travel management companies provide duty of care services for employee safety during business trips?
Yes, most of the corporate travel management companies offer Duty of Care services.
How does a corporate travel management company assist with travel policy compliance?
CTMCs generally have access to travel management software where the companies can allot a budget amount for different expenses. The app notifies the employees whenever they exceed the budget.
Can a corporate travel management company handle both domestic and international travel?
Many corporate TMCs are capable of catering to both domestic as well as international travel requirements. They have tie-ups with travel suppliers globally and can help curate an itinerary for business travelers according to their needs under budget.
How do corporate travel management companies ensure cost savings for businesses?
Corporate travel agencies collaborate with the travel services providers like airlines and hotel chains. These providers offer services at a discounted rate to such TMCs in exchange for customers. In this way, the clients of TMCs get exclusive deals by booking through travel management companies. They also suggest cost-saving alternatives to their clients.
How do corporate travel management companies handle travel risk management?
Corporate travel management companies have experience in the travel industry. They are aware of the steps to be followed in case of emergencies and uncertainties. They always suggest their clients to buy travel insurance. They help them get maximum refunds in case of cancellations. They are always in direct contact with business travelers to track their location during emergencies.
Do corporate travel management companies provide detailed reporting and analytics?
Yes, many CTMCs assist in expense reporting and analysis of the trip by calculating the ROI and providing suggestions to improve future business trips.
How can a corporate travel management company benefit my business?
A corporate travel management company can benefit your business in several ways such as cost savings, time savings, travel policy compliance, emergency assistance, a 24/7 support.
What factors should I consider when choosing a corporate travel management company?
When choosing a corporate travel management company, consider factors such as experience, services, industry expertise, technology, customer service, and costing.
How can a corporate travel management company help me save on travel expenses?
Corporate travel management companies can save you money by negotiating discounts, policy enforcement, expense analysis, group booking, and preferred suppliers.
Can a corporate travel management company help with travel policy compliance?
Yes, corporate travel management companies are adept at helping enforce travel policies. They help in setting up and monitoring travel policies, educating employees on policy guidelines, ensuring bookings adhere to company policies, providing reporting and data analysis to track compliance and implementing consequences for policy violations, if necessary.
