Trade and commerce is not a new concept in the world. However, with the advent of modern technology and swift transport options, corporate travel has grown to be one of the largest industries. According to a study, the total market size of corporate travel was around $696 billion in 2020 which is expected to show an increase of up to $2 trillion by 2028. With such a large volume of concern, it becomes hard to book and manage regular travel across organizations. The playfield is best handled by corporate travel management companies. Let us explore what is a corporate travel management company and how it helps businesses conduct seamless travel.
What is a corporate travel management company?
Corporate travel management companies are expert organizations that specialize in offering customized travel services to businesses inside and outside the native country. The services encompass everything that is relevant for corporate travel including flight and accommodation bookings, expense recording and management, establishing travel safety protocols, optimizing the travel cost and other variables of the trip, and creating a comprehensive itinerary among many others.
Benefits of hiring a corporate travel management company
1. Corporate Travel Management Company Expertise
Most of the corporate travel management companies have been in the market for well over a decade. With years of presence, they have developed numerous connections with various travel suppliers across the world. They also bring surmounting expertise in the multi-departments of corporate travel including booking, expense management, reporting, etc. Corporates can leverage the expertise while building on their travel objectives and ROI requirements.
2. Travel Booking
Corporate TMCs know the importance of automation and online platforms while booking and managing travel. They make use of top online travel booking platforms such as Paxes to book the best packages for their clients. Further, this software provides the options to compare, coordinate, and record the nitty-gritty of various trips. TMCs also establish cordial relationships with airlines, hotels, and other service providers to further lower the cost of booking while maintaining the industry’s best services.
3. Expense Management
Another key aspect of any corporate trip is the budget and ROI. Corporate TMCs utilize modern technology in tracking and managing expenses. They benefit from the AI comparison and suggestions that optimize corporate travel expenses. Additionally, a thorough analysis of the overall trip expense and predictions of the travel expense trends efficiently lower the overall cost of the trip.
4. Travel Policy Compliance
Travel policy or the rules that define the boundaries and process involved in each trip of individual corporates can easily be enforced by TMCs. From designing the travel policy for a business to ensuring that it is being followed in each booking, TMCs are the best bets. The online booking platforms used by TMCs offer the option to integrate travel policy along with multiple approval processes, eliminating booking discrepancies and over-budget trips. These management companies also cover each trip with all-inclusive duty-of-care services that reduce travel risks to a bare minimum.
Suggested Read: Business Travel Policy: Importance, Benefits & Implementation
5. Data Analytics
Last but not least, corporate travel management companies employ efficient data tracking and analysis systems. These AI-backed software help travel management companies provide data-driven decisions to optimize the travel programs of a corporation. Analyzing the past data and extrapolating it into the future decreases the impact of uncertainties; hence, streamlining the objectives a bit more.
How to find the right corporate TMC?
When selecting a corporate travel management company, consider the following factors:
- Look for a company with a proven track record in your industry
- Ensure the company offers the specific services your organization needs
- Evaluate their use of travel technology and online booking platforms
- Choose a company with a global presence if your business requires international travel services
- Assess their ability to help you control travel expenses
- Consider their traveler support services and resources
- Research reviews and testimonials from their existing clients
Corporate travel management companies play a vital role in helping businesses efficiently manage their travel needs i.e. streamline booking and control costs. They also ensure the safety and well-being of their employees on the road. With the corporate travel industry projected to continue its rapid growth, choosing the right travel management partner is crucial for achieving success in this dynamic and competitive environment. By considering factors such as experience, services, technology, and global reach, businesses can make an informed decision when selecting the best corporate travel management company to meet their unique needs.
Suggested Read: How To Hire Top Corporate Travel Management Companies
What is Corporate Travel Management Company FAQs
What is a Corporate Travel Management Company?
A Corporate Travel Management Company (TMC) specializes in providing tailored travel services to businesses, including booking, expense management, and more.
What services do TMCs offer?
TMCs offer services like flight and accommodation bookings, expense tracking, travel safety protocols, cost optimization, and itinerary planning.
Why hire a TMC?
TMCs bring expertise, automation in travel booking, expense management, policy enforcement, and data analytics to enhance corporate travel efficiency.
How do TMCs book travel?
They use online travel booking platforms like Paxes to secure the best travel deals for their clients.
