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Business on the Move: A Comprehensive Guide to Corporate Travel Management

ByDave Stopher

Oct 11, 2023

Travel management is undergoing a significant shift—away from micromanagement and towards trust, openness, and simplicity.

There are several steps involved in travel planning. The procedure involves not only ensuring that all bookings are made in accordance with the company’s travel policy but also that all expenses incurred on business trips are properly recorded and reported.

An outside corporate travel agency is becoming a more popular option to handle business travel arrangements.  These corporate travel platform handle business travel expenses, among other essential services, regardless of who is responsible for managing travel.

Successful companies in today’s fast-paced, globally connected environment cannot function without efficient corporate travel management. 

Understanding the role of a Travel Management Company

A travel management company (TMC) is a specialised company that aids corporations and organisations in managing their corporate travel needs.

In order to help businesses reduce the time, money, and hassle associated with business travel, corporate travel management offers a variety of services and solutions in the realm of travel management.

A rise in employee travel comes with an increased demand for expense control. To improve travel policy compliance, access comprehensive information, and save time on reconciliation, reimbursements, and expense reports, businesses can adopt separate systems to manage expenses and travel programmes, or they can opt for an integrated, all-in-one travel and expense solution.

Aspects of successful corporate travel management

Regardless of the company’s size, the number of people involved, or the type of software used, a successful corporate travel management programme will share commonalities.

Clear travel policy

Having a clear set of rules and regulations for business trips is essential. It specifies the roles and duties of employees, the authorised booking procedure and channels, the preferred travel suppliers, the maximum allowable travel expenses, and the necessary compliance measures.

Expense management tools

Companies can save time and effort by switching to a centralised travel booking and expense management software.

Sustainable supplier relationships

Relationships with preferred providers, such as airlines, hotels, and car rental agencies, can help businesses secure better rates and more options for their business travellers. This allows more sustainable travel options.

Business traveller safety

It is the company’s ethical and legal responsibility to ensure the well-being of its workers, known as “duty of care.” Strategies for mitigating danger while travelling, access to assistance while away, and clear instructions on what to do in an emergency all fall under this category.

Business travel reporting and cost management

Optimisation of travel expenditures, competitive rate negotiation with suppliers, analysis of travel data for cost-saving options, tracking of travel expenditures, and enforcement of travel policy compliance at the point of sale with credit cards are all examples of effective cost control strategies.

Companies can benefit greatly from learning about their employees’ travel habits, costs, supplier efficiency, and regulatory compliance by collecting and analysing real-time travel data. Companies can use this data to pinpoint problem areas, make educated decisions, and track the success of their programmes.

Final Thoughts

Outsourced corporate travel management will help you navigate the intricacies of business travel, especially if you are a business professional trying to enhance an existing travel programme.

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