If you are in the travel industry, you may find that a lot of your questions and concerns are not very different from your other colleagues and other travel companies.
The importance of controlling travel spending
Those in business travel for example understand that it can be the largest expense second to employee salaries that a travel company deals with. Therefore, because it is so costly, it is certainly in the company’s interests for it to be managed well and effectively for the corporate traveler.
In the world of business travel, a business or company might have a few employees in administrative positions that oversee different aspects of business travel. These may include a corporate travel manager, a travel buyer, and other top-level management employees who oversee other aspects of the business.
As you may have surmised, these employees are crucial in maintaining accountability for travel expenses and spending. If a business or company is to be successful, good money management must be a top priority, and that means ensuring that they remain within their corporate travel budget is necessary.
One way of managing costs is by using corporate travel management agencies. These tend to help with time management, and money management, and have been found to be efficient. However, while some companies go this route, other companies prefer to hire an in-house corporate travel agent to also fulfill the role of good money management.
Why it is hard to control travel expenses – Hard to follow travel policies
Obviously, hiring an in-house agent has its pros. Still, corporate travel management agencies generally tend to help reduce costs and provide good support for the company’s employees while they are traveling. They provide help and ensure they find their employees the best prices on things such as accommodation and good food. They can also help with finding good and efficient transportation once the employees reach their destination. This takes a load off the employees, especially if their flights arrive at the destination at an awkward time where it may be tedious for them to organize their own transport.
Additionally, corporate travel management agencies will generally help with managing flight itineraries so that in the event that any of the flights are canceled or delayed, the employee does not have to undergo additional stress worrying about missing meetings or deadlines because the travel management agencies will take care of it.
Among other things, corporate travel management agencies generally have a proven track record of ensuring efficiency within the company.
From the above, one can see why companies might find it hard to control travel expenses without a corporate travel management agency. There are many things that could go wrong during travel, which will cost the company money and as such, it is a company’s best interest to hire a corporate travel management agency that is skilled at managing these unforeseen events if they don’t handle it in-house.
Travel is making a comeback post-2020. There are many travel companies looking at changing things up to match the new and ever-changing needs of their employees and customers. Unfortunately, many travel companies lost their employees when travel was shut down around the world and not all companies have regained their manpower to 100%.
Therefore, in this kind of rebirth of travel, travel companies don’t always know what to expect and as such, it can be challenging to manage all expenses at this stage. Also related to the post-2020 travel comeback is the fact that hotels and other vendors all likely have increased their prices in comparison to pre-2020 levels, further making it difficult for companies to stick to a planned budget and maintain travel costs.
Imagine having to manage your own company’s travel, or adding these tasks to the schedules of already very busy employees. Simply put, it is a disaster waiting to happen because the employees will find it difficult to be able to manage their individual schedules, provide the necessary duty of care to the customers, and also efficiently and effectively take on the task of a corporate travel management agency.
Although initially, a company might save some money by not hiring a travel management agency, it will not be worth it in the long run if they lose customers because of the lack of efficiency and a lack of support. The business might be heading for reduced productivity, unhappy employees, low morale, high staff turnover, and eventually potentially bankruptcy or other financial struggles.
So if you are a business owner, why not partner with a travel management company and remove the burden of these worries from your employees and place them in the capable hands of those who know the travel industry best? It is also important to mention here that travel management agencies can also help to negotiate good deals on behalf of companies, further saving them more money.
In addition to partnering with a travel management agency, all travel companies should invest in an online booking tool because of their many advantages. It can be difficult for employees to have to try to book online and share that they follow the company’s travel policy. This is where an online booking tool can come in handy because it ensures that users of your company have to follow your company’s policy. For example, it may be your company’s policy for your employees to book with certain vendors when booking through your travel organization. However, without an online booking system, travelers may book certain aspects of their travel with other brokers, violating your company’s travel policy compliance and possibly costing more.
The use of corporate booking tools
One example of a corporate booking system is the TTS Corporate. It offers a fast-booking flow to customers and makes certain that they comply with your company’s policies whenever possible.
As an added bonus, TTS Corporate has no implementation or booking costs, and your employees will be very grateful for it. Furthermore, an online booking system can help a company measure its performance indicators by ensuring good data capture, and travel reporting, and providing regular guidance on optimizing the company’s travel program.
Online booking systems can also provide ways of identifying useful saving opportunities and can make useful comparisons against similar travel businesses which can provide data on ways of improving your services.
Fortunately, worldwide travel is making a comeback, and customers are traveling the world again. However, due to the worldwide shutdown in 2020, there are still things to smooth out before travel becomes standard again. Therefore, businesses that have been fortunate to open their doors again must ensure that they are doing the best they can to maintain open doors. This includes providing employees with assets such as online booking systems and corporate travel management agencies to make it easier to manage corporate travel policies and for the whole company to automate the workflow.