Introduction
Travel management is the process of planning and managing corporate travel. Corporate travel management can be used in a variety of ways, but it’s most commonly used by businesses to help employees stay productive while they’re traveling.
What is travel management?
Travel management is the process of managing the travel of your staff. It can be done in-house or by outsourcing to an external provider, but it's a service that helps companies reduce costs and improve efficiency.
Travel management companies offer a variety of solutions for business travelers, including:
- Experienced agents who can book flights, hotels, rental cars and other transportation options on your behalf (for example: arranging car rentals from Hertz or Ubers)
- Software that automates many tasks related to trip planning and booking (such as calculating how much money you'll save by flying on Southwest instead of Spirit Airlines)
What is travel management? - The definition
Travel management is the process of planning, booking, and monitoring travel for a business. It can be used for both business and leisure travel.
Travel management companies offer a range of services that help businesses manage their travel programs, including:
- Booking flights, hotels and rental cars;
- Planning trips to multiple locations;
- Budgeting funds for different types of expenses (e.g., airfare);
- Monitoring costs as they occur so you know when to make adjustments in order to save money on your next trip;
- Keeping track of all expenses incurred during each trip using an accounting system such as QuickBooks or Xero (if you're using one).
Why do businesses need a travel management strategy?
In today's competitive environment, it's essential for businesses to manage their travel costs and risks. A travel management strategy can help you do this by providing:
- Control of your business costs. If you're not controlling your spending on travel, then there's a good chance that someone else will be paying for all these trips—and they'll probably get paid less than what you'd normally be paying! The goal is to make sure that every dollar spent on business travel benefits the bottom line in some way or another (for example reducing payroll expenses).
- Reduction of risk associated with employee scheduling issues or unexpected delays/cancellations due to weather conditions outside the region where those employees live (e.g., hurricanes). Businesses also have an obligation under law enforcement agencies like TSA when transporting dangerous goods across state lines; therefore having procedures in place so no one gets hurt when something goes wrong during transit could save millions over time if done properly!
How can companies benefit from corporate travel management?
- Reduce costs: business travel management can reduce the amount of money spent on unnecessary expenses, including meals and lodging.
- Improve employee satisfaction: When employees have more control over their travel budgets, they’re less likely to feel resentment about spending time away from home or work.
- Increase productivity: When employees are able to plan their own trips and manage their schedules themselves, they spend less time at airports waiting for rides or wasting time on the clock during unpaid breaks. This allows them to get back into the office sooner with fresher minds than if they had been stuck in a boring conference room all day long!
- Improve corporate image: If your company has a reputation as being lax when it comes to accommodating its employees' needs during business trips (e.g., having poor Wi-Fi coverage at hotels), then having an automated system where everyone can access information about flights will go far towards improving how people view your organization overall - especially if those who are doing so see firsthand how well thought out these policies were implemented by someone else!
Key business benefits of corporate travel management
While it is true that travel management can be an expensive process, there are also many benefits to consider. By managing corporate travel more efficiently and effectively, you'll be able to:
- Reduce costs by reducing unnecessary spending on employee transportation.
- Improve employee productivity through better scheduling and communication between departments within your organization.
- Improve employee satisfaction by giving them control over their own schedules (and therefore less stress), as well as leaving them free time for other activities like working from home or taking care of personal needs while away from home or work location. This means that employees will feel more involved in the company's success overall—which encourages loyalty among them! They feel invested in seeing its growth as well as their own individual development which leads us back into our next point...
How does a managed travel program work?
A managed travel program is a service that helps companies control their travel expenses. It's a way to streamline the process of booking travel, and to reduce costs. The program helps make sure that employees are using the most cost effective options for their business needs.
In addition to providing an online portal and customer service team, managed programs usually include:
How can I set up a managed travel program for my business?
Once you've decided to work with a travel management company, the next step is to establish a travel policy. This document should be created by your business manager and reviewed by all employees involved in the program.
Once approved, it will serve as a guide for how much money can be spent on each employee’s trip costs and where they should be reimbursed if they spend more than their allotted budget allowance. The policy may also outline how often employees are expected to submit their expense reports or other documentation such as receipts or vouchers so that managers know exactly what was purchased during each trip so they can keep track of how much money was spent.
The next step involves setting up an annual budget for all expenses related specifically around business trips such as hotel rooms/entertainment expenses (eBay Concert Tickets), rental cars (rental car insurance), etc.; this includes everything from food at restaurants inside airports when traveling overnight between cities located within close proximity but far away enough not too cause major headaches when trying get back home safely later tonight after meeting deadlines tomorrow morning!
Business travel management allows companies to stay in control of their employees’ trips and expenses, while also boosting productivity and satisfaction.
Business travel management allows companies to stay in control of their employees’ trips and expenses, while also boosting productivity and satisfaction.
- Travel management saves money by reducing the risk of fraud. It also improves employee satisfaction as it allows employees to take more control over their own travel decisions and arrangements. This can lead to improved business outcomes such as increased productivity, higher retention rates, lower staff turnover rates...the list goes on!
Conclusion
We hope that this article has helped you understand the benefits of corporate travel management, as well as how it can be implemented in your company. We also think that it’s important to remember that while managing your employees’ trips can be great for business, it should never become a burden on your team. If you would like more information on how we can help with your next trip or other needs
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