What Is Corporate Travel Management?
In the world of travel and administration, nothing is quite as unique as corporate travel management. While many consider it just another form of travel - only that it targets corporate personnel - it actually has its own world.
The work and service that comes with corporate travel management will surprise you as we take a deeper look at what the fuss is all about.
What exactly is corporate travel management?
Essentially, it is the function of a company’s strategic approach to travel and the negotiation that comes with all the vendors, including the hotel and the airlines.
The most distinct feature of corporate travel management is how the corporate lodging is acquired.
In many cases, it is not the company themselves that does the work, but a special company or agency (https://frontierlodging.com/) that manages it on their behalf. These agencies deal exclusively with businesses, as their focus is to provide safe and secure transportation (either by air or ground) and accommodation while meeting their budgetary needs.
These agencies can also support large workforce accommodation, crew and project management and special occasions for businesses.
How does it work compared to other travel agencies?
While travel agencies work solely on getting you flights and accommodation, corporate travel management companies assist with other factors that might impact the trip. This can include the following:
- Setting up travel policies that align with the company’s requests
- Negotiating corporate fares and rates with airlines and hotels (including lodgings, apartments and houses) to get the best deal to satisfy company limitations, project timeframe and the traveller’s personal requests
- Assisting travellers if their working schedules change. This can include extending stays or providing additional expenses
- Balancing the company’s cost control with the traveller’s safety
- Reserving, scheduling and rescheduling the traveller or travellers
- Centralizing and streamlining payments
- Managing employees’ itineraries, restrictions and expenses
- Maximizing the use of pre-loaded or single-use credit cards
- Facilitating reconciliation of all costs by checking bookings against actual charges on the final invoice
- Creating personal profiles for each worker so that their amenities are met while working (this creates a more comfortable experience for the traveller)
- Managing data and expenses to use for further trips
Regarding how these companies provide such services, they usually offer a software platform in which corporations can use or a 24/7 personal service. If you are new to this, then opting for the latter is the better option.
How does corporate travel management simplify travel for businesses?
This question has a simple answer: by taking the work off the shoulders of corporations’ human resources, opening up the department to spend time on more important tasks.
Considering that travel management can be difficult and challenging, it can take up a lot of time - both pre and post-travel - it increases the workload on already busy employees. With a corporate travel management company, corporations reduce the time and resources spent on in-house bookings, planning and financial reconciliation.
This type of proactive service allows businesses to access end-to-end travel experiences that delight both travellers and corporations. Other benefits that come with these companies include:
- Optimization reporting that helps future trips
- Saving opportunities at thousands of hotels and accommodations across the globe, thereby reducing costs of the trip
- Establishing travel policies that meet the business’ ROI goals by monitoring and forecasting travel spend
- The efficiency in which the experts handle the projects
Hiring a corporate travel company to handle your employees’ business travel makes more sense than ever. It’s these specialized agents that can transform the outlook for your business, resulting in more efficient travel management.