Saving on corporate travel has moved from a niche problem to a clear need. In the $1.4 trillion industry finding ways to save money is a necessity. Businesses are always seeking paths for cost reduction, and travel budgets are often one of the first areas to come under scrutiny. Without sacrificing company trips or the traveler’s quality of life on the road it’s crucial to create a corporate travel program and work with a trusted corporate travel management company, also known as, a TMC. While most large corporations currently have such programs, many smaller businesses don’t and could find multitudes of benefits by implementing one. While the first item on the list should be making sure this is a necessary step for your business, We’ve made sure to put down a few reasons why having a TMC manage your company’s travel can make a huge difference.
While the old adage “those who fail to plan, plan to fail” is a consistent mantra in business when it comes to saving money it has never been truer. This can be from the cost of a hotel stay to the flight itself. Ever had a flight get canceled while a traveler was at the airport and you ended up having to buy a completely new ticket? These types of events can cost money left and right, but more importantly are completely fixable with the right travel program run by the right management company. Airports are historically stressful places and having a designated employee handling all the travel plans for the many travelers a company can have can be quite the job. Delays, weather, economy or business class, even to how far a hotel is from the meeting, the list goes on and on for just how much there is to do. So step one, is making a plan by first looking at how travel is costing you and second how much easier the entire experience could be.
Now that you’ve realized this is a need, you have to understand exactly what a corporate travel management will do for you. First, a TMC uses a strategic approach to managing a company’s travel program. With years in the industry, a good TMC knows what you need and what you don’t need. This will save you money daily and is why a TMC with a history of success is abundantly important. Second, a TMC provides you with expertise towards your travel booking. This is so important when it comes to not only planning a trip but making sure you really have people focused on making travel a seamless experience while saving you money. Third, TMCs have access to software with centralized booking information. This software has a dashboarding system for better data-based decision making. From marketing to finance and sales these types of dashboards are becoming more and more popular. Why wouldn’t managing a company’s travel program use the same tech? As it turns out when you work with the right agency, a portal-based system allows them to track all essential travel information resulting in both the agency and the company remaining more informed and comfortable. Fourth, and some might say second in importance to cost, is support for individual travelers and having a dedicated account manager. We all know how travel is. One thing goes wrong and it sets up a chain reaction of events only making the entire trip more complicated. An airplane is delayed, resulting in a missed shuttle bus, the car wasn’t reserved correctly, the list goes on and on. No matter how much you plan, these types of unforeseen incidents happen. The key is having a management company at the ready or even better, having one who never gets you or your travelers into a jam. 24/7 support, extended business hours and a dedicated account manager are a few qualities the best TMC’s have. Fifth, and lastly, a travel management company can provide up to date auditing reports ensuring accountability across the organization. This is truly an indispensable quality of a top tier travel management company. Expenses are necessary to report and track, both for internal budgeting purposes and external tax laws. Far too often, this tracking gets lost as countless employees book flights, stay in hotels, and pursue other travel opportunities. Due to the significant expense that travel represents, even a small discrepancy here and there can make a substantial difference in your budget. Corporate travel managers keep you on track by continually monitoring for these types of differences and making sure that when they occur, they can be easily fixed and accounted for.
Given the cost and efficiency benefits of having a corporate travel management company in charge of cultivating and executing your company’s travel plan, the investment’s significant positive returns more than cover the cost. Especially if travel is a integral part of your company’s daily operations, the centralization of data and ease that a TMC will provide make this approach immensely opportunistic and will only exceed expectations.
Are you looking to build a stronger corporate travel program? Contact Teplis Travel at 800-669-6547.