We are now witnessing ease of travel restrictions in global and regional markets with implementations of vaccine rollouts. In many markets, this is the first step to resume and recover business travel.
Mostly all corporations resorted to virtual interactions throughout the COVID-19 pandemic, however, they’re now eager to return to face-to-face connections to grow and maintain their operations. The global business travel market is expected to reach $791.9 billion by 2026, which indicates that corporate travel is scheduled to return and revive.
What is Corporate Travel?
Corporate or business travel involves domestic and international travel taken by employees to attend face-to-face meetings, conferences, product launches, trade shows, and more. It is one of the biggest contributors to the global economy and accounts for a big percentage of regional and country-specific travel influxes.
Corporate travel is essential for many organizations who seek opportunities beyond their localized vicinities. These include national, regional, and international market expansions, discussions, partnerships, and more.
Unmanaged Corporate Travel
While unmanaged corporate travel avoids fees and commissions from travel management companies, it still consumes more time and money from organizations in the long run. Unmanaged corporate travel defines companies that do not resort to any centralized platforms to manage their internal travel affairs. Furthermore, internal employees can manage their own bookings through their preferred channels from past experiences. They then claim it back on the company’s expenses for reimbursement to their account.
This practice is not recommended as it risks higher booking rates on hotels and flights. Also, finding the best-guaranteed rates online has a time cost on the organization. In addition, enforcing an in-house travel policy can sometimes be a difficult task. Travel expenses account for a high percentage of a company’s financial structure. Approval systems, expense documentation, and policy management can sometimes be overwhelming and hard to control through internal departments.
Corporate Travel Management
Seeing as unmanaged corporate travel is not the best solution to control internal business travel, organizations are now resorting to corporate travel management solutions and platforms.
These types of software and tools bring unmatched services for business travel bookings that are not time-consuming and guarantee cost-saving benefits. This allows companies to control, manage, and track all travel-related activities within their organization. Not only do these solutions manage flight and hotel bookings, but they also feature policy implementations in an effective logistical and financial manner.
Furthermore, the solutions feature results on an aggregated page according to the company’s pre-set travel policies. The solutions also guarantee negotiated rates from specific hotels and aviation suppliers through a network of contacts and professional experience.
The Benefits of Corporate Travel Solutions
There are many benefits that come with company enrollments on corporate travel solutions. These include savings, control, employee productivity, no commitments, easy use, and more.
One of the most prominent advantages of corporate travel solutions is the reduction of travel-related costs. From accommodation rates and flight bookings, these solutions guarantee the best rates for companies through negotiated prices. These platforms also feature potential savings through travel spend tracking on the platform.
Furthermore, these tools implement the company’s pre-set travel policies, which in return provide control on spending and selection of both hotels and flights.
Another significant benefit of business travel solutions is a time-saving feature. Trip searches, approvals, and documentation are made easy for both employees and company management. This saves the cost of time for individuals in pre, during, and post-trip planning.
Moreover, having a pre-set policy with aggregated pages reduces the traveler’s time searching and increases their productivity elsewhere.
Thirdly, the solutions are an extremely efficient and effective way for companies to control and manage their internal travel spend. With a fully integrated solution, controlling travel internally has become seamless. It allows departmental heads and employees to track and document expenses and behavior automatically. Flexibility is also another factor that pushes companies to implement these solutions. For example, the platforms are built on SaaS solutions whereas there are no long-term contracts and commitments.
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