When your business relies on customers and partners located in different locations, business travel is going to play a vital role in the continued growth of the company. In the current economic condition, when companies are trying to tighten their spend on business travel, it is vital to make sure that the budget allocation and money spent on business travel is spent wisely.
Here are 5 tips to ensure getting more value for money spent on business travel.
1. Create and Encourage Travel Policy Compliance:
Create and implement a travel policy for your company with all appropriate guidelines. Once the policy is in place, you will only need to monitor whether the travel bookings are made as per guidelines. Make sure all appropriate bookings are matching to the approval provided to the trip.
2. Find a trusted and affordable Travel technology partner:
Many companies allow employees to make the travel arrangements on their own and employees do research for booking travel tickets thereby spending company’s precious time and in turn, money.
Others turn to travel management companies and travel agents that specialize in business travel to tap into their expertise and their ability to access the special rates which are not made available to general public. These TMC’s also provide a 24/7 support which is useful for your last minute changes.
You should look at bringing the best of both worlds by looking at travel technology companies that use latest technologies to enable employees to have the freedom of making their own arrangements, and yet ensuring that they get the best available prices.
3. Do your research and sign up preferred partners:
When your travel requirements are spread across multiple providers, your ability to get the best prices is compromised. Do research on all options that are suitable for your business needs, and select your preferred partners for each travel category – air, hotels, taxis. By channeling your demand through fewer providers, you will enjoy the price advantage and special privileges (e.g. free cancellation).
4. Streamlining the process:
The end-to-end travel process – getting trip approvals to making travel arrangements to ensuring travel policy compliance to filing expense reports – can be overwhelming and outdated. It is important for you to take a holistic view of the entire process and streamline it so that it is easy on the traveler and yet effective from the company’s point of view. You should look at modern technology platforms to bring it all together in an efficient manner including an integrated expense management platform.
5. Finally, getting most returns for your money:
However big or small your travel budget may be, you should ensure that you get the maximum returns for the money. There are many ways to do this – from corporate travel cards that offer paybacks / discounts on all your spends to travel reward programs offered by the providers (airlines, hotels, et
All this and more is available in a single platform called “Tripeur” from Shorebird Technologies. Tripeur is a cloud based integrated travel and expense management system that offers an end-to-end business travel management solution and can be easily integrated with your systems. The app manages all your company travel policies while you are going through the booking cycle and will also help you in generating the expense report. By taking advantage of automation and advanced artificial intelligence (AI) capabilities that this platform provides, companies can enjoy a convenient, effective and efficient way to manage their T&E spend.