Have you ever found yourself juggling multiple travel booking sites just to piece together a business trip, only to realize you’re over budget or stuck with inconvenient flight times? If that sounds familiar, you’re not alone. Managing corporate travel can feel like a game of Tetris, but with a little help, it doesn’t have to be that way. That’s where corporate travel management (CTM) comes in. Outsourcing your CTM is all about streamlining processes and taking responsibility off of your plate, resulting in a smoother, stress free travel experience.
In this guide, we’ll break down what corporate travel management is, why it’s important and how your company can benefit from it.
What is Corporate Travel Management and Why Does It Matter?
Corporate travel management is exactly what it sounds like: a strategic approach to organizing all aspects of your business travel. Instead of having each employee book their own flights, accommodations and transportation, CTM centralizes these processes to ensure everyone follows the same policies, budget limits and safety measures.
Why should this matter to your business? Imagine every work trip going smoothly: flights organized at convenient times, no surprises when checking into hotels and support for last-minute changes and emergencies.
Did You Know? Even small and medium-sized businesses can benefit from travel management assistance, especially when it comes to saving time and reducing the workload on your admin team.
The Top Benefits of Corporate Travel Management
Corporate travel management isn’t just a luxury for big corporations. Any company with frequent travel needs can reap the rewards. Here’s how:
1. Cost Savings Without Compromise
With a CTM partner, your company can leverage travel spend and receive the benefits of volume discounts negotiated for you by your corporate travel agent. . And, it’s not just about saving money upfront, CTM tools track spending to help you optimize your travel spend in the future.
According to the Global Business Travel Association (GBTA), companies using managed travel services can save up to 15% annually on travel expenses. Imagine reallocating those savings to more important areas in your business!
2. Streamlined Planning and Booking
Booking a trip on your own can feel like a chore, especially if you’re always on the lookout for the best deals. A CTM agency does all of the legwork for you, finding options that fit your preferences and balance cost, comfort and convenience.
3. Safety Comes First
Duty of care is essential, no matter if you are heading to a nearby city or flying several thousand kilometers away. CTM agencies provide real-time alerts and 24/7 assistance if employees face emergencies abroad. In addition to the regular coverage offered,companies like International SOS specialize in travel safety and can partner with CTM providers to monitor locations and offer help when needed.
Pro tip: Inspired Corporate Travel specializes in creating tailored solutions that fit your company’s unique travel needs. With dedicated agents assigned to your account, we offer personalized service and 24/7 assistance to handle last-minute changes and unexpected travel issues.
4. Insightful Data and Reporting
CTM agencies don’t just book trips, they provide valuable insights on your company’s travel trends. Reports on spending patterns help you refine policies and negotiate better deals, ensuring your budget is being used wisely.
Pro Tip: Review travel reports quarterly to identify where you can cut costs without sacrificing convenience or safety for your travelers.
How Corporate Travel Management Actually Works
A corporate travel management program brings structure to your travel processes, making every part of the journey easier for both managers and employees. Here’s a quick look at how it works:
1. Start with a Solid Travel Policy
The first step in CTM is setting a clear travel policy. Think of it as a guidebook for employees that covers budgets, approved vendors and protocols. If you’re working with a CTM partner, they can help you create a policy that balances cost control with flexibility for travelers.
2. The Role of Technology
Many CTM providers incorporate software solutions to help manage booking, tracking, reporting and scheduling.. Whether it’s an online portal or a mobile app, CTM technology makes it easy for employees to book within policy while having everything they need right at their fingertips. There is a trade off however, as the more technology that is integrated, the more responsibility left with the traveler.
3. Real-Time Support and Assistance
Keep an eye out for agencies offering 24/7 support, as this can result in a huge weight lifted from your admin team. Missed your connection? Lost your luggage? A CTM team will step in to help, so employees don’t have to go it alone. This kind of support is especially valuable for international travelers or anyone facing unexpected delays.
4. Simplified Expense Tracking
Forget the days of paper receipts and complex expense reports. CTM solutions offer many ways to consolidate and digitally integrate expenses into your accounting processes making reimbursements faster and easier for everyone involved.
Choosing the Right Corporate Travel Management Partner
Picking the right CTM partner isn’t a one-size-fits-all decision. Here’s what to consider when choosing a partner who’ll fit your business:
- Industry Experience and Reputation: Look for a provider with a proven track record in your industry. Ask questions like, “How do you handle last-minute travel changes?” and “Can you help us set up safety protocols for our international trips?”
- Technology That Fits Your Needs: Make sure the CTM provider has technology that works for your team, ideally with mobile-friendly platforms and integrations for booking, tracking and reporting.
- 24/7 Support: Round-the-clock support isn’t just a nice-to-have; it’s essential, especially for unexpected travel disruptions. Look for providers who have real people ready to help, day or night.
- Flexibility and Customization: Your travel needs are unique, so choose a provider who can tailor services to your company’s specific requirements.
Remember: The best CTM provider isn’t necessarily the biggest. Look for a partner who understands your needs and can offer a personal touch.
Practical Tips on How to Make Corporate Travel More Efficient
Even with a CTM partner, there are steps your company can take to make business travel even smoother:
- Set Clear Expectations: Communicate your travel policy clearly and make it easily accessible. Employees are more likely to follow the rules if they know exactly what’s expected of them.
- Encourage Advanced Booking: Booking early usually means better rates. If employees know their travel schedules, encourage them to reserve flights and hotels as soon as possible.
- Use Data to Make Informed Decisions: Regularly review travel data to identify any patterns or areas for improvement. This might mean adjusting budgets or reconsidering preferred vendors based on performance and cost.
- Prioritize Traveler Well-being: Business travel can be exhausting. Support your employees by choosing comfortable accommodations, scheduling time for rest and allowing flexibility after long trips.
FAQs on Corporate Travel Management
- What is corporate travel management?
CTM is a centralized approach to organizing and managing all aspects of business travel, from booking to budgeting and safety. - How does CTM save my business money?
By leveraging corporate discounts, streamlining booking processes and providing detailed spending reports, CTM helps reduce travel expenses. - What kind of support should my employees expect while traveling?
Most CTM providers offer 24/7 support, helping employees handle flight changes, cancellations and emergencies.
Conclusion
Implementing a corporate travel management solution is essential for businesses looking to simplify travel processes, reduce costs and enhance the safety of their business travel. So, if you’re ready to streamline your business trips, Inspired Corporate Travel is here to help. We take care of every travel detail so you can concentrate on your business goals. Contact us today to learn how we can tailor a corporate travel solution that fits your company’s needs.
