5 Secrets for Better Business Travel Management

Advanced technology can take any corporate travel management program from average to super-charged — if you know how to leverage it.

Let’s start with the obvious: Traditional travel management practices are no longer sufficient to meet the demands of modern businesses. As companies navigate an increasingly complex environment, it’s clear that optimizing travel and expense (T&E) management creates a strategic advantage for the business’s bottom line, employee retention, global growth, and financial success.

While many organizations have mastered the basics of business travel management—such as booking systems, compliance, and cost tracking—the real opportunity lies in leveraging advanced strategies that can significantly enhance your travel program. These strategies go beyond standard practices by introducing cutting-edge technologies and approaches that can transform how companies manage travel.

In 2024 and beyond, the most successful corporate travel programs will incorporate high-level, forward-thinking solutions. The following five secrets will elevate your travel management strategy and help your company save time and money while enhancing the overall travel experience for employees. 

These are not just tips; they are transformative approaches that will uplevel your corporate travel program and position your company at the forefront of business travel innovation.

1. Leverage Generative AI for Personalized Travel Planning

Incorporating generative AI into your travel management processes can revolutionize how you plan and manage trips. This advanced technology can analyze vast amounts of data in real time and provide personalized travel options tailored to individual traveler preferences.

According to a McKinsey report, companies that utilize AI-driven solutions see a 20 –- 30% increase in cost savings and operational efficiency. In other words, iImplementing AI tools like Navan’s Ava chatbot can be a game-changer.

How Generative AI Transforms Travel Management

• Personalized Recommendations: AI can suggest flights, hotels, and car rentals that match employees’ past preferences and company policies, making the booking process faster and more accurate.
• Data-Driven Insights: Generative AI can identify spending patterns and highlight areas where your company can save, offering actionable insights that can reduce travel costs.

2. Embrace New Distribution Capability (NDC) for Broader Flight Options

New Distribution Capability (NDC) is a travel industry standard that enables airlines to offer more customized and flexible fare options directly to travelers. Integrating NDC into your travel management system can give your employees more choices and result in potentially lower costs.

The Benefits of NDC in Business Travel

• More Flight Options: NDC offers a broader range of flight options, including exclusive fare classes and ancillary services that may not be available through traditional booking channels.
• Cost Savings: With NDC, companies can access better pricing and promotions directly from airlines, which can lead to significant savings on travel expenses.

Navan’s commitment to NDC has enabled businesses to access an extensive selection of flights, helping them save on travel costs while offering more flexibility to their travelers.

Explore the NDC Savings Index from Navan.

3. Implement Dynamic Travel Policies

Static travel policies are often a pain point for both finance teams and travelers. As business needs evolve, your travel policies should, too. Dynamic travel policies that automatically adjust based on real-time data can enhance compliance and reduce out-of-policy spending.

Advantages of Dynamic Policies

• Real-Time Updates: This feature automatically updates travel policies to reflect current business priorities, market conditions, or traveler preferences.
• Improved Compliance: Dynamic policies help employees book within approved guidelines, which reduces the need for manual oversight and post-trip audits.

Navan’s dynamic policy feature allows companies to automatically set and enforce travel rules, which reduces the administrative burden on finance teams and improves policy compliance.

4. Tap into Real-Time Expense Tracking

Traditional expense reporting methods can lead to delays and inaccuracies that hinder effective budget management. Real-time expense tracking tools provide immediate visibility into spending, which empowers finance teams to more effectively monitor and manage their travel budgets.

Why Real-Time Tracking Matters

• Instant Visibility: Finance teams can view expenses as they occur and make quick adjustments to avoid budget overruns.
• Accurate Forecasting: With real-time data, companies can better predict future travel costs and allocate resources more efficiently.

Shockingly, almost 50% of business travelers in 2024 still reported using a personal credit card for work expenses. That makes it nearly impossible for finance professionals to gain real-time insights, and illustrates how this one shift could lead to increased insights and control.

5. Prioritize Sustainability in Travel Decisions

Sustainability is becoming a top priority for many companies, and travel managers can make a significant contribution. Implementing tools that track and reduce your company’s carbon footprint can benefit the environment and enhance your brand’s reputation.

How to Integrate Sustainability

• Carbon Tracking: Technology that tracks each trip’s carbon emissions assists companies and individuals in making more eco-friendly travel choices.
• Sustainable Alternatives: Offer employees sustainable travel options, such as rail travel in addition to flights, and make these choices accessible during the booking process.

Navan’s sustainability features allow companies to monitor their travel-related carbon emissions and offer greener travel options.

Take Action to Improve Your Business Travel Management

The five strategies discussed in this article represent high-level secrets that take your travel management beyond the basics. They address the unique challenges of today’s business environment and can future-proof any travel program for the years ahead. 

Optimizing business travel management is about so much more than just cutting costs — it’s about creating a system that supports your company’s goals, keeps employees satisfied, and adapts to an ever-changing business environment. You can take steps toward creating a modern travel program today by leveraging advanced technologies like generative AI and NDC, implementing dynamic policies, tracking expenses in real time, and prioritizing sustainability.

Ready to transform your travel management? Learn more about Navan’s innovative solutions and how we can help your company save time, money, and resources.