A Complete Guide to Corporate Travel Management

Corporate travel has evolved significantly in recent years, driven by advancements in technology and an increasing focus on efficiency and cost control. For businesses large and small, corporate travel management plays a major role in supporting employee travel while staying within company policies and budget constraints.

This article will explore the main components of modern corporate travel management.

What is Corporate Travel Management?

Corporate travel management involves overseeing, booking, and managing a company’s travel needs. This catch-all phrase includes everything from booking flights, hotels, and transportation to managing expenses, enforcing company travel policies, and tracking traveler safety.

Businesses typically rely on specialized platforms or service providers to handle these tasks, improving efficiency and reducing travel costs.

Key Components of Modern Corporate Travel Management

There are a few main ingredients in a modern cooperation travel management platform, starting with a travel management company (TMC).

A TMC is a service provider that handles the logistics of corporate travel. TMCs offer businesses access to a wide range of travel inventory, including flights, hotels, and ground transportation, and assist with booking, policy compliance, and travel support.

Key Benefits of TMCs:

• Centralized travel booking
• Negotiated rates with travel suppliers
• 24/7 support for travelers
• Policy enforcement and compliance monitoring

In addition to managing travel bookings, some modern travel management platforms also integrate expense management platforms. These systems automate the expense reporting process, making it easier for employees to submit receipts and for finance teams to track and reconcile costs.

Benefits of Integrated Expense Management:

• Automated expense reporting and reconciliation
• Real-time tracking of travel expenses
• Improved accuracy and reduced manual errors
• Increased visibility into travel spend for finance teams

The Perfect Travel Program: Policies and Platform

Together, a well-thought-out corporate travel policy and all-in-one travel and expense management platform can help administrators identify trends, cut costs, increase visibility, better protect travelers, and scale as a business grows. Ultimately, a well-crafted travel program and platform also creates a better experience for travelers, driving higher adoption and satisfaction. It’s the ultimate win-win.

Here are seven benefits a company might realize with a travel program and all-in-one T&E tool.

1. Better visibility into travel spend.

When embraced company-wide, corporate travel policies give travel managers greater visibility into and better control over how budgets are spent. They enable finance and procurement leaders to monitor everything about the performance of their travel program so they can identify trends and easily optimize for savings. Greater spend visibility provides the clarity needed to work with suppliers on preferred corporate rates.

2. Empower employees to thrive.

A well-crafted travel policy enhances employee happiness. Travel’s positive effect on employees grows when companies give road warriors more choice and control. Happy employees achieve their business goals, are more loyal, and reap more significant profits.

3. Increase employee productivity.

An overlooked benefit of a well-designed travel policy is increased employee productivity. 

A well-designed travel policy streamlines the entire travel process, minimizing time spent on administrative tasks like booking trips, reporting expenses, and enforcing policy compliance. Clear guidelines and preferred suppliers reduce decision fatigue, allowing employees to focus on more critical work.

Furthermore, seamless integration with travel platforms provides quick access to resources and support, so that employees spend less time troubleshooting and more time on productive tasks. An optimized travel policy ultimately empowers employees to travel confidently and efficiently, boosting overall performance.

4. Keep employees safe.

When a corporate travel tool is adopted throughout a company, travel managers have more visibility into where employees are at any given point in their travels. By leveraging tools such as live traveler maps, travel managers always know where travelers are and how to contact them to help get them home.

5. Reward travelers for frugal policy decisions.

With incentive programs, employees can earn personal rewards and save the company money. When companies share the savings, employees are more aware of how they spend money. 

6. Improve expensing.

With an integrated expense management platform, travel managers have access to real-time, unified travel spend reporting and control over travel payments. Employees have a better travel experience, since their expenses are automatically reconciled.

7. Leverage powerful technology.

AI and machine learning technology bolster modern travel management platforms' capabilities. The platform uses past search history, loyalty programs, and other information to learn travelers’ preferences and surface the results they’re most likely to book. 

It can also calculate and surface the median price per search to make certain travelers make the most responsible business decisions without sacrificing their needs. By leveraging machine learning, a travel management platform can better match travelers’ personal preferences with inventory that adheres to company policy.

The Future of Corporate Travel Management

The future of corporate travel is bright, with technology playing a pivotal role in shaping its trajectory. Travel management companies (TMCs) are leveraging cutting-edge technologies to offer a range of travel services that cater to the evolving needs of businesses.

Here are some key trends that will define the future of corporate travel:

Personalization

Personalization will become increasingly important as businesses seek to provide a better travel experience for their employees. TMCs and corporate travel agencies will use advanced algorithms and artificial intelligence (AI) to offer personalized travel options based on individual preferences, past behavior, and company travel policy. The result will be a more tailored and satisfying travel experience for employees.

Mobile Technology

Mobile technology will continue to grow, with mobile apps becoming the central hub for managing all aspects of business travel. From booking flights and accommodations to receiving real-time travel updates and accessing customer support, mobile apps will offer a one-stop solution for managing travel needs.

Sustainability

As sustainability becomes a top priority for businesses, TMCs will offer more eco-friendly travel options. From booking flights with airlines with a lower carbon footprint to choosing environmentally friendly accommodations, companies will have increased opportunities to make their travel programs more sustainable.

Enhanced Customer Support

With TMCs using AI and chatbots to provide real-time assistance, traveler support will become more proactive and personalized. Whether it’s addressing travel disruptions, answering queries, or providing recommendations, enhanced customer support will lead to a smoother and more hassle-free travel experience.

Dynamic Pricing

Dynamic pricing models will become more prevalent, with airfare and other travel costs fluctuating based on demand, time of booking, and other factors. Businesses gain more flexibility and options to optimize their travel spend.

The Navan Difference

In the competitive landscape of corporate travel management, Navan stands out by seamlessly integrating technology to address traditional challenges businesses face. Ranked as the No.1 travel management software by end users, Navan offers a comprehensive platform that merges business travel, corporate cards, and expense management software. 

This integrated approach enables administrators to create customized expense policies, guiding employees on covered expenses and preventing out-of-policy spending before it happens.

Key features of Navan include:

• A seamless journey from travel booking to expense management
• Built-in policy and approval flows
• Loyalty points and rewards for travelers who make cost-effective choices
• Assistance for meetings and events
• Dashboards that update in real time and provide a panoramic view of company spend
• 24/7 traveler support

Navan leverages technology to create a comprehensive solution that addresses all traditional challenges of corporate travel management. 

Navan has revolutionized how companies manage their corporate travel by offering integrated travel and expense management, policy and approval flow, traveler incentives, real-time dashboards, 24/7 support, and an AI-powered personal assistant. The result: cost savings, increased efficiency, and improved employee satisfaction.

Future Proof Your T&E Program

The future of corporate travel is exciting and full of possibilities. Thanks to Navan’s continuous innovation and focus on personalization, sustainability, and customer support, businesses can look forward to a more efficient, satisfying, and responsible way of managing their travel needs.

Ready to optimize your corporate travel program? Schedule a demo with Navan today to see how our all-in-one platform can save your company time and money while delivering a better travel experience for your employees.