Why you need a business travel management partner

Global business travel spend is expected to exceed pre-pandemic levels for the first time in 2024, and this growth shows no sign of slowing down. Whether attending conferences, meeting clients, or visiting another office, the importance of business travel for maintaining and expanding relationships is no longer in question.

Managing the logistics of corporate travel, however, can be daunting. Booking and managing travel while keeping costs in check and maintaining a duty of care is complex — especially without a modern, tech-powered partner by your side. This is where business travel management partners, also known as travel management companies (TMCs), come in. 

Here are six reasons why your company could benefit from a business travel management partner.

1. Cost control and savings

One of the main reasons to partner with a TMC is cost control. Business travel is a significant cost item for many companies, and a structured corporate travel programme helps keep these costs under control. 

TMCs use their purchasing power to negotiate discounted rates with airlines, hotels, and other vendors, opening the door for substantial savings. These negotiated rates often include additional amenities such as complimentary Wi-Fi, room upgrades, or waived fees that enhance the traveller experience while saving the company money.

Moreover, modern TMCs like Navan automatically calculate a fair market price for a booking based on location, date, and demand at the time of search, so companies know all spend is within the company’s expectations and limits. When travellers book below that price, Navan rewards them with a portion of the savings through personal travel credits, an innovative cost-saving feature that works.

2. Enhanced employee productivity

An integrated business travel management partner makes the travel experience more efficient for employees across the business. Travellers book their own trips in minutes, knowing exactly what’s in and out of policy, and can make changes and cancellations themselves. 

With compliant bookings automatically approved, admins don’t have to review each and every booking, saving them time.

Finance and accounting teams, meanwhile, don’t have to chase employees for missing transaction information or receipts thanks to automated processes that reduce the need for manual reviews and integrations.

3. Duty of care and traveller safety

The safety and well-being of travelling employees is a critical responsibility for any organisation. TMCs provide robust risk management solutions and offer a single point of contact for travel-related issues, whether it’s rebooking a flight, extending a hotel stay, or navigating travel disruptions. This support guarantees that employees can confidently travel, knowing that assistance is readily available.

4. Improved policy compliance and control

TMCs help organisations enforce travel policies and uphold compliance, which is crucial for managing expenses and controlling travel-related activities. By centralising travel bookings and expenses, TMCs provide detailed reporting and analytics that allow companies to track spending, identify trends, and make informed decisions.

5. Strategic guidance

TMCs can serve as consultants that offer organisations advice and guidance on refining their travel programmes for the best results. Account managers can analyse performance data, recommend process improvements, and provide insights into industry trends that could affect travel policies or costs.

By analysing historical data from across customers, TMCs can provide insights into optimal booking windows and propose cost-saving strategies, helping organisations stay agile and responsive to changing market conditions.

6. Access to advanced technology

Modern TMCs combine booking, reporting, and compliance in one platform, streamlining processes and delivering superior service. This technology gives businesses full visibility into their travel programmes, allowing them to track travellers, manage expenses, and maintain policy compliance effectively.

The wide-ranging benefits a business travel management partner provides

Partnering with a business travel management partner offers a wealth of benefits that go far beyond booking flights and hotels. From enhanced cost savings and policy compliance to strategic guidance and cutting-edge technology, TMCs help businesses streamline their travel programmes, improve traveller satisfaction, and drive long-term success. 

Having a trusted TMC by your side ensures that your organisation is well-equipped to navigate the complexities of the travel landscape, both now and in the future.

Book a demo to learn how Navan’s business travel solution can help you save time and money, boost compliance, and take your travel and expense programme to the next level.