The top business travel management companies to watch in 2024

In 2024, business travel management continues to advance rapidly, becoming more efficient, cost-effective, and traveller-friendly in the process. And the right corporate travel management company (TMC) can help businesses streamline their travel processes by managing bookings, expenses, and overall travel strategy.

But with so many options, it’s essential to understand which companies offer the best solutions for your business.

What is business travel management?

Business travel management refers to the strategies and systems that businesses use to manage their travel needs, including booking, expenses, and compliance. 

Over time, business travel management has shifted from manual processes and phone-based bookings to fully automated digital platforms that provide real-time visibility and control. These platforms help companies reduce costs, increase compliance with travel policies, and improve the employee travel experience.

Efficient business travel management is key to optimising travel spend and improving traveller satisfaction. Businesses can control travel costs by automating processes and integrating travel and expense systems while keeping employees safe and productive on the road.

OBT vs. TMC: what’s the difference?

When selecting a corporate travel partner, businesses need to consider the key differences between a TMC and an online booking tool (OBT). While both play critical roles in managing business travel, they serve different purposes.

Online booking tool (OBT)

An OBT is a self-service platform that enables employees to book flights, hotels, and ground transport within company policy guidelines. It offers ease of use, allowing travellers to make reservations online without human intervention.

While OBTs are cost-effective and convenient, they typically lack advanced services like 24/7 support or policy compliance monitoring beyond automated controls.

Travel management company (TMC)

A travel management company offers a more comprehensive approach to corporate travel beyond just booking. TMCs provide end-to-end travel management solutions, including travel policy enforcement, duty of care, cost-saving strategies, and real-time reporting. 

TMCs also deliver personalised support and handle complex travel needs, such as last-minute changes, international travel complexities, and post-trip expense reconciliation.

What to look for in a business travel management company

When selecting a business travel company, companies need to consider the main features that determine the platform’s ability to meet their needs. It can be helpful to consider the features of travel management companies (TMCs) and online booking tools (OBTs), as each plays a critical role in managing travel.

A modern solution should combine the strengths of both TMCs and OBTs, offering comprehensive travel management while delivering convenience, cost control, and a seamless user experience. Here are key features to look for:

Dynamic travel policy

Dynamic travel policies allow companies to adjust their travel guidelines based on real-time data, providing flexibility without sacrificing cost control. Whether through an OBT or a TMC, dynamic policies help businesses adjust guidelines as needed to find the best rates.

High traveller adoption

The success of a business travel management programme depends on employee adoption. Look for a user-friendly, intuitive platform with seamless booking and policy integration that will help drive high adoption rates and encourage compliance with company-negotiated rates.

24/7 live support

Travel disruptions are inevitable, so access to real-time, around-the-clock support is vital. Many TMCs provide 24/7 assistance to travellers, helping resolve issues like flight cancellations or itinerary changes while also ensuring duty of care and traveller safety. Some advanced OBTs integrate support features but may not offer the same personalised service as a TMC.

Global travel inventory

A wide range of travel options, including flights, hotels, trains, and car rentals, is essential so employees can book the best options that align with company policies. TMCs that partner with multiple travel supply providers, including OTAs, aggregators, GDS, and direct connections with suppliers, offer better pricing and availability.

Integrated expense management

Platforms that integrate travel booking with expense management systems streamline processes for finance and accounting teams and travellers alike. Whether through an OBT with built-in expense tracking or a TMC offering this integration, the ability to manage expenses, enforce policies, and simplify reimbursements is essential for optimising travel spend.

The 6 best business travel companies in 2024

Below are the top corporate travel companies in 2024, each offering unique features and benefits for businesses of all sizes.

Navan (formerly TripActions)

Navan has rapidly become a top choice for businesses seeking a technology-driven business travel management solution. Here’s what makes Navan stand out:

• Inventory capabilities that incorporate third-party and direct sources for the broadest and most up-to-date selection of choices.
• High adoption rates, thanks to a user-friendly interface.
• AI-powered tools that offer personalised travel recommendations.
• Dynamic travel policies that adjust in real time for cost savings.
• Integrated expense management platform that streamlines payments and reimbursements.
• 24/7 live support to assist travellers during disruptions.
• Sustainability tools that track carbon emissions and offer eco-friendly travel options.

Navan is ideal for tech-savvy businesses looking for an all-in-one solution that enhances user experience while optimising costs.

SAP Concur

Founded in 1993, Concur originated long before modern travel management platforms became the industry norm. As such, users have said the software works on an outdated architecture that struggles to keep up with the flexible integrations and modern agility required by today’s businesses. While some large organisations may still choose SAP Concur for its legacy namesake, its complexity may be a drawback for businesses of all sizes.

In comparison, Navan offers an all-in-one solution with integrated tools and links with corporate cards for real-time control and savings.

TravelPerk

Spain-based TravelPerk is a travel management company that primarily works with small businesses in Europe. The company offers integrations with expense platforms, which require separate vendors and contracts for a full-scale T&E programme. 

In comparison, Navan provides an all-in-one solution with global inventory, fixed pricing, and integrated expense management.

Amex Global Business Travel (GBT)

American Express Global Business Travel (Amex GBT) is a large travel management company based in the United States that has been in business since 2013. While Amex GBT might seem like a smart choice for those familiar with the brand name (though American Express does not wholly own it), it is often criticised for its outdated systems that can’t provide the level of care or the comprehensive scope of services that a more modern TMC can provide to customers of all sizes.

CWT

With more than 150 years of history in the travel industry, CWT is one of the longest-standing, traditional corporate agencies on this list. Despite the company’s longevity, anyone in the business world knows how difficult it can be to update and modernise pre-existing systems and technology. Therefore, it’s no surprise that many large and small businesses interested in building a modern travel programme choose alternatives to CWT. 

CWT entered an agreement to be acquired by Amex GBT in a transaction that valued CWT at approximately $570 million in March 2024. The acquisition is expected to close in early 2025.

BCD Travel

Dutch travel management company BCD Travel manages travel for businesses worldwide. It follows a traditional corporate travel playbook, using travel agents and online booking tools to meet customers’ needs. Its TripSource platform attempts to integrate multiple aspects of travel management. Still, this business model falls short in delivering its services to the degree that an all-in-one, modern travel management tool can today.

Each of these companies has its unique attributes. By understanding the features and benefits of each, companies can cut through the noise and competition to find the travel management company that best meets their needs.

Why investing in a leading business travel company matters

In 2024, corporate travel management continues to evolve, offering businesses innovative solutions to streamline travel processes, improve employee experiences, and cut costs. Choosing the right corporate travel company as a partner can significantly impact how efficiently your business operates, especially when managing travel expenses.

AI, sustainability initiatives, and mobile technology are driving the future of corporate travel, offering businesses more flexibility and control. The right TMC will help you manage travel efficiently and contribute to better business outcomes by saving time and money.

Ready to optimise your corporate travel management? Schedule a demo with Navan today to discover how our platform can streamline your travel programme and save you time and money.