Choosing a corporate travel solution that fits the needs and culture of a business is no easy task. Especially when there is a shift to balance improving the traveler experience and controlling travel costs. There is increasing pressure for large and small businesses alike to measure if their corporate travel program is cost-effective.
The key is to understand how to optimize cost savings while increasing value. The first thing to know is that there are five primary levers to pull when it comes to cost savings and improving the traveler experience: compliance, value, online adoption, expense management, and innovation.
Download the corporate travel checklist for the finance professional to learn more about the following:
- How compliance and program visibility maximize savings
- What areas of value increase productivity
- Why the secret to ROI is online adoption
- How automated expense management saves time
- The importance of innovation for traveler safety
In today’s world, change is the only constant. High-risk destinations, restricted routes, and transportation costs increasing will impact business trips for the foreseeable future. From pre-travel to post-trip, it’s time to think carefully about each element of your business travel program and how to manage travel expenses, corporate credit cards, expense reports, and reimbursement. Whether travelers are booking airfare, rental cars, airbnbs or more traditional hotel lodging, the actual cost of business travel can add up.
Once you centralize all business travel through one booking tool you can collect business travel spend data as well as set travel policy for consistency across your business. By having your organizations’ travel policies up to date and clearly defined, your travelers can avoid booking travel to places that are deemed unsuitable, meaning fewer cancelation or change charges, more savings, and safer travelers.
Efficiently managed corporate travel delivers ongoing savings and a return on investment. It is important for finance teams to easily access data that shows real-time transactions of business travel expenses. Visibility of the true cost of travel allows businesses to identify saving opportunities for other business purposes.
According to a report by Harvard Business Analytics Services, in association with Egencia, companies who view business-related travel as a strategic investment rather than an expense saw improved performance across the board, from innovation and sales to talent attraction and retention. They have well-managed travel policies, a travel budget, and a partnership with a travel management company, which saves them money and helps their businesses grow.
Whether your company is returning to travel for the first time since the pandemic or never stopped traveling, it’s time to reimagine how you manage travel expenses. Download the checklist to learn how to manage the financial impact responsibly in a post-pandemic world.