The world is constantly on the move, and so are business travellers.
According to Statista, the worldwide market for business travel was valued at around 700 billion U.S. dollars in 2020 and is projected to record a growth rate of 188 percent by the year 2028.
However, with the ever-increasing demands of the modern business world, managing business travel can be a daunting task.
In an effort to streamline the process, more and more companies are turning to Travel Management Companies for their business travel needs.
In this blog, we’ll dive into the top 10 benefits of outsourcing your business travel management to a Travel Management Company.
Let’s get started.
What is Business Travel Management?
Imagine you’re a busy executive who frequently travels for work. You have important meetings and events to attend, and the last thing you want to worry about is the logistics of travel. That’s where business travel management comes in – it’s the process of making sure everything is taken care of for you, from booking transportation to arranging accommodations and managing expenses.
Effective business travel management is crucial for companies that have employees traveling for work. Not only does it save them money, but it also improves employee productivity and overall travel experience. With a well-planned and organized travel management process, you can be sure that your company is taking care of you and your colleagues, ensuring you have access to safe and comfortable travel arrangements while minimizing costs and risks.
However, effectively managing such a kind of business travel can be a complex task and this is where a specialized Travel Management Company can help.
In the next section, we will be discussing 10 reasons why you should consider collaborating with a Travel Management Company.
Why Should You Outsource Your Business Travel Management?
1. Cost Savings
First things first, the costs, because let’s be honest, finances play a primary role while taking a decision. Outsourcing your business travel management can have a significant impact on your company’s finances as Travel Management Companies (TMCs) can take advantage of their established relationships with airlines, hotels, and other travel providers.
These relationships often allow TMCs to negotiate better rates than you would be able to on your own. Moreover, TMCs can help identify areas where you may be overspending, such as last-minute bookings or non-compliant travel. This can help you streamline your travel expenses and eliminate unnecessary costs.
According to a study conducted by the Global Business Travel Association, companies that partner with TMCs can save an average of 19% on their travel expenses.
With these kinds of savings, you can reinvest the money into your business and improve other areas of your operations.
2. Increased Compliance
When it comes to business travel, compliance is critical. Ensuring that employees are following company policies and regulations not only helps minimize risk and liability but also supports the overall success of the organization.
Outsourcing your business travel management can help you increase compliance and reduce the risk of policy violations as they have extensive experience working with companies across various industries, which means they can help you develop and enforce travel policies that are specific to your organization’s needs.
They can also provide tools and technologies that make it easier for employees to comply with those policies, such as user-friendly booking platforms and automated expense reporting systems.
3. Time Savings
Managing business travel can be time-consuming, especially if you have a large number of employees who need to travel frequently. It can also be distracting, taking your team’s focus away from important strategic initiatives.
By outsourcing these tasks, you can delegate the task of booking flights, arranging accommodation, and managing travel expenses to a team of experts. This leaves your team with more time to focus on their core responsibilities, such as driving revenue and increasing productivity. With a TMC handling your travel management, you can be sure that your travel needs are taken care of efficiently and effectively, allowing your team to concentrate on what really matters.
4. 24/7 Support
Business travel can often be unpredictable, and unexpected changes or emergencies can arise at any time, including outside of regular business hours. That’s why having support available 24/7 is crucial for companies that want to ensure their employees are taken care of when they’re on the road.
TMCs can provide round-the-clock support to help travellers with everything from rebooking flights to finding alternate accommodations. This means that employees can rest assured knowing that they have access to help whenever they need it, no matter what time of day or night it is.
5. Improved Data Analysis
When you outsource your business travel management, you gain access to valuable data and insights that can help you make more informed decisions. TMCs use advanced reporting and analytics tools to provide detailed reports on your travel spending, including where your money is going and which areas could benefit from cost-cutting measures.
With this information at your fingertips, you can better understand your travel program’s strengths and weaknesses, and make data-driven decisions to improve your overall travel management strategy.
6. Enhanced Duty of Care
As an employer, it’s important to prioritize the safety and well-being of your employees when they are traveling for business. This includes everything from making sure they have safe transportation and accommodations to have a plan in place for emergencies.
Outsourcing this can assist you in developing and implementing a comprehensive duty of care program that includes pre-trip planning, risk assessment, communication protocols, and emergency response procedures. With a duty of care program in place, you can have peace of mind knowing that your employees are safe and supported while they are on the road.
7. Access to Travel Technology
When you outsource your business travel management to a TMC, you gain access to the latest travel technology without having to bear the cost of developing and maintaining it yourself. This includes online booking platforms, mobile apps, and expense management tools that can streamline the travel management process and improve the overall travel experience. You can also take advantage of the latest innovations in travel technology to manage your travel program more efficiently and effectively.
8. Greater Flexibility
When it comes to managing business travel, flexibility is key. TMCs can help you navigate complex itineraries, including multi-city trips and international travel, ensuring that your employees get to where they need to be on time.
Additionally, TMCs can provide support for a wide range of travel types, including air, rail, and ground transportation, giving you more options to choose from and helping you find the most cost-effective and efficient way to get your employees where they need to be.
9. Improved Traveller Satisfaction
Making sure your employees have a good experience while traveling for business can be a key factor in retaining top talent and increasing employee satisfaction. Outsourcing can provide a seamless travel experience for your employees, from the initial booking to the final expense reimbursement. This can include personalized travel preferences, easy and convenient booking processes, and 24/7 support to handle any unexpected issues that may arise during the trip. By prioritizing your employees’ comfort and convenience, you can create a positive impression of your company and foster a culture that values their well-being and success.
10. Focus on Your Core Business
Partnering with a TMC provides a range of benefits, including cost savings, increased compliance, time savings, 24/7 support, improved data analysis, access to travel technology, greater flexibility, and a positive travel experience for your employees. By delegating travel management to experts, you can free up your team’s time to focus on core business functions and strategic initiatives.
In conclusion, outsourcing your business travel management can provide numerous benefits, including cost savings, increased compliance, time savings, 24/7 support, improved data analysis, enhanced duty of care, access to travel technology, greater flexibility, improved traveler satisfaction, and ability to focus on your core business. If you’re considering outsourcing your travel management, be sure to choose a TMC that aligns with your company’s goals and values, and that has the expertise and resources to meet your specific travel needs.
Unire being a popular, fully integrated, travel back office management company, has been dealing in back-office operations management of the best Travel Management Companies around the globe for over a decade now.
Till then, have a happy travel.