Have you ever wondered what exactly goes into corporate travel management? In this guide, we will cover what corporate travel management is, what corporate travel managers do, and some challenges that the industry faces today. From managing a company’s approach to travel, negotiating with vendors, and running the day-to-day operations of a corporate travel program, corporate travel management is a complex system that requires juggling a lot of moving parts. Keep reading to learn how your company can implement a successful management strategy.
Corporate travel management is a broad term that covers all functions companies require to support business travel for employees, customers, vendors, and partners. Companies may use a variety of tools to support their corporate travel management needs including in-house corporate travel management teams, travel agencies, online booking tools, or a combination of these.
Corporate travel management controls, tracks, and reports all of a company’s travel-related expenses. A successful corporate travel management strategy will also include managing topics like traveler safety, security, budget, travel expenses, and data management. Corporate travel management policies enforce travel procedures for employees while simultaneously recording corporate travel data and passing along that information to other teams in the company such as accounting and finance.
Companies generally hire an internal corporate travel manager or team to oversee the company’s travel program including business trips for the organization as a whole. Many companies will also employ an external corporate travel agent who helps set the corporate travel policy, handles duty of care and risk management, and assists the company in navigating global business travel in an efficient way that meets the company’s specific needs.
Specific duties a corporate travel manager may execute include booking trips for travelers including executives and other employees, assisting departments in tracking and managing their travel budget, providing travel support to employees on business trips, managing travel vendors and tools, negotiating corporate rates, and analyzing company travel spend.
Corporate travel management is essential for any company whose employees are traveling for business, no matter how large or small the company may be. A successful corporate travel management strategy ensures that a company is staying on budget and not overpaying for their employees’ transportation and accommodations. It’s also important for putting in place a company-wide travel policy for employees to ensure the travel spend is in the best interest of the company, while also prioritizing employees’ safety and security while traveling.
Implementing a successful corporate travel management program isn’t always easy, especially when you consider both companies’ and employees’ complex travel needs. Some common challenges faced by corporate travel managers include balancing employees’ needs for things like flexibility and comfort with the company’s travel budget. Extra unforeseen travel costs like cancellation or change fees can add up and eat away at a company’s travel spend. Keeping employees engaged and motivated to save money while booking travel is another common challenge faced.
In today’s digital world, corporate travelers are interested in being able to book and manage every aspect of their trip from their phones or computers. Corporate travel managers are looking for a way to allow employees the flexibility of booking their business travel through an all-in-one platform that saves employees time and the company money. Corporate travel digital platforms such as Rocketrip, are able to integrate all of a company’s information such as travel spend data, competitive rates, safety information, and even best sustainability practices into one simple online platform.
Learn more about Mondee’s Corporate Travel Management Platform, Rocketrip, here.