Introduction
Corporations spend a lot of money on travel. In fact, according to a study by the Association of Corporate Travel Executives (ACTE), 40% of all US companies spend more than $1 million annually on corporate travel. This is why it’s important to manage your expenses effectively so that you can get the most value from every dollar spent on travel. Fortunately, there are three steps that can help you do just that:
Get the cooperation of your management.
Getting the cooperation of your management is essential to managing corporate travel effectively. Why? Because they have a vested interest in seeing that their employees are taken care of, and they can help you with certain tasks.
It’s important that you involve them in this process because it will help them understand what needs to be done, how much time it takes, and how much money should be allocated towards each step. This will also make sure everyone knows what’s going on so there aren’t any surprises later down the road when deadlines are missed or expenses go over budget (which happens).
Create a travel policy framework.
The first step in managing corporate travel effectively is to create a travel policy framework. This should cover all aspects of corporate travel management, including policies regarding:
- Travel planning and booking arrangements
- Travel reimbursements and expenses
- Credentialing requirements
The travel policy should be approved by senior management, reviewed by legal counsel and HR personnel, and updated regularly so that it remains current.
Audit information from suppliers.
- Audit your current processes.
- Understand the current state of your corporate travel management.
- Understand the current suppliers, technology and pricing.
- Understand compliance requirements for each supplier you use in your corporate travel management system (CTMS).
Negotiate for better deals.
Negotiating for better deals is a must. It’s not just about getting the best price, it’s also about being able to make sure that you get what you really want from your travel provider.
If there is something specific that you would like in your contract, don’t be afraid to ask for it! Your travel agent can help with this and will work with their colleagues at the company who may be able to suggest ways forward that benefit both parties involved.
If there isn’t anything too specific written down then try asking if there are any other options available or if they have any ideas on how we could improve our package?
Implement a corporate travel management software.
Now that you have a clear idea of what corporate travel management and single-use ghost account is and why it’s important, it’s time to take a look at the tools that can help you manage your company’s travel.
- Choose the right software for your needs. There are many different types of software available, but some are better suited than others depending on your business needs. Talk with the IT department at your organization to find out which would be best for them before making any purchases or implementing any changes in this area of their operations.
- Implement it properly by training employees on how they’ll use it as well as how much time should be dedicated daily towards completing tasks related to managing all aspects of travel related matters (including booking reservations). The most effective way for this training process would likely involve using video tutorials so that everyone understands exactly what needs done before being able to make decisions regarding anything else.
Track everything with corporate travel management software.
Tracking and reporting are a critical part of corporate travel management, as they help you manage your costs more efficiently. Tracking and reporting are also important for compliance, managing employees and budgeting.
There are a variety of software solutions available to help with this process: some have point-of-sale capabilities that can be used at check-in/checkout counters; others integrate with other cloud platforms such as Office 365 or Salesforce so that data can be integrated into other systems like customer relationship management (CRM).
A smart three-step process can help you get the best deals and control your expenses.
Here are three steps to make sure you have the right tools for managing corporate travel:
- Create a travel policy framework that includes all aspects of your business travel, from internal offices and employees to suppliers, partners and customers. This will help ensure that everyone is on board with how things work so they’re not confused or frustrated by unexpected expenses or lost time when they should be focused on more important tasks instead.
- Audit information from suppliers by asking them to send monthly reports showing what was purchased, where it went and what services were provided (including travel). Make sure there’s an audit trail so you know exactly how much has been spent each month; this way it’s easier to negotiate better deals with them if necessary (and keep track). If there are any discrepancies between what was billed vs paid out then look into why – maybe some items weren’t ordered correctly due food poisoning? Or maybe someone forgot about ordering something again because he/she was preoccupied elsewhere during one trip? You may even need advice from an expert who specializes in cybersecurity issues such as viruses etcetera…but those aren’t always easy problems either!
Conclusion
Corporate travel management is a huge expense, but it’s also one of the most important aspects of your business. By following these steps, you can make sure that you are getting the best possible deal on airfare and hotels while also controlling expenses and making life easier for everyone in your organization.
