What is Corporate Travel Management?
There are many components that make up a successful business trip, including booking flights, accommodations, entertainment, meal reservations, and transportation. Then there’s managing travel expenses, credit card spending, record keeping, and reimbursement compliance.
Organizations that frequently utilize business travel must find an efficient method for planning and executing trips. That’s where corporate travel management comes in to save the day.
Corporate travel management, or CTM for short, is a strategy for organizing details for business trips. CTM can be dedicated in-house teams, task forces composed of current employees, or a third-party travel management service.
In this article, we talk about the benefit of partnering with a corporate travel management agency and what they do that makes it a worthwhile investment. From finding discounts, handling travel inventories, and providing support when things go awry, here’s everything you need to know about CTM agencies.
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What Can a Corporate Travel Management Agency Do?
It’s tempting for businesses to opt for in-house travel management solutions, especially owners of smaller operations. Despite the theory that it could be easier or cheaper, a CTM agency has dedicated staff with years of travel experience to help you find the most affordable and smoothest experience possible. Here’s what they can help you do!
Book Affordable Airfare
Like travel agents, a corporate travel management company (TMC) can help find and book affordable airfare. That means the dedicated agents working for a TMC constantly look for ways to save money when booking airfare, even negotiating with various sources to capture the best deal.
A CTM agency or TMC will also have solid relationships with airlines, who can pass along savings for travel bookings. It is unlikely that in-house travel planners have the connections needed to uncover the deepest discounts.
It’s also more likely that your business travelers will end up in economy class due to cost-cutting. However, when you partner with Business Class Experts, you can book travel in premium cabins at a fraction of the cost, allowing for greater comfort. Call us today to book your next business-class flight!
Arrange Airport Transportation
How will passengers get to and from the airport and other events? Flights are only part of the travel needs passengers have while on a business trip. Ground transportation planning is another area of responsibility that corporate travel management professionals can assist with.
CTM pros will coordinate ground transportation, whether it’s a car rental, fleet vehicle, taxi, shuttle, Uber, or travel method. Additionally, these professionals will help with tracking travel expenses related to gas, rental insurance, or other charges.
Ensure Corporate Travel Compliance
Travel policy compliance is a massive concern for businesses, as everything from travel spending to company image is at stake when sending employees on trips. By partnering with travel experts at a CTM agency, you can ensure constant policy compliance. Policy compliance can include the following:
- Tracking expense reports and expense management
- Setting and monitoring credit card spending limits
- Tracking reimbursement policies for travel costs
- Enforcing compliance surrounding accommodations, flight spending, and entertainment.
- Preventing T&E fraud
CTM agencies can assist businesses in creating travel policy restrictions and limitations or updating current documentation. Business travel management ensures that you maintain order when sending employees on trips.
Handle Unexpected Issues
There will always be travel risks when sending employees on business trips. Still, an experienced TMC can avert some disasters by taking the duty of care laws seriously, investing in travel insurance during the booking process, and having extensive knowledge about destination safety.
In the event that passengers encounter disruptions, such as delays, cancellations, lost luggage, missing transportation, or other travel inventory issues, a corporate travel management agency can step in and present solutions.
Additionally, CTM pros and travel agencies have 24/7 customer support, so no matter where your team travels, they will have support if something happens.
Manage Travel Itineraries
Although in-house corporate travel program teams can utilize online booking tools, many fall short of business needs. A CTM agency uses more robust travel management software to generate effective travel itineraries.
Unlike online book tools, an agency’s travel management tools allow them to make changes to that itinerary without fees. And many times, your agent can send you real-time updates via mobile apps so your team can keep track of trip details.
Why Use Corporate Travel Management Agencies
In-house corporate travel management teams might be adequate for regional travel or one-off trips. Still, for other travel planning, an agency will bring additional travel management services and savings you won’t find on your own.
Plus, with the rise of global business travel (GBT), complying with international laws, currency exchange, local customs, and navigating the worldwide travel industry. Here’s a look at some of the other benefits you can expect by partnering with a corporate travel management agency.
- Personalized experience – A high-quality travel agent will take the time to get to know your organization and your team. Through that understanding, they can provide award-winning service that makes corporate travel enjoyable.
- Access to additional deals and discounts – Insider connections and strong relationships unlock additional deals and discounts not available to businesses booking independently. For example, Business Class Experts leverages contacts to find deep discounts on business class tickets, even last minute. Call us today to book!
- Industry experts – Navigating travel data, coordinating accommodations, and booking events can be complicated. CTM agencies have experts who aim to make your next business trip seamless.
- Reduced workload – Not only can booking a business trip be complex, it can be time-consuming. Offloading trip planning and business travel management responsibilities to a third party can help you focus on your company’s obligations.
We know you might be saying that an agency costs money that you can save by planning in-house. But ask yourself if you’re really saving money that way. Can you unlock more significant discounts? Who can you call for support if something goes wrong? How long will it take you or your team to plan everything, make changes, update itineraries, and notify passengers?
When you consider all these factors, it becomes pretty apparent that planning your own business trips can cost a lot more than partnering with a travel management company. And the added support can bring peace of mind to managers worried about company image, compliance, and safety!
Book Your Next Corporate Flight with Business Class Experts
In our ever-increasing complex world, corporate travel is also more challenging to plan. Between booking flights, accommodations, ground transportation, and preparing for disruptions, your next business trip could take forever to plan.
That’s why many organizations are turning to a corporate travel management agency that can take the burden of planning business trips off managers and employees, allowing them to focus on their responsibilities. CTM agencies can help with your arrangements and find the lowest discounts possible so you can stay under budget.
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