Most businesses’ second-highest business expenditure is travel, and it’s also one of the most difficult to manage. Companies that have been successful in cutting costs start by preparing and implementing well-thought-out cost-cutting initiatives.
It’s vital to keep in mind that what works for one company might not work for yours. Businesses may, however, simplify, systemize, and save money on their corporate travel programs by using the correct technology and management tactics. Here are five ways that senior management might save money on company travel.
Organize your travel schedule
To run a successful business travel program, you must have a system in place. A simplified booking, approval, expenditure, and risk management process will improve your travel management’s end-to-end pace. Systemization will also provide your Travel Managers with consistent visibility into the success of your travel policies, ensuring that any modifications are data-driven.
Furthermore, a well-organized corporate travel program guarantees that your company satisfies its legal duties and employs effective risk management to protect you from financial harm.
Invest in technology for travel management
Travel management tools for example Locomote, which combine premium service with strong cost control, are being vital for enterprises.
There are a few things that organizations should look for when contemplating investing in travel management software. These range from technologies for streamlining operations, gathering analytics, and improving policy performance to features that improve the employee travel experience.
Business features to look for
- Travel management solutions must be comprehensive:They should be able to handle the full travel management process, from the time an employee makes a trip request to the time they return to report their expenditures and everything in between. Booking, approval, expenditure management, risk management, communications, and analysis are all part of this process.
- Integration is required for your travel management systems: The Travelport Locomote, for example, interacts with Expensify, an industry leader in expenditure management, to provide the finest expense solution for your program. Platforms that do not interact with other applications might be stiff and inflexible in the face of market developments.
Employee-friendly features
- A reliable messaging system that allows traveling employees to stay in touch with the headquarters.
- To eliminate the possibility for misunderstanding and prevent noncompliance, have visibility into spending and travel regulations.
- Risk management elements that are reliable and provide up-to-date safety recommendations.
Meet the needs of the new corporate traveler
It is estimated that travel spending for millennial travelers will account for more than half of corporate traveling costs. To save travel costs and capitalize on the skills of younger traveling employees, senior management must meet their differing preferences.
According to a Hipmunk poll of Millennial business travelers, they are more inclined to incorporate leisure days on a work trip and to pay for ancillaries.
Senior management should research the behaviors and preferences of Millennial business travelers in partnership with Travel Managers, and account for them in strategic travel policies.
Conclusion
In addition to software like Locomote, you might give rewards to workers who save money on business visits to assist you to succeed in reducing travel expenditures. When you consider it from the perspective of the employees, they would rather travel in greater luxury than save money because they aren’t spending their own money.