Most companies consider corporate travel as an essential element in running a modern business, but it is also one of the biggest contributors to expenses. With this in consideration, travel costs are carefully managed while ensuring that logistics are handled so travelers won’t have to deal with adversities. Partnering with a travel management company has provided a solution to these challenges. This article covers more information about travel management as a discipline and makes it easier to understand some of the important benefits a Travel Management Company (TMC) can offer.
What is Travel Management?
Travel management companies are responsible for managing their client’s travel needs. Whether it’s a corporate business, organisation, or an individual, using the services of a TMC makes sense as it will deal with vendors, secure bookings, manage & monitor travel expenses and costs as well as establish travel policies.
In addition to managing travel needs and taking care of the logistics, a travel management company aims to let their clients save time and control their budget better. A TMC has a broader scope in terms of roles as compared with a travel agent, which is often likely to only make reservations based on set preferences, whereas a TMC helps in establishing the criteria.
9 Advantages of Using a Travel Management Company
Partnering with a travel management company for your corporate and/or personal travels will provide more travel solutions you can benefit from. Your trips will be well & better planned and you will also find assurance that all areas affecting your travels are handled correctly. Some other advantages of choosing a TMC includes:
A travel management company often requires payment for their services on a subscription basis, or by charging fees for the services they provide. This might look like an additional cost upfront but if you or your employees travel on a regular basis choosing a TMC’s service will help you cut down expenses eventually.
TMC’s have a wide connection to a variety of businesses in the travel industry, which allows them to gain favorable hotel rates and cheaper flights as well as having the advantage of booking flights at the right time. Therefore, choosing a TMC reduces your overall travel costs.
It is important for companies to have a travel policy in order to keep their business travel consistent as well as ensuring traveling employees are safe & happy. Having a clear travel policy in place creates rules and regulations on expenses, appropriate and inappropriate behaviors, and everyone will know what is expected of them.
Aside from developing a well-made policy, a travel management company can assist with enforcing it by suggesting possible travel options that meet all the criteria mentioned in the travel policy.
A TMC is recognized as being aware of ins and outs concerning the travel industry and has picked up valuable travel tricks over time. Having that said, opting for a TMC service guarantees that you will be given expert advice on how you can minimize and spend your travel costs wisely, to know what the best travel routes are and what you need to be aware of before visiting a certain destination.
In most situations, businesses work with a travel management company that specializes in handling clients who are in the same industry as them. This particular information can be useful since some industries require very specific travel needs. Prior experiences help the travel management company to enhance a travel strategy that works for your business needs and keeps you away from common pitfalls.
Reporting of all incurred travel expenses is part of the process undertaken for every corporate travel. Most TMC’s does the job of consolidating information into a single report, making it easier for businesses to find and secure important information together, which makes it easier to monitor all travel expenses and determine if there are any areas in which you might be overspending.
Often, businesses do not actively track their travel plans once it is arranged and sometimes, they miss unprecedented instances, but when using the services of a travel management company, your travel plans can be constantly tracked and managed properly through alerts and warning messages.
Knowing beforehand about a disruption on a planned travel route will buy time to make the necessary changes and save money in the end
Travel management is a multi-faceted disciplined process that includes doing time-consuming tasks such as finding the cheapest flights, best hotels, and arranging needed transfers which will save you time.
Availability of help and support services is another advantage businesses can get from partnering with a travel management company. When needing urgent advice or sudden changes needs to be made while traveling, your TMC will handle it all, 24/7.
Travel management companies are equipped with the necessary tools and systems to ensure that all bookings are done easily as they have the correct computer software and mobile applications, which will allow you to submit your travel plans or requests conveniently.
When you look at it from an outsider’s point of view, travel management can be quite complicated. From booking a ticket, sourcing medical insurance, and/or airport transfers, it will all be done. Partnering with a TMC assures you that every single aspect is taken care of without missing anything.
Your travel management company will understand your need for every business trip and allow their expertise in this particular field to get everything done right.
Choosing the Right Travel Management Agency
In order to choose the right travel management company for you, take the following into consideration:
It is recommended to work with a TMC that has been in the industry for a long time. Not only does it show they have enough experience in handling travel management, but they should be knowledgeable enough in the travel industry. Furthermore, establishing a corporate travel policy initially is an essential step before getting into the searching process. In this way, your chosen TMC will be able to optimize the existing travel policy.