How to maximize ROI with corporate travel management
When you're focused on keeping tabs on your company's finances, you need to know that every dollar is well spent. Especially when it comes to your travel dollars. At the outset, it might seem like TMCs cost more than managing travel in-house, but with the right solution behind you, there's a lot of value you can't put a price on.
Let's shift the focus from just saving money. You can save time, reduce stress, improve visibility, and make your processes more efficient.
Our dedicated team has many ways to improve your travel program's finances. Whether that's lowering travel costs, making existing processes more efficient, or using our tried-and-true strategies to maximize ROI. These small changes will make your finances look great.
What are the benefits of travel management?
For a TMC to work for you, you need them to be more than a vessel for booking travel. You need solutions to every facet of your travel program. This can include cutting travel costs, managing travel credits, creating policies that mitigate risk, managing traveler preferences, promoting compliance, and giving you the data you need to make more informed decisions.
Reducing travel costs is a goal for many businesses, so it's important to understand the value behind travel management. At Corporate Traveler, we'll make sure you have the best options with the flexibility you need, while also making sure your travelers' safety is top of mind. And, if you're losing money on cancellation fees and lost credits, we'll help you find better options that nip that in the bud.
Our Customer Success Team is also on hand to help you pull quarterly savings and value reports and give you hard numbers to boost your corporate travel ROI.
How to optimize efficiency with our travel experts and platform Melon
A simple way to optimize the efficiency of your travel program is leveraging the expertise of our team. They've been through every type of travel program you can imagine, and know all the secrets to getting more out of your budget.
You can also get familiar with our travel platform. Many of our customers use Melon for their simple point-to-point flights, hotels, and car rentals that travelers and travel bookers can use to book in a matter of minutes.
And for our friends in finance, you'll have visibility and control over your overall travel spend with our robust reporting platform in Melon. Use it to track expenses and spend in real-time and gain insights into spending patterns so that they can be adjusted as needed.
Data analysis is essential for making decisions and finding areas of your program that are working best. Once your program has been implemented, you'll be able to track costs more accurately, keep an eye on compliance with corporate booking policies, and pull the reports you need to keep everything at bay.
Need a few strategies for implementing travel management solutions that boost ROI?
To get the most out of your travel management solution, here are a few strategies to keep in mind:
1. Identify the areas of the business that will be impacted most by bringing in a TMC to manage your program.
Start by looking at current policies and procedures, travel spend and losses on credits and changes, time spent, employee feedback, and what resources you're using internally. This should unearth how much potential there is to streamline processes and save money.
2. Develop a plan to implement change.
Consider your budget, timeline, resources (internal staff and your TMC), desired results, services needed, legal requirements, and any other relevant factors for your business. Also, consider whether you need to create new policies or make simple changes to existing ones to make the transition as seamless as possible.
3. Track progress throughout the process so you can measure success.
This involves setting up key performance indicators (KPIs) such as costs saved compared to baseline spending levels or improved traveler satisfaction. Regular monitoring of KPIs can help make sure that the travel program is running efficiently and delivering desired results. Regular reviews with our Customer Success Team can also help point out other opportunities for optimization!
4. Adjust processes and policies as necessary.
This might include preferred suppliers or making changes to your travel policy to better suit your growing team. Regular reviews of your policies ensure that your team's needs are being met, and your bottom line stays healthy!
Ready to take a look at expert travel management for your company? Let's chat!