Advantages of Using Travel Management Software to Manage Business Travel
The 2022 GBTA Business Travel Index Outlook suggests a surge in the total spending on global business travel after the COVID-19 pandemic. But no company or startup can leverage the return of the recovery of business travel only by increasing business travel spending.
Along with increasing the number of business trips, every organization has to focus on improving the travel experience and ensuring traveler safety. To do so, every business has to implement travel management software to streamline the entire corporate travel management process.
If your enterprise is yet to automate the business travel management process, it is time for you to understand the key advantages of implementing the right travel management software.
6 Important Advantages of Implementing Travel Management Software
1. Policy Implementation and Compliance
Your organizations have to update travel policies regularly after the pandemic. In addition to updating travel policies, you need to ensure travel policy compliance. The travel management software enables you to implement custom travel policies and keep the latest travel rules accessible. Also, you can use the software to speed up business trip approvals by implementing multi-level approval flows. At the same time, the software will ensure travel policy compliance by detecting and preventing policy violations.
2. Access to an Extensive Travel Inventory
You cannot boost work travel experiences without providing employees with options or choices. The travel management software will allow employees to choose from a large travel inventory. Employees can use the self-booking tool provided by the software to book their choice of flights, accommodations, car rentals, and other essential business travel solutions in minutes. Also, they can avail of real-time travel assistance by opting for managed travel booking.
3. Negotiated Corporate Rates
Many analysts believe that the prices of flights and hotels will remain high in the near run despite decreasing inflation rates. Hence, your organization has to explore ways to make travel products and services accessible to employees at lower rates. The software launched by leading travel management companies helps work travelers access business travel solutions at negotiated rates. Hence, your company can reduce overall travel spending by investing in the right travel management software.
4. Traveler Safety and Security
While updating travel policies, you must focus on optimizing traveler safety. Your employees can use travel management software to minimize travel risks by booking safer airlines and hotel chains. At the same time, the software will increase traveler safety by facilitating traveler tracking and delivering the latest travel rules. Also, employees can access the software to get real-time assistance from the provider’s support team.
5. Travel Expense Management
You can streamline the travel management expense process by opting for a unified travel and expense management software. The software will make it easier for employees to claim travel expenses by submitting auto-generated expense reports.
Also, it will help your finance team to speed up travel expense reimbursements by setting automated approval workflows and sending alerts. Also, your finance team can use the software to track travel expenses, prevent travel expense fraud, and conduct expense audits.
6. Leverage Employee Travel Data
The new-generation travel management software facilitates informed decision-making using data analytics. They use analytics to analyze large volumes of employee travel data and provide actionable insights. You can leverage actionable insights to improve employee travel expenses and control business travel costs. Also, travel analytics will help you adopt emerging business travel trends and meet changing traveler needs by updating travel policies.
The right travel management software will help your business streamline travel management and control travel spending. But you must focus on the features and tools provided by the software to ensure that it meets your organization’s work travel needs in the longer run. At the same time, you should prioritize the software that helps you refine travel policies and track business travel trends using data analytics and artificial intelligence.