The financial benefits of using travel management software are considerable, however some managers are still grappling with outdated and inefficient processes.
Beyond all the flashing lights and slick interfaces, how does travel management software actually improve a corporate travel policy?Below we outline four ways travel managers can use management software to enhance their program.
1. Make Effective Bookings
Researching and booking flights and accommodation can be the most time consuming element of organising international travel.
While online booking platforms like Skyscanner.com do a good job of displaying a snapshot view of current prices, frustrated flyers have learnt that these aren’t always the best on the market. They’ve also discovered that online booking platforms use browser cookies to sense when a would-be traveller is likely to purchase, and increase their prices accordingly.
So it’s little wonder 38% of travellers say researching flights and accommodation prices is the most stressful part of a travel experience.
Using a travel management platform with an effective booking tool saves time, money and frustration. Locomote’s booking tool allows travel managers to seamlessly locate the best flights, accommodation and transport options, load negotiated rates and select from preferred vendors.The immediate savings made in the booking process can be used strategically to improve the itinerary in other ways. Keeping your employees positive while overseas is essential to ensuring their productivity, so invest these savings in additional comforts to enhance the travel experience.
2. Risk Management
Ensuring the safety of travelling employees isn’t only paramount to meeting compliance standards, but crucial to avoiding the significant cost of evacuation.
According to a Global Business Travel Association report, businesses who fail to effectively handle their risk management face serious legal, financial and reputational damages.
“Even companies with a good track record in safety and security might have some gaps in securing the wellbeing of their employees,” the report reads.
There are several risks to the physical health of travelling staff including sickness and disease, crime, terrorism and even stress. However, the risks to equipment, legal compliance, productivity and corporate finances also present considerable costs to businesses.
An effective risk management tool arms travel managers with the ability to track and monitor the health and safety of their employees, ensure compliance, alert their team of dangers and control passport and visa requirements.Locomote’s risk management platform also includes employee tracking, which simplifies communication between travel managers and employees to make updates and alerts instantaneous with a few clicks.
3. Keep Expenses in Check
Expense management is a high priority in any corporate travel policy, however overzealous employee spending remains a challenge for CFOs and travel managers. Without an effective expense management tool costs can easily snowball.
There are a number of ways CFOs can promote frugal team spending to save money. Strong collaboration with travel managers, leading by example and engaging in open discussion with travelling employees are all strategic ways to promote spending transparency.
However, without a holistic expense management solutions, these efforts can be in vain.Locomote integrates with leaders in expense management technology, Expensify to offer travel managers a streamlined solution. Expensify takes advantage of intelligent automation to make the reporting and submitting of expenses simple, fast and accurate on both ends of the process. Automatic approvals for insignificant expenses, like a cup of coffee, also minimises unnecessary time wasting.
4. Improve Corporate Policy
Corporate travel policy should be an area of constant analysis and revision if spending is to improve. Good travel management software allows travel managers and CFOs to access comprehensive reports to locate inefficiencies and make adjustments.
Locomote features automated audit reporting with diverse insights, from travel company response times, workflow approval and booking history. The Locomote Administration dashboard is intuitive and accurate, allowing travel managers to isolate areas of improvement, reduce costs and save time.
Is your business spending too much on corporate travel? Calculate your potential savings using our Travel Savings Calculator below: