With technology advancing and a vast array of travel platforms available, a travel management company (TMC) is more critical than ever. To stay competitive, businesses need a flexible, people-focused approach to travel.
Corporate travel offers benefits to team members, but it can be expensive if you don’t know where to look. Whether it’s a multi-city Europe road trip or a single flight, research estimates that businesses will spend a massive £46.8bn on business travel. Instead of spending hours scrolling through online booking platforms, we’ll explain how a travel management company can save you money.
What is a corporate travel management company?
A travel management company is a specialised service that simplifies and optimises a business’s travel activities. It typically covers the planning, booking, and management of employee travel arrangements. Unlike a standard travel agency, a TMC specifically caters to the demands of corporate travel.
TMCs manage the entire process from beginning to end and ensure cost optimisation by securing the best travel deals. They also handle risk reduction, duty of care, and traveller support, always prioritising the traveller’s experience.
How a travel management company can save you money
Whether you’re new to business travel or looking to optimise costs, a TMC can save you money in several ways. To ensure the best outcome, do your due diligence to find a company that is experienced, licensed, and capable of handling your needs.
1. Utilising supplier relationships to secure deals
Transport, flights, visas, hotels, conference tickets, and expenses all add up. While you can find some offers on public booking sites, a travel management company often has access to exclusive deals.
At Good Travel Management, our strong relationships with major airlines help you get the best fares. Our automated system continuously monitors booked flights and accommodation, and if a better deal appears after booking, we pass the savings directly to you. We also have partnerships across accommodation and ground transportation in the UK and internationally, with a network of over 400 airlines and hundreds of thousands of hotels. You can access these connections through our one-stop booking platform, saving you from sifting through countless websites. On average, we save our customers 13% on each transaction.
2. Streamlining the reimbursement and travel policy process
Confusion over expense reimbursement, budgets, and what the company will cover can lead to misunderstandings and increased costs. A clear travel policy, covering everything from booking to reimbursement, is essential.
Creating this document can be time-consuming, but a travel management company can take on this responsibility, streamlining the process for everyone involved.
3. Providing travel reporting
If business travel is a regular occurrence, understanding the details from the start can help you save money in the future. A travel management system that offers data and regular reporting can help you identify booking trends and understand industry patterns.
Knowing your corporate travel costs allows you to make adjustments and lower your average budget. Insights into historical spending can also strengthen your negotiations with hotels or conference organisers. This data not only reduces costs but also creates a more seamless process for booking and travelling. These insights can then be used to forecast future travel needs and allocate budgets more effectively.
4. Around-the-clock support
Time is money. When an internal team member is the main point of contact for business travellers, it can disrupt their daily work and personal time. A travel management company can provide a dedicated account manager or a clear support contact. This level of expertise also provides peace of mind that your employees are in safe hands.
5. Ensuring employee safety while travelling
Employee safety is a primary concern, as a company’s duty of care extends to business travel. Without a plan, unexpected incidents can waste time and money. Having experts who know the UK rail network and major airlines can be a significant advantage.
At Good Business Travel, we stay updated with travel advisories, have an emergency support system, and ensure all arrangements prioritise traveller safety. Our platform issues real-time security alerts and features an advanced tracking system to help keep your travellers safe around the clock. These alerts help you stay ahead of potential risks, while the traveller tracking capability adds an extra layer of safety.