Maximising corporate travel budget
Corporate travel is an essential part of doing business, but the cost of flights, hotels, meals, and transfers can add up quickly, putting a strain on corporate budgets. As the world recovers from the pandemic, the challenges of managing travel expenses have never been more pronounced.
The good news is that technology has made it easier than ever for companies to reduce travel expenses without reducing travel. Corporate travel platforms are one such solution that can help organizations streamline their travel planning process and save money in the process.
All-in-one travel platform: A dedicated corporate travel platform can consolidate everything, including flights, hotels, and car rentals, into a single platform, making it easier for businesses to manage their travel expenses. With an all-in-one travel management platform, companies can set policies around cost, destination, and class of travel. They can also control travel expenses by setting budgets for individual trips and tracking expenses in real-time. Additionally, such platforms provide visibility on who is traveling where and when, making it easier to manage expenses, take approvals, and get reports.
Access to exclusive deals and discounts: Corporate travel platforms work with airlines, hotels, and travel agencies to provide businesses with access to exclusive deals and discounts. By using a travel platform, companies can take advantage of lower rates on flights, hotels, and other travel expenses by opting for travel bundles or seasonal packages and promotions. Travel platforms can also provide businesses with alerts when fares drop, which improves cost efficiency.
Book early to take advantage of lower costs: Booking early is also an effective way to stretch your corporate travel budget. The closer you get to your travel dates, the higher the prices for flights and hotels will be. If your company attends annual conferences or events, consider booking several months or even a year in advance to secure the best available rates.
Improved travel policy compliance: Corporate travel platforms can help businesses improve travel policy compliance by automating travel approval workflows. By streamlining the approval process, businesses can reduce the risk of overspending on travel expenses. Travel platforms can also enforce travel policies by providing real-time visibility into travel expenses, allowing businesses to monitor travel expenses and ensure compliance with company policies.
Use a travel partner you can trust: Finally, businesses should consider using a travel partner they can trust. The internet is full of seemingly unbeatable deals and discounts that look too good to be true (and usually turn out to be quite contrary to their initial “offer”). Hence, book your business travel with an established name with a verifiable list of high-profile clients. With a reputable travel agent, you can be sure to receive good deals for your company and get peace of mind that your travel arrangements are secure.* Gadoya is CEO & Founder of Musafir Business, a corporate travel management platform by Musafir.com