What are the 16 Goals of Corporate Travel Management?
What are the goals of corporate travel management? The expansion of the new era of customized travel has appropriately dubbed the age of traveler-centricity, and it is leading to the study and development of a slew of new so-called intelligent services. The command-and-control view on travel has moved significantly in recent years, with a greater emphasis on the passenger and the productivity of each journey. It has become critical to ensure that tourists get the best possible return on their money on each trip.
New generations of young employees and managers are rising through the ranks as travelers, having grown up in a digital world. It’s become critical to understand the need for more flexibility, realizing that employees who travel on business perceive a portion of their vacation to be a leisure activity.
Corporate travel is a very successful tourism market, thanks to increased globalization and growth in corporations sending their employees overseas to network and engage with their offshore prospects/customers/suppliers. Before we discuss how tourism organizations may better serve business visitors, let’s take a look at why they choose to work with specialist corporate agencies rather than typical travel brokers.
What are the goals of corporate travel management?
Corporate Travel Agencies are used by organizations for a variety of reasons. What are the goals of corporate travel management?
This may be the most fundamental issue for a travel agency: why should they choose corporate travel companies when there are lots of normal travel agents available? This is why corporate travel providers with online systems that give business travelers access to their whole schedule are so important.
The following information is readily available to CTAs:-
- complete business itinerary with up-to-date flight tracking information (including delays or rescheduling)
- travel warnings in the destination location, if applicable, clear facts regarding additional expenses such as luggage fees or in-flight fees
- thorough and up-to-date information on visa procurement procedures, as well as the needed identifying currencies and conversion rates
What are the expectations of corporate clients of corporate travel agencies?
1. Fares that have been negotiated
Corporate agencies frequently have agreements with hotels, car rentals, and airlines, allowing them access to discounted pricing that are exclusively available to frequent business visitors. They not only provide discounted pricing, but they also provide aircraft upgrades, accommodation upgrades, and VIP check-in lines as needed.
2. In-depth knowledge of the travel business
Corporate travel agents have more travel resources and, more critically, access to them more swiftly than leisure travel agencies. Additional information aids in the convenience and comfort of work trips.
3. Itinerary Modifications
When an airline ticket is postponed or canceled, the airline or the online service provider is likely to levy a hefty price. When booking through a business travel agent, most schedule modifications may be made for free or at a nominal cost.
4. Contact information in case of an emergency
It is critical for business travelers to contact the appropriate person in the event of a problem. Corporate travel agents have the knowledge and skill to make both the traveler and the organization feel at ease.
5. What should you think about when corporate travel grows?
Corporate travel is growing at a faster rate, according to the Business Travel Barometer. However, if badly handled, it may cease to be a benefit to businesses and instead become a liability. To make the most out of the time spent traveling, businesses and CTAs must consider a number of aspects.
6. Putting in place a travel policy
The company must establish a travel policy that is applicable to and respected by all levels of passengers. This policy should be used to develop guidelines that will aid in the tracking of business travel improvements. It will ultimately assist in lowering the whole package’s expenses.
7. Do not restrict the freedom of the traveler
The management is responsible for budgeting the travel policy, which aids in cost control, but it is also necessary to offer the traveler some liberty. The policy should be sufficiently flexible to allow the employee to tailor the trip to the circumstances.
8. The safety of travelers should be a top priority
Security is required for business travelers. To maintain the employee’s integrity, the organization must adhere to its defined standards. The CTAs should work with trustworthy partners (travel insurance, airlines, hotel chains, etc.).
9. Mobility and automation are both important factors
The administration of management platforms should feature automated procedures to save time and simplify operations. This means customers should use mobile solutions that allow them to access search choices, trip notifications, and ticket reservations quickly, simply, and on the go.
10. Corporate Travel Trends 2022
Tonya Hempstead, vice president of diversity and inclusion, said that “supplier diversity would be a fundamental focus for corporate travel in 2022.” “The hotel, meetings and events, and ground [transportation] sectors will see the most action on supplier diversification.”
A diverse supplier, according to GBT, is “a business that is certified to be owned, operated, and controlled by at least 51 percent of people of diverse backgrounds, including racial and ethnic minorities, women, veterans, LGBTQ+, people with disabilities, and other underrepresented minority populations.”
“A supplier diversity strategy, often known as inclusive procurement,” Hempstead added, “is a practical method to assist firms that share your beliefs.” “Every dollar spent with a minority-owned caterer, lodging provider, meeting venue, or chauffeur service helps that company expand.”
11. Prices are increasing
The growing costs are the unifying keyword across worldwide suppliers, airlines, and lodging rates, among other things. If there is a significant drop in demand, it is occasionally the suppliers’ action to provide discounts to promote travel.
A strong worldwide economy in 2016 has resulted in a few percentage point increase in flight tickets, a 4% – 6% increase in average global hotel rates, and moderate competition in car rental services.
12. Obligation of care
One of the key areas of focus for businesses is risk management. New regulations and enhanced technology are allowing corporate clients to track employees’ whereabouts in the event of an emergency, especially when they are traveling to international areas.
Concur Risk Messaging, for example, assists in identifying passengers as they move around the world and notifies them of alternate travel arrangements if needed.
13. Concentrating on MICE
The meetings business is a rapidly expanding industry, and the corporate travel trend is following suit. The different meeting procurement processes should be better aligned with transient travel sourcing by corporate travel providers. One approach to do this may be to include incentive trips in the mix of meeting services.
14. Putting money into technology
Bringing in mobile-friendly technology allows for a tighter emphasis on creating value and being more traveler-centric. Mobile and big data are without a doubt the two most important technology investments that any business travel firm should undertake in order to improve their platform’s attractiveness.
15. After Brexit, a look at business travel
Following the Brexit vote, ACTE and CAPA both expressed their opinions. According to them, the depreciation of the pound versus other international currencies would have the most immediate impact on the travel industry.
According to Greeley Koch, executive director of the Association of Corporate Travel Executives, the business travel industry will be influenced by currency fluctuations, with some companies taking advantage of the weaker pound by traveling more, and others deferring business travel until world markets stabilize.
16. COVID-19 and Terrorism’s impact on business travelers
The increased terrorist threat should serve as a guide for travel policymakers and administrators. Travel agents and corporate travel agencies (CTAs) should provide confidence for executives and personnel who are traveling on behalf of firms through travel rules. The polls of corporate travelers are more than likely to reflect the widespread anxiety of worldwide business travelers concerning the recent spate of terrorism. However, there is no doubt that the terrorist threat is altering corporate travel habits.
The main implication of this is that organizations that provide travel services to business travelers must increase their emphasis on security and the dangers involved with offering those services to corporate clients. In comparison to cautious business travelers, travel managers had a greater appraisal of their policy’s efficacy in mitigating risk, according to a recent study.
Final thought
Despite the fact that the business travel market has progressed, it still faces several problems. Some of the fulcrum points that must be addressed when organizing corporate travel are a quickly changing consumer market, the advent of new business models, the effect of technology, and man-made and natural calamities.
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