What is Business Travel Management?

 One of the the greatest challenges facing CEOs and corporate travel managers today is the necessity to reduce global business travel expenses. The need to establish efficient corporate travel management policies is also of paramount concern to these busy executives. The rising cost of business travel, changing financial regulations and growing competition due to increasing globalization require corporations to find better ways of lowering their operating costs. Since business travel expenses can be controlled and affect corporate profitability, corporate business travel management makes sense, whatever angle we look at it.

Business travel management involves implementing corporate travel programs as well as negotiating with travel vendors that can find ways to reduce travel expenses and increase the travel quality time at the same time. Normally, companies that implement business travel management have to audit the travel programs, negotiate vendor fees, evaluate and enhance travel vendor relationships, asses online booking options, consolidate global travel programs and facilitate strategic cost containment initiatives. While not all companies focus on all facets of managed travel programs, the goal is always to grow the corporate business.

For instance, business travel management includes evaluating online reservation options and implementing them if they represent a better alternative. Online information and reservation solutions that encompass air, hotel and car hire reservations that are customized to client specifications are now available and affordable. Many companies offering these business travel management solutions implement their systems according to travel policy and agreed procedures. Policy compliance, enforcement and authorization of online solutions have matured and their successful implementation is well attested.

Corporate business travel management can be quite sophisticated, especially where online implementation of services has taken place. Such services like 24 hour emergency assistance, airport transfers, passport and visa service, business travel insurance and multilingual assistance are now provided by business travel management companies.

Most of these services offer negotiated arrangements that add value to the travel experience. They can reduce travel time and contribute to reduced stress levels. Some services like airport car parking allow for off-airport business parking rates and chauffer service. Airport transfers that include VIP travel, limousines, taxi travel and collection are some of the benefits of business travel management solutions. Clearly, it is convenient and ironically, cheaper too.