Effective corporate travel management has become a key factor for companies seeking to maximize their financial resources and remain competitive in a globalized and constantly changing environment. In addition, good travel management improves the employee experience. For this reason, we give you five tips to reduce costs in corporate travel management.

Digitization of management

Implementing a tool to digitize corporate travel management is critical to improving efficiency, security and transparency. A comprehensive technology service not only eliminates the need for manual processes, which are prone to errors and waste, but also automates tasks and provides real-time visibility into the expenses associated with each trip. For example, a system that automatically allocates travel expenses to corresponding cost centers, projects or units allows companies to optimize their financial resources and maintain tighter control, achieving an additional 6% savings on travel costs.

This type of technological solution should allow the digitalization and automation of all the processes involved without sacrificing the personalized and human treatment of a Personal Travel Assistant, which ensures professional attention to resolve any incident during the trip, avoiding the need to hire additional suppliers and, therefore, reducing costs.

Customized spending policy

Developing a spending policy tailored to the needs and priorities of travelers is crucial. This involves establishing personalized policies for each traveler, defining criteria for trips of greater importance or duration, and considering travel policies that take into account environmental impact. Setting clear and realistic limits, and offering accommodation and transportation options that match corporate preferences, contributes to a more efficient use of resources. A well-implemented travel policy can generate savings of between 5% and 15% of the business travel budget.

Centralization of financial data

Centralization of financial data is essential for effective management. Consolidating all travel-related data, from individual expenses to supplier contracts, provides full transparency and facilitates informed decision making. In addition, having all current and historical information on a single platform can reduce the time spent searching for such information by 75%. Before implementing a digital travel management system, some companies needed up to three months to prepare the annual budget, due to the lack of historical records to forecast the necessary investment.

Access to special rates and programs

Access to special fares and programs is essential to optimize travel expenses. These programs can include negotiated agreements with airlines, hotels or car rental companies, as well as loyalty programs that offer additional benefits such as upgrades, free hotel nights or frequent flyer miles. By taking advantage of these fares and programs, companies can significantly reduce the costs associated with travel, maximizing the value of each corporate trip.

Automated monitoring and approval systems

Finally, centralizing the approval of all travel to one or a few people within the company can be a significant workload, resulting in additional hours of dedication, loss of information and delays in the authorization processes. An automated system allows the travel approver to receive all requests that deviate from company budgets and policies on a single platform, with all information available in real time. This can result in savings of up to 70% of the time spent by the team on this task.