Corporate Travel Management For Increased Business Efficiency
Corporate travel management (CTM) goes beyond the work of a traditional travel agency. CTM refers to a company's management function focused on travel. It covers a company's strategies for travel (travel policy), negotiations with vendors, corporate travel program day-to-day operations, safety and security during travel, travel and expenses data management, as well as credit-card management. Travel agencies are the arms for implementing the travel solutions agreed to with the company, based on the corporation's travel management program. The CTM basically defines the mode of travel and class of service employees may avail of, how corporate fares/rates with airlines, transport services and hotels are negotiated, as well as outline how corporate credit cards should be used. The travel agent, in turn, makes the actual reservations within the specified parameters.
It has been determined that employee corporate travel management and associated expenses rank as the second highest controllable overhead expense a company can have (exceeded only by salary and benefits) annually. Travel cost (by air, rail, bus, ferry/boat, car rental, etc.) plus associated expenses for staff and client meals, gratuities, client gifts, or supplies more often rank higher than IT and/or real estate costs. Generally, organizations handle the management of these costs thru a Corporate Travel Manager, which is usually within the Finance, HR, Procurement or Administrative Services Department.
Often, CTM implementation is assigned to Travel Management Companies. These firms engage travel consultants who employ a Global Distribution System (GDS) not only to book flights for their clients; but also to check out different itineraries and costs in real-time. Such systems allow users to access information to come up with the most optimum combination of airline ticket fares, ground and/or marine transport costs, plus accommodations; with respect to the quickest but most comfortable and safest routes at least cost.
It is common for companies to contend with bookings that do not conform to policy and need a means to immediately determine these non-compliances, so that either the person making the booking can initiate measures to conform to protocol, or have the designated approver take appropriate action. Unexpected crises can also strike and the company needs to provide urgent support to the affected utah business trip planners member. Travel and associated costs substantially affect the bottom line as stated earlier, so accurate expenses tracking and reporting is essential. These considerations are a few that compel organizations to adopt a corporate travel management system.
Many CTM software identify savings opportunities, boost compliance to the CTM program, promote online adoption of CTM as well as provide comprehensive reporting. These software have features like travel policy compliance auditing, unused ticket management, online booking, mobile itinerary management, travel interruption support, expenses management and targeted reporting for total program management.
Most vendors of software for CTM offer scalable, flexible and customer-driven systems. Apps available in the market today have intuitive mobile and online booking platforms. 24/7 servicing solutions substantially reduce the stress of working on-the-go. Visit https://www.youtube.com/watch?v=ot2kWjfRrTg to understand more about business travel.