Our tips for building a future-proof travel policy
There’s more to savings than negotiated supplier discounts and corporate add-ons. As supplier margins get infinitely slimmer it’s increasingly important to recognise and monetise travel savings through improved internal efficiencies and productivity. Ensure your workforce is armed with the technology that makes business travel booking and program management faster and more accessible.
Whether your business travel program is well established or in its infancy, be open to looking at alternative ways to capture greater savings and efficiencies. This might be by implementing a preferred supplier arrangement or reducing preferred suppliers for greater consolidation of spend to support price negotiations, or looking at a wider choice of travel suppliers where seat and room availability is low and prices are high.
With greater pressure on corporate travel budgets there comes a heightened need for an informed and supportive workforce who truly understands and aligns with your business’s travel program objectives. Ensure your workforce understands the reasons for travel policy inclusions and exclusions, the benefits of policy compliance and the risk implications of booking outside of policy; risk to traveller tracking and safety, decentralisation of supplier spend and reduced negotiation power, less efficient expense reconciliation and reduced spend visibility.
Dig for data
Leverage your TMC’s expertise and access to benchmarking data for regular guidance and pro-active advice on ways to drive greater value to your travel program. A high value TMC should provide regular strategic account analysis as well as pro-actively investigate supplier deals to identify new savings opportunities and benchmark your contracts against similar companies – ensuring you get the best possible deals.
Today’s modern business traveller has access to more travel tools than ever before, supporting faster, safer and more productive travel – or at least they should. Look for a single-sign on travel management platform which gives your travellers and travel managers easy access to all their travel tools in one place, anytime and anywhere. Ensure you’re partnering with a TMC that supports and invests in building and integrating technology solutions which drive efficiency, traveller safety and expense visibility to ensure that your technology is working for you at every step of the journey.
Secure your data
Traveller security continues to be a key focus for businesses and their travellers, but so too should security of information. Internet privacy, including personal data, credit card information and location data are all real risks facing today’s mobile business traveller, especially where a non-centralised approach is taken to managing travel technology and payment solutions. Review your technology partners and your payment solutions to ensure your business and its people are adequately protected from payment and identity fraud.
If you’d like a confidential and obligation-free review of your travel program, contact CTM today on (852) 2313 9950 or complete the form below.
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