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Business travel is big business. The global business travel industry is estimated to be worth over $1.4 trillion annually, and businesses in the United States alone spend over $300 billion per year on corporate travel.
With so much money on the line, managing corporate travel agencies is crucial for companies of all sizes. Partnering with a corporate travel management company can help enterprise travel agents control costs, enhance compliance, improve traveler satisfaction, and gain valuable data insights.
Managing business travel can be incredibly complex for companies of all sizes. Many moving parts must come together to ensure a successful trip, from booking flights, hotels, and rental cars to considering employee duty of care and navigating varying internal approval processes.
With employees frequently traveling to meet clients, attend conferences, and visit regional offices, it's critical to have systems in place that make travel as seamless as possible. However, the logistics involved with booking travel, submitting expenses, and keeping track of employees while they're on the road require specialized expertise.
One of the most compelling reasons to partner with a corporate travel agency is the substantial financial benefits they offer. These agencies have established relationships with travel suppliers, enabling them to secure discounts and preferential rates that are typically unavailable to individual business travelers or companies booking directly. This can lead to significant cost savings, a key consideration for any business.
Corporate travel agencies can leverage the collective spending power of all their clients to get better deals. Hotels may offer room blocks at discounted group rates, while airlines provide discounted fares in return for a certain volume of business. Rental car companies also offer discounts off standard rates for corporate travelers. The more business a corporate travel agency can send, the better rates they can negotiate.
In addition to specially negotiated rates, enterprise travel agents also have access to consolidated buying power through travel management companies (TMCs). TMCs aggregate corporate travel agency spending across many clients to get even deeper discounts from travel suppliers. These savings are passed down to their corporate travel agency partners and clients.
Beyond just discounts, corporate travel agencies help ensure compliance with company travel policies to control costs. Their travel consultants ensure employees book travel within policy guidelines - such as using preferred vendors, flying economy class for domestic trips, etc. This avoids situations where employees might overspend by booking more expensive options than permitted. The travel management reporting corporate agencies provide gives travel managers the visibility they need to monitor and manage compliance.
A corporate travel agency saves companies significant time through streamlined travel management and support. Travel agents handle all logistical details, freeing up employee time to focus on core business activities.
Travel agents booking flights, hotels, and rental cars provide a level of convenience that is hard to match. This is far faster than having an employee research options on consumer sites, giving businesses a sense of ease and efficiency.
- enterprise travel agent provide 24/7 support for travel emergencies. If an employee needs to make last-minute changes to flights or hotels, the travel agent can immediately assist, even outside regular business hours.
Partnering with a corporate travel agency improves traveler satisfaction by providing customized options tailored to employee preferences and VIP services. The corporate travel agent gets to know each traveler and their unique needs.
For example, they will learn that John prefers aisle seats near the front of the plane, while Jane likes window seats and tends to get cold during flights. The travel agent will then make sure to reserve those preferred seats automatically. Frequent business travelers appreciate having their travel agent book all the details just how they like.
A corporate travel agency provides valuable data and reporting that gives companies deep insights into their travel program. This includes:
Usage data - Corporate travel agencies have booking tools that track each transaction, providing information on who is traveling, when, where, and how much everything costs. This data can be analyzed to understand travel patterns and optimize opportunities.
Spend tracking—Detailed reporting provides visibility into travel spending, including where the money is going, which suppliers are used, compliance with preferred vendors, etc. This allows companies to identify waste, negotiate better deals, and ensure budgets are controlled.
Policy compliance reports—Agencies can track compliance with corporate travel policies regarding preferred airlines, hotels, rental cars, rail, etc. This helps identify maverick spending and opportunities for better policy enforcement.
The rich data and reporting from a managed corporate travel program provide visibility that would be very difficult for companies to match on their own. The insights unlocked drive significant value.
One of the biggest benefits of partnering with a corporate travel agency is a dedicated account management team. Rather than dealing with a call center, you'll have a team that gets to know your company's specific needs, travel patterns, policies, and culture. This team acts as an extension of your staff, providing customized service and communications.
Corporate travel agencies have online booking platforms and mobile apps that enable self-service for travelers. The apps provide fast access to flight, hotel, and transportation options. Travelers can compare shops, change reservations, and manage trips on the go. Automated notifications keep travelers updated on itinerary changes, delays, and more.
Traveler Profiles and Preferences
Agencies create detailed traveler profiles based on past trips, preferences, loyalty programs, and more. This allows for personalized recommendations and customized experiences. Travelers receive suggestions for preferred airlines, seat selections, hotels, rental cars, restaurants, and other amenities. Profiles indicate accessibility needs, frequent flyer numbers, and other essential info.
Sustainability
Corporate travel contributes significantly to a company's carbon footprint. Partnering with the right travel management company can help implement and track sustainability initiatives to reduce environmental impact.
Many agencies now provide carbon offsetting options to help neutralize air and ground transportation emissions. Offsetting involves investing in environmental projects like tree planting or renewable energy to counterbalance carbon released from travel activities. Agencies can calculate emissions and automate offsets for all client travel.
Final Thoughts
In summary, partnering with a corporate travel agency benefits enterprises of all sizes. By leveraging the agency's expertise, technology, and buying power, companies can achieve significant cost savings on air, hotel, ground transportation, and other expenses. Corporate travel agencies use advanced data analytics and reporting to provide visibility into spend and travel patterns.
Agencies also save internal time and resources by taking on the end-to-end management of corporate travel programs. Their travel management platforms provide a better booking experience for employees. With a focus on customer service, corporate agencies deliver enhanced traveler satisfaction.
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