The business travel industry is a crucial part of the US economy. Every year, thousands of employees travel globally to carry out business activities. Hence, managing business travel seamlessly can be challenging for company owners and travel managers, especially if multiple employees travel to various destinations.
In order to overcome these issues, company owners can leverage reports to gain insights into travel management data which will help you identify areas of improvement and cost optimization. Through these reports, you can get data on flights, hotels, traveler preferences, expenses, etc.
If you are a company owner looking to grow your business, then mentioned below are a few ways how travel management data leads to business growth:
Policy violations can be a major barrier for your business’s growth. They can significantly impact the organization’s bottom line and reputation. Employees violating policies can result in increased costs, legal liabilities, and damage to the company’s brand image. For instance, if an employee books travel outside the company’s preferred vendors, it can result in missed savings opportunities and higher travel expenses.
You can ensure travel policy compliance with travel management data. By creating policy violation reports for individual employees, department-wise, and employee level, hotel or flights, you can identify areas of policy violations.
By analyzing these reports, you can identify specific categories in which the employees overspent. For instance, the reports may highlight flight expenses employees have violated as per your policy. This will allow you to include more cost-effective flight options per your company’s travel policy.
Additionally, with the help of travel management data, you can identify trends and patterns in your employees’ travel. For instance, you can find out which month has the maximum number of employees traveling and why there are policy violations. This will help you understand the loopholes in your policy and implement measures for policy compliance.
Travel costs are one of the essential parameters of business travel. Therefore, it becomes necessary for companies to optimize their business travel costs. However, with so many employees traveling frequently, tracking every employee’s expenses is difficult.
Moreover, it’s challenging to identify areas of cost leakages. Identifying areas of cost leakages becomes difficult when you have so many employees traveling simultaneously.
Hence, having detailed travel management data is vital for multiple cost-saving avenues. Travel data helps reduce costs in several ways, including:
Travel management data lets you identify travel habits and patterns that help you save costs. You can get data through policy violation reports, last-minute bookings, or vendor reports. For instance, you can identify which employee continuously stays in expensive hotels. Hence, company owners can encourage them to stay in more cost-effective hotels. You can also ask them to make early bookings so there is no cost leakage due to last-minute bookings.
Travel data provides valuable insights into the frequency and volume of travel. This will help you negotiate better deals and discounts, especially with vendors such as airlines, hotels, or cab rental companies. Also, the real-time availability of the right travel management data can help you with the proper negotiation.
For example, negotiating with certain properties, such as AirBnBs than hotel chains, can help you grab better rates. This allows you to reduce costs, thus contributing to business growth significantly.
Travel managers can use travel data to track expenditures and ensure employees abide by travel policies and guidelines. With travel data, you can monitor compliance and reduce the risk of employees overspending or making non-compliant bookings.
Business travel partners such as ITILITE offers a virtual travel consultant that suggests where you can save more by comparing your travel data against industry benchmarks. It uses machine learning and predictive analysis to analyze employees’ spending behavior and last-minute bookings.
This gives detailed insight into the overall travel spending and helps you monitor and control travel expenses.
See How Virtual Travel Consultant Works
Company owners and travel managers must ensure a good travel experience when employees go on business trips. Moreover, travelers’ experience is an essential KPI you can use to decide the effectiveness of your company’s business travel program.
Here are some ways in which travel management data can improve travelers’ travel experience:
Hence, travel management data improve travelers’ experience and helps you adopt measures that can lead to business growth.
Generally, while planning a business trip, employees must browse various third-party websites to book hotels and flights. They need to do this while juggling other important office tasks. Additionally, travel managers may have to send multiple emails back and forth to keep track of all the travel bookings and expenses. This process of managing business travel is tedious and very time-consuming for both of them.
A corporate travel booking platform provides travel data in a single platform by combining flight and hotel options in a single package. Moreover, an advanced travel management platform gives you an eagle-eye view of your company’s travel data with customized reports. Since these dashboards provide real-time data, you can seamlessly manage your bookings and expenses, thus streamlining your business travel management process.
Business travel can often be a stressful experience for your employees. Multiple factors, such as back-to-back business meetings, red-eye flights, time away from family, long layovers, etc., can overwhelm your road warriors. This, in turn, affects their overall wellness.
But how does travel management data help improve your employees’ wellness? Here are a few ways:
With the help of travel management data, you keep track of the number of red-eye flights for every employee on a monthly basis to keep travelers’ anxiety and fatigue at bay.
According to a report, business travel is one of the significant contributors to carbon emissions. Yet research shows that most companies aren’t taking any action to make their business travel greener. Hence, it is high time companies implement serious measures to reduce their carbon footprint and incorporate sustainability in their travel process.
You can analyze your company’s carbon footprint with the help of travel management data. Data from airlines, destinations, distance from one airport to another, etc., will give you the necessary information for each trip. With this information, you can calculate the greenhouse gas emissions per employee and per-trip basis. Moreover, you can also calculate your company’s overall monthly carbon emissions.
Additionally, company owners can also invest in carbon offsetting projects or incorporate a green travel policy to reduce their company’s negative environmental impact.
A few travel management companies also provide customized carbon impact reports. These reports help you calculate your company’s carbon footprint and give insights into the emission levels.
With the growing business travel industry, businesses need to leverage travel management data. Travel management data helps you identify areas of cost leakages, impacts of business travel on travelers’ wellness and experience, calculate carbon footprint, travel policy compliance, and many more.
You can also partner with travel management companies such as ITILITE to gain access to travel data. ITILITE gives you a 360-degree view of your company’s travel data through multiple standard and customized reports. To top it all, our virtual travel consultant ITILITE Mastermind tells you what actions to take to improve your travel program based on real-time data.
Get a free demo now to try out ITILITE’s advanced analytics and features!
Subscribe to the Itilite blog and never miss a post!