What's the Impact of a Corporate Travel Manager on Business?

Inflation and higher travel prices continue to take a toll on corporate travel. As budgets tighten and companies look more closely at line items, it’s no surprise that businesses today need to be more strategic about travel and expenses (T&E). Corporate travel managers and technology can help. 

Nearly two-thirds of companies say they are under increasing pressure to manage costs. Yet, three-quarters of those surveyed say that there is increased importance on how travel helps to manage customer relationships – key to obtaining new business. 

The solution is to adopt an integrated approach to travel and expenses. This requires a single, AI-driven travel and expense platform to save money and unlock employee value. The right technology, driven by the right people, can streamline your T&E process and optimise your spending. 

In this article, we will discuss the impact technology and corporate travel managers can have on your business, understand the role of corporate travel managers, and how to become a corporate travel manager. 

 

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What Are Corporate Travel Managers? 

Corporate travel managers oversee travel within organisations. Depending on the size of the organisation and the amount of travel required, they may book travel or work with a travel agency. Corporate travel managers typically set policies and budgets, negotiate with suppliers, help employees with travel documents, and ensure compliance with company policies. 

Finding the right person for your organisation to oversee travel is important. Employees wondering how to become a corporate travel manager should know there is no pre-set pathway, but most organisations seek out someone with a degree or certification in the travel services industry and experience managing travel. Corporate travel managers must be detail-oriented, savvy negotiators, and have strong communication skills to be effective. 

The Impact of Corporate Travel Managers on Business

Corporate travel managers can impact organisations in several key areas: 

Building Strategic Corporate Travel Policies 

Corporate travel managers establish the strategic travel policies organisations need to optimise their spending. At their most basic, they set guidelines for travel. This might include classes of acceptable travel and preferred airlines, hotels, or rental cars. 

Managers will coordinate all travel either in-house or through a travel management company to ensure consistent application of these policies. This helps control spending while ensuring necessary travel is conducted within policies. 

More Efficient Travel Arrangements and Expense Management 

Skilled corporate travel managers can leverage industry experience and travel and expense (T&E) tools for greater efficiency. Sourcing travel through different partners and platforms can often achieve significant discounts and make sure employees use preferred suppliers to get the best rates. 

By streamlining the expense reporting process, corporate travel managers can reduce administrative overhead and save money while reducing the burden on employees to handle travel on their own. 

Making Data-Driven Decisions 

Corporate travel managers also analyse data to make informed decisions for their organisation. For example, comparing T&E spending trends with peers can help ensure your travel policies remain appropriate and competitive. 

Measuring key metrics can also provide insight into the travel process from various viewpoints, including: 

• Employee satisfaction 
• Return on investment 
• Out-of-compliance spending 
• Savings from corporate discounts 
• Travel incident reporting 

Aligning with Sustainability Initiatives 

Another area that is increasingly important for organisations is in the area of sustainability. 28% of travel managers say they face increasing pressure to implement sustainable travel policies and 89% of business travellers say they are taking extra steps to reduce the environmental impact of travel. 

As companies focus on corporate social responsibility (CSR) and (ESG), corporate travel managers can ensure travel aligns with these initiatives. 

Integrating Technology in Corporate Travel 

The right technology can streamline the user experience modern booking tools can reduce or eliminate paper, allow for centralised tracking of all T&E spend, and automate the enforcement of travel policies. 

AI and machine learning capabilities better monitor budget vs actuals, flag out-of-policy purchases, and analyse large amounts of corporate travel data. The insights can help with better real-time decision-making as well as inform future policy adjustments. 

Nearly 62% of finance leaders agree that artificial intelligence (AI) is an essential tool to manage the unexpected, according to the SAP Concur CFO Pulse Survey 2023. Integrating AI and machine learning to capture expense receipts drives compliance and streamlines the reporting and approval process. Customers using ExpenseIt from SAP Concur, for example, have seen returned expense reports drop from 14% to just 1.2%. 

Verify is a self-serve audit solution from SAP Concur, which also automatically reviews expense reports to identify compliance issues like duplicate receipts, incorrect data, or out-of-policy spending. 

Enhancing Employee Productivity

A corporate travel manager can play a big role in enhancing employee productivity. When there is central coordination of travel, employees don’t have to worry about the planning and coordination of trips. This can eliminate travel-related stress and allow employees to focus on their work responsibilities rather than logistics. 

If an unexpected situation arises during travel, employees also benefit from a reliable support system that can provide assistance. Travel disruption is more common than ever before. 88% of travellers have been forced to take unanticipated steps in response to delays, cancellations, or the need to re-route.  

As travel stress before, during, and after trips increases for employees, it can raise anxiety levels. A coordinated effort to reduce travel stress, coupled with the right technology to manage expenses, can help with employee well-being. For companies that require regular travel, these solutions can also provide a competitive advantage when recruiting or retaining employees. 

Corporate travel managers can also help navigate complex rules and regulations, especially for international travel, and advise on potential risks based on geopolitical activity that might impact business travel.

SAP Concur Travel and Expense Solutions

SAP Concur is the world’s leading brand for integrated travel, expense, and invoice management. We make it possible for businesses to simplify everyday processes and provide employees with better experiences. 

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