The Simple Guide To Corporate Travel Management
tl;dr: Lola.com breaks down the 5 ways to managing corporate travel and the pros and cons for each solution.
Every day thousands of business travelers hit the road (or the skies) to meet with clients or co-workers from across the country.
Business travel is a massive industry. In fact, the corporate travel industry is a 1.6 billion dollar market.
But corporate travel isn’t only a huge business development opportunity.
It’s immense costs also create significant financial problems for many companies. Managing thousands of itineraries, countless receipts and endless expense reports is a time-consuming, but important job.
How do companies handle this unwieldy problem? Lola.com identified 5 typical travel management solutions.
So today, we are releasing Lola.com’s Simple Guide To Corporate Travel Management.
This comprehensive guide covers all of the solutions for managing the costs and travel itineraries of your corporate travel program. From the online booking process, all the way to reporting the trip to your finance team, we break down the pros and cons of each solution.
Here’s what you can expect from each travel planning program:
Unmanaged Corporate Travel
Also known as the ‘wild west’ of business travel.
An unmanaged travel program treats your business travel process with the same degree of structure as employees booking a personal vacation to the Bahamas. Employees are responsible for booking their own business travel through an online booking tool, like KAYAK, or directly through the airline.
With an unmanaged corporate travel program, travelers get to use their tried and true online booking methods.
But, travel planning is a time consuming process, so your company ends up wasting money on the time your employees spend researching and booking their business trips.
Plus, with no insight into your business’s travel budget or policy, travelers have no idea how much money they should be spending.
Corporate Travel Manager
Employees wear many hats at small companies. If your employees are traveling a lot, having a dedicated corporate travel manager on site could save your team time and money.
Corporate travel managers are internal employees entirely responsible for booking and managing company travel. This is often the first step to developing a managed travel program, but it can easily get out of hand as the number of travelers grows and the business scales.
Make sure to equip your dedicated business travel manager with the proper tools and resources to do their job efficiently.
Can hiring a full time employee to manage your team’s travel create more or less headaches?
Corporate Travel Agency
The option to outsource travel planning is an enticing one, especially when your team is constantly heads down at work to begin with.
Business travel agencies improve corporate travelers’ experience by handling the entire booking process from beginning to end, offering industry expertise and service when plans go wrong.
But, travel agents come at a steep price.
Are the costs outweighed by the benefits, or is there a better way to do it? We dive into if relying on a 3rd party corporate travel agency to manage your teams travel can save you time in the long run.
Having a one stop shop for all of your business needs is an enticing goal.
A centralized booking tool and expense management system? Sounds too good to be true.
Learn why companies are using enterprise software to manage their travel and the pros/cons of doing such, and if looping your travel into these systems is the way to go.
Corporate Travel Software
Traditional business travel services are clunky and difficult to use.
Luckily many travel management companies have updated their technology to provide comprehensive, easy to use tools.
Explore how small to medium sized businesses use straightforward solutions, like Lola.com and other corporate travel software platforms, to streamline online booking, management, and reporting of all of their travel spend.
Want to learn more about the pros and cons of these corporate travel solutions?
Check out our FREE eBook: The Guide to Corporate Travel Management