Corporate travel management (CTM) software is a computer program or suite designed to oversee, regulate, and coordinate the travel activities and expenses of a company's employees. Effective corporate travel management software can conduct many of the tasks traditionally done by human travel managers.
What to Look For In Corporate Travel Management Software
Corporate travel management (CTM) software empowers you to plan, purchase, and record travel expenses. Businesses can use the solution to streamline buying decisions and centralize records of their staff members’ travel expenses. Employees don’t have to utilize the services of individual agents or submit self-bought receipts to an expense management application. Instead, they can use CTM software to book their tickets and automatically report their travel purchases. Managers and accountants will receive the reports and reimburse the staff. CTM tools integrate with or offer inbuilt expense management functionalities, and focus mainly on reporting travel expenditure.
In short, CTM software enables travel purchasing, reporting expenses related to the staff purchases, and integrates with or presents expense management features.
CTM software allows you to put in place a smartly designed travel policy and approval procedure, and effectively manage your travel program. This can help your company save a lot of money on staff travel expenses.
Most CTM platforms offer an easy-to-use dashboard and concise interface that enable you to easily search and purchase tickets.
Leading CTM solutions integrate with all the popular LCCs, GDS, and third-party consolidators of insurance, car rentals, hotels etc. They present worldwide travel content which means business travelers can avail the best fares.
In today’s organizations, travel expenses take a big chunk of the budget. CTM software permits business travelers to effortlessly create expense reports that managers can review and approve online. This streamlines the processing with time efficiency, data integrity, and high accuracy.
It is essential to describe the different corporate profiles for smooth working of booking workflow and internal travel policies. Top CTM tools enable you to create and manage assorted corporate profiles based on user roles, department, and designation.
In old-fashioned companies, emails are used to initiate and finalize travel requests. This form of communication is inefficient and costs more too as it deprives the company of savings since limited information is available about travel options.
Use CTM software to simplify the booking processes. The tool permits you to compare and check more accommodations and flights faster, and helps you get cheaper prices without needing to send and receive multiple emails. Staff members can book trips on their own, which increases autonomy and satisfaction.
It is difficult for companies to provide their employees comfortable trips within the limitations of their travel budget. As a result, businesses end up under or overspending the money. Plus, static budgets are not of much use for travel managers as they are not accurate because of the constantly changing prices.
Most CTM solutions are connected constantly. They make use of dynamic budgets that factor in real-time pricing info along with your enterprise’s travel policies. As a result, you can rest comfortably that set budgets are being met at all times.
An Expedia survey reveals that 91% of small company business travelers spend more on hotel rooms, room service, and meals compared to traveling on personal funds. This occurs because most employees are unaware of how these expenses affect the bottom line.
CTM platforms provide more visibility on budgeting requirements and company travel policies. This helps managers to communicate with staff members on how to travel comfortably within the allotted budget.
Employing corporate travel agents deprives you of valuable information. Plus, you cannot be sure that the travel company cares about your bottom line.
The solution is to invest in a digital travel solution as it can generate tons of data on useful metrics such as travel frequency, hidden fees, flight costs, hotel stay frequency, and more. You can utilize this valuable info to allocate funds more efficiently and negotiate favorable deals with most used hotels and flights, which can save you a lot of money in the long run.
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