Manufacturing Industry Business Travel on the Rise
Manufacturers are constantly bringing new facilities online, releasing products to the market, and working with new suppliers. A cornerstone of both domestic and global economies, U.S. manufacturing produces 18.2 percent of the world’s goods. In 2018 alone, the industry drove 11.6% of U.S. economic output, according to the Bureau of Economic Analysis.
Thanks to the economic reliance on this industry, the Global Business Travel Association (GBTA) anticipates significant business travel spending growth. With an uptick in travel, manufacturing leaders are turning to travel management companies to support their employees on the road, ensure policy compliance, and to streamline expenses and finance functions.
Why Managed Travel is Essential for Manufacturing Leaders
It goes without saying that manufacturing and business travel go hand-in-hand. In fact, the GBTA highlights that this industry spends approximately $10 billion annually on project-based travel. Across the segment, it is essential to meet with suppliers, tour production plans or potential retail shops, research, and meet with customers and prospects. As a result, global travel is often required for many manufacturers, entailing the need to work in different currencies.
TravelBank understands the needs of business travelers in manufacturing and have built our technology to support various roles across an organization. We not only can assist with the day-to-day operations of your business travel program, but provide 24/7/365 support for all stakeholders, including CEOs, employees, and of course, finance departments. As a result TravelBank customers experience improved efficiency, enhanced policy compliance, and reduced travel-related costs.
A Better Travel Experience for Manufacturing Employees
By utilizing a managed travel solution, such as TravelBank, employees spend less time on the logistics of travel and expense reports, and more time focused on the reason for their trip. For example, our booking tool is available via app or desktop, and enables employees to purchase flights, ground transportation, and lodging. Travel and budget policies are built-in to guide spend and support compliance, which expedites the booking process and reduces confusion. If a trip is out of budget, the employee can submit the itinerary and a note justifying the increase expense for review by their manager. If approved, TravelBank will automatically book the trip. If it is rejected, the employee will be notified immediately, enabling them to find an alternative itinerary within policy.
On travel day, employees can head to the airport with the peace-of-mind of 24/7/365 customer support. If a flight is delayed or canceled, a connecting flight missed, or there is an issue at the hotel, we’re here to help. Business travelers can contract TravelBank via phone, email, or chat. Further, we function as the agent of record for all trips and will never pass the buck to a third party.
An employee favorite is the fact that our app features an all-in-one expense management and reporting tool. Receipt photos can be snapped on-the-go, even when they are in foreign currencies, with a note describing the expense. At the end of the trip, all expenditures are pulled into a report and sent to finance with a simple click or tap. Talk about easy!
Last but not least, TravelBank rewards business travelers for making smart decisions with company money. As we’ve stated previously, “Our rewards program allows your employees to use their judgement to book the travel that makes the most sense for their trip needs, while guiding them to stay under budget. By offering employees a percentage of the money saved in the form of rewards, they treat the company money like it’s their own money. On top of that, rewards become a perk that they can redeem for services they’re already using everyday,” like Lyft, Uber, Amazon.com gift cards, and more!
Manufacturing a Better Travel Experience
There’s no question that business travel and manufacturing go hand-in-hand. Both play essential roles in economic growth, encompass a variety of roles and stakeholders, and require meticulous expense reporting. Thanks to technology, business travelers in the manufacturing industry can now experience the benefits of streamlined booking, expense reporting, and built-in compliance tools.
As one of the largest industries in the U.S. and a key contributors to our economy, it’s essential to support your most important asset, your employees.TravelBank checks all the boxes for managed travel needs within the manufacturing industry. If you’re ready to get started, let’s find a time to chat. Also, keep an eye out for an upcoming post focused on the business benefits of managed travel for manufacturing HR and Finance Departments.