Why Your Business Needs Modern Travel Management

By Jessica Larkin

Years ago, if a trip needed to be booked, it was necessary to call the hotel directly or visit the airport to purchase a flight. Thanks to the internet, reserving travel has become far easier. However, there are still ways to improve processes, especially for business travelers.

Sure, your employees could take to the web to book flights, hotels, and rental cars; however, even utilizing travel sites like Expedia or HotWire still leaves a lot of manual steps to be managed, increases the likelihood of human error, and takes time away from project work.

Fortunately, modern travel management companies (TMC) take the booking process to an entirely different level. In addition to providing the best possible rates for a trip, innovative TMCs provide all-in-one expense management, budget forecasting capabilities, and even build policies into the technology to streamline every aspect of business travel.

Enhanced Employee Experience

Booking travel without the assistance of a TMC can be time consuming and tedious. Not only do employees need to be mindful of budgets, they also need to focus on matching their itineraries to meeting schedules, and documenting all expenses appropriately.

TravelBank is a faster, easier way for busy professionals to book flights and hotels and report expenses along the way. Our app is an employee favorite for a multitude of reasons, with the most popular being:

As we stated previously, TravelBank understands that people have different travel preferences and the app lets employees travel the way they desire. If a road warrior prefers to fly business class or stay at a cool boutique hotel within budget, it’s no problem.

A New Standard for Budgets and Approvals

Business travelers aren’t the only benefactors of a modern TMC. Managers, finance teams, and HR departments also get more time back in their day, thanks to streamlined processes, TravelBank’s ability to roll policies into the app, and easier approval cycles.

For example, TravelBank calculates a budget for a trip based off real time market rates when a traveler goes to search for a flight or hotel. This budget is then used to guide the traveler through their booking selection to help them stay within policy and save the company money. If for some reason, they need to go over budget, a company can allow flexible bookings (employees can go over within a certain percentage or dollar amount of recommended budget), or they can request to book and their manager/approver will be notified.

Compared to organizations that don’t utilize a TMC, it’s safe to say that TravelBank is a huge time saver and helps keep things both organized and compliant.

Reaching New Heights

At our annual user conference, Altitude, we announced a ton of new features focused on reimagining the managed travel experience. Our patent pending SuperItinerary will provide users access to a new mobile itinerary view and includes integrated trip budgets that will guide spend based on policy and make things easier for admins. We are also beyond excited for the TravelBank Marketplace, which provides a one-stop-shop for airport lounge passes, ground transportation, bleisure activities, and more.

Managed Travel Reimagined

Unmanaged travel is a time suck for finance teams, causes unnecessary employee stress, and leaves gaps in policy compliance coverage. With global business travel spend estimated to reach $1.6 trillion by 2020, it is essential for companies to adopt modern manage travel capabilities to not only streamline processes, but also to avoid the scenarios mentioned above.

Modern business travelers want a modern travel management experience. We make it our goal to go above and beyond in every aspect of what we do—from the booking experience, to 24/7 customer support, expense management, and fostering a stellar experience for road warriors, finance professionals, and executives alike. Ready to get started? Let’s chat.

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