A structured corporate travel policy thrives on compliance. When there is a clear margin set for the company’s travel policy, compliance to this policy makes it easier to structure corporate travel without running the risk of paying far too much for these services. In order to achieve consistent compliance, an effective management system is needed to see to employee travels on company business.
The ever-connected and networked world we live in today gives convenient access to management systems where employees can take care of their own travel bookings, but it makes compliance with the company’s travel policies far more challenging.
An end-to-end corporate travel expense management solution offers a company many advantages. It will also help the business to achieve consistency and compliance with all travel policies, keeping the budget under control and easily taking care of managing employees’ travels and requirements.
How corporate travel expense management solutions will benefit your business
Here are five advantages to investing in an end-to-end corporate travel expense management solution.
1. Reduced Travel Management Company Costs
Using a corporate travel expense management solution will lead to reduced travel cost management (TCM) . This is due to a reduced cost of change for companies that are required to issue tenders for Travel Management Companies in order to align and comply with good corporate governance principles.
2. Improved Productivity Throughout the Company
The company will enjoy increased productivity thanks to the time to approve being reduced. Companies will enjoy the many benefits that discounted air travel offers by having access to the information needed at their fingertips.
3. Increased Travel Policy Compliance
Decision makers will be able to increase travel policy compliance thanks to visibility gains and reporting. With point of decision support frameworks information is at hand and will lead to more informed decisions which will provide the company with cheaper travel solutions.
4. Decrease in Exposure to Fraud
When using a corporate travel expense management solution the chances of the company being exposed to fraud and prolonged litigation decreases significantly. Information available at the time of decision-making leaves no ambiguity and will force compliance with company travel policies.
5. Improved Financial Controls
Thanks to the improved visibility offered by corporate travel expense management solutions, better real-time budgetary information is available at time of approval, therefore improving financial controls.
These are only a few of the many advantages associated with investing in a dedicated end-to-end corporate travel expense management solution.
TraveluXion has developed a cutting edge corporate travel management solution that makes available exclusive product offerings by combining leading online booking technology with a smart Spend Management solution.
Our travel solution also encompasses a Duty of Care approval process. To explore TraveluXion’s corporate travel management solutions and products, contact us to discuss all of your requirements in greater detail.