What is a corporate travel management company?
A travel management company (TMC) books and manages travel on behalf of businesses as a service. Typically, a single point of contact at the TMC will ensure that business trips follow company policy and offer on-demand support.
Corporate travel management companies all differ in what they offer: larger companies may provide support in multiple languages as an additional feature, whilst smaller TMCs may offer a more basic service at a flat rate.
Typical services that most TMCs will provide their clients include:
A global distribution system (GDS) with extensive multi-channel content
Complete end-to-end booking of corporate travel for employees such as air travel, rail, taxis and accommodation
Providing travel solutions and support for situations like cancellations and delays
Negotiating group/corporate rates for their clients
What are the benefits of a corporate travel company?
Industry expertise — Both SMEs and larger businesses can benefit from the knowledge and experience of an industry professional.Choosing to work with a corporate travel company lets you delegate tasks to experts in the industry so that your employees can focus on what they do best without needing to hire a dedicated internal travel manager.
Exclusive rates — TMCs can sometimes negotiate improved corporate rates for their clients to ensure your business is getting the best possible deal.
Travel support — In-house travel managers aren’t always on the clock, so they may not always be there to assist when things go wrong. On the other hand, a corporate travel management company will have a dedicated contact team to ensure that there will always be someone ready to help when things don’t go to plan.
Reporting — To ensure your business trips stay within budget, TMCs will track and report on spending to give you a clear picture of where the travel budget is being spent.
Duty of care — By working with industry professionals, businesses can ensure that corporate travel companies adhere to a proactive travel risk management (TRM) policy. This will ensure that your employees are suitably cared for when exposed to any risks while travelling.
Compliance — TMCs are required to enforce a business’ compliance guidelines, ensuring your travel policy is upheld during the booking process.
What to look for in a corporate travel company?
A simple booking process
Businesses choose to work with corporate travel companies because they are looking for a way to simplify their travel management. Therefore, a smooth booking process ensures your business travel stays streamlined.
A single point of contact will ensure that your queries are answered promptly, removing the unnecessary steps of having to chase up your details every time you contact the TMC. Additionally, businesses should be able to effortlessly cancel, amend or re-book their business trips without relying on lengthy correspondents with their corporate travel company.
An extensive inventory
Working with a travel management company with a lacklustre hotel and flight inventory can leave you with few options, often resulting in businesses being forced to go over their travel budget.
Selecting a corporate travel management company with a Global Distribution System (GDS) will allow them to aggregate and arrange travel data from an extensive list of vendors to build a robust travel inventory. This will likely include a range of travel options, such as planes, trains and cars, and your choice of accommodation, like hotels or apartments.
With an extensive hotel and flight inventory, be free to pick and choose the options that best fit your travel needs and budget.
Advanced technology
Not all travel management companies invest in technology, so it’s important that you research ones that understand the potential. A good technology setup will ensure that you have complete visibility of all corporate travel trips, ensuring you can stay updated with the status of booked vehicles, accommodation check-ins and travel spending.
For additional ease, see if they have a mobile app that can send travellers notifications and updates on their upcoming business trips. This is a useful way to keep on top of the status of each trip, especially if the app has a user-friendly interface.
No hidden costs
Ensure you fully understand the fee structure of any tools or services before signing up. Do plenty of research and keep an eye out for any red flags, such as additional charges for support calls during routine bookings.
Unlimited travel support
As business travel often occurs outside of standard business hours, you want to make sure that the TMC you’re working with provides 24/7/365 support. This will ensure that you always have a point of contact that can support and advise you during an emergency. Additionally, having multiple language support is especially useful for international travel.
Another thing to look out for when choosing a TMC is that they provide a dedicated travel agent who knows your travel itinerary and can provide you with personalised support. This means they can quickly make any trip amends, such as cancellations and re-bookings, and readily answer any queries about your trip schedule.
Travel spend reporting
Businesses need comprehensive travel data to make informed decisions when it comes to travel budgets. Corporate travel companies should provide organisations with detailed travel reports with every business trip, allowing you to save costs and enhance your travel management processes.
For example, a travel management company providing an MIS (Management Information System) report can detail insights into your top spenders, frequently travelled to destinations and much more.
Scalability
As your business grows, so will the number of business travellers you need to support. In order to future-proof your organisation, you need a solution that can keep up with the scale of your growth — including a rise in employee data and travel requests.
By opting for a corporate travel company that utilises cloud-based software, you can make sure your business is always prepared with on-demand scalability at no extra cost.
Find your next travel solution with CMAC
With a wealth of industry experience and global coverage, CMAC provides pivotal support for travel management companies. We partner with TMCs to provide their clients with fully managed transport solutions.
From businesses that work with a TMC to those that rely on in-house travel management, we have a solution that’s right for your business.
Learn more about how CMAC works with travel management companies, or get in touch with our 24/7 customer care team to speak with one of our experts.