The role of a travel manager often varies with the size and scale of organizations. Global organizations may have large, complex travel programs, typically managed by a team of corporate travel professionals. Whereas small to medium-sized businesses may only have a single point of contact managing the travel program. Regardless of the size of your organization, business travel reporting continue to be the backbone of travel programs.
For SME businesses, it’s common for travel managers to spend hours every month sifting through for-business reports, consolidating raw data, and producing reports for their various team managers. These reporting cycles are arduous monthly, quarterly, and annual processes that hinder travel managers’ ability to support business travelers.
We will be unpacking the four key reasons why travel managers need access to reliable corporate travel data analytics—from the time of booking—to support modern travel management programs and optimize reporting.
1. Improved Traveler Safety and Duty of Care with Business Travel Reporting
Thanks to COVID-19, duty of care is a top priority for businesses around the globe. So, how can your company meet its legal obligation to keep travelers safe and supported throughout their business travel journeys if data analytics are delayed or non-existent?
Start-ups and SMEs are notorious for having “find and book the lowest possible fare” policies, which prevents travel managers from knowing travelers’ whereabouts until after travel has occurred. For example, what happens when the traveler reaches out to Expedia or Booking.com directly to change, or cancel an itinerary? How are you notified of the traveler’s requested itinerary changes?
The safety of your business travelers starts with knowing their location and having access to their evolving travel itineraries throughout the duration of their business trips, whether a quick day-trip, a week-long conference, or a temporary relocation.
When Traxo is supporting your business, you have access to quick, easy-to-navigate travel data from the time of booking to the time of their return, and all the changes in between. When that data is shared with duty of care providers, such as International SOS, your program becomes foolproof, capturing off-channel bookings, TMC booked transactions, and supplier direct reservations, with one user-friendly tool—Traxo.
2. Business Travel Reporting Enhance Travel Program Savings
Drive further savings to your travel program when you have visibility into the complete travel picture. With Traxo’s unique capability to capture all bookings in real-time, regardless of booking source, you can work with travelers and shift bookings to preferred suppliers to realize your negotiated rates. This early insight grants you access to the cancellation window, allowing you to educate the traveler before the expense report comes in, reduce trip expenditures and protect your company’s bottom line.
3. Informed Policy Updates & Better Compliance
The ability to make data-backed decisions on policy changes, traveler training, and any change management are critical travel management responsibilities. Informed decisions allow you to supply metrics to your executive team and ensure that your proposed policy changes achieve executive buy-in.
By adjusting policies to support business and traveler needs, you can meet strategic company goals and improve traveler satisfaction. These relevant policy changes can lead to better compliance, enabling travelers to act in the best interest of your company without sacrificing their own needs and preferences.
4. Business Travel Reporting Uncover Trends and Enable Forecasting
With access to pre-trip and post-trip data reporting, the world of travel trend forecasting becomes available to your team. You no longer need to wait for expense reports to be filed or a corporate credit card reconciliation (which sometimes takes weeks, if not months, before completion). Quick, real-time reporting on travel booked via any channel allows you to:
- Identify travel trends, including the most-visited regions, preferred hotel chains and airlines, and frequent sources of non-compliance
- Forecast your program’s travel volume, booking channels, etc. in preparation for annual budgets, policy adjustments, or drafting your next RFP.
Improve Travel Reporting with Traxo
Traxo provides a unique opportunity to act on bookings made through supplier sites, OTAs, and TMCs—versus only TMC bookings. Are you ready to wave goodbye to travel program leakage and holistically support your travelers and business through a modern travel management approach? If so, contact Traxo today.