The benefits of travel management tools are vast, and they compound across all sections of your working infrastructure. Likewise, for any company with notable global business travel, this is an absolute no-brainer. In the same fashion, using business travel management tools can definitely drastically improve internal efficiency and deliver cost savings across the board. Read through to know more about corporate and online travel management tools.
What Are Travel Management Tools
Travel management tools provide a forum for users to plan, buy, and record travel costs. Companies use this tool to streamline purchasing decisions, centralize employee travel expense records, and manage corporate travel budgets. Rather than using individual agents or submitting self-purchased receipts to an expense management product, travel management tools provide users with a tool for booking and automatically reporting their travel purchases.
Furthermore, this tool improves visibility between managers and employees regarding corporate travel, as well as allows accountants and managers to run reports and repay employees. It also ensures that employee work-related travel is in agreement with company policy.
For a product to qualify for inclusion in the Travel Management category, it must:
- Provide a travel booking forum
- Report costs related to employee travel
- Integrate or provide expense management features
- Paychecks for travel costs should be printed or deposited.
- Include corporate travel policies to ensure compliance.
Read Also: Online Travel Management: Ultimate Guide
Corporate Travel Management Tools
Corporate Travel Management tools enable firms to facilitate the process of planning trips and managing all travel-related costs while adhering to corporate travel procedures. Similarly, employees can use the tool to book, manage, and track trips without the assistance of a specialist agent. Administrators can approve and repay these trips using an automated approval workflow.
Organizations use corporate travel management tools to develop travel data reports and gain insights in order to control and optimize their travel spending. The tool’s functionality has also been expanded to track and consolidate historical travel invoices.
List of Corporate Travel Management Tools
Below is the list of corporate travel management tools
#1. SAP Concur
The SAP Concur corporate travel management tool is the world’s leading provider of merged travel, expense, as well as invoice management solutions, driven by an unwavering commitment to simplifying and automating these day-to-day processes. A top-rated app guides employees through every trip with SAP Concur. Moreover, charges are easily populated into expense reports, and invoice approvals are automated.
Businesses can see exactly what they’re spending without worrying about budget gaps by integrating near real-time data and using AI to audit 100% of transactions. SAP Concur solutions also eliminate time-consuming tasks from the past, make today’s work easier, and assist firms in functioning at their peak every day.
#2. Expensify
Expensify is a payment super app that assists individuals and firms all over the world in simplifying their money management. Additionally, Expensify’s free features, which include corporate cards, expense tracking, next-day refund, invoicing, bill pay, and travel booking in one app, are used by over 10 million people. Everything is free. Still not convinced? Expensify is used by G2Crowd as well! To begin a free trial, go to use.expensify.com.
#3. Egancia
They are the world’s business travel platform. Companies of all sizes in over 60 countries rely on Egencia to modernize their corporate travel programs. We bring the power of American Express Global Business Travel to deliver simple, consumer-like business travel that users love, as well as quick, expert support for unexpected moments. With a globally consistent platform and powerful travel program management, you can be confident that your travel program is optimized to manage risk while maximizing ROI.
#4. MyBiz by MakeMy Trip
MyBiz by MakeMyTrip for Business is a one-stop travel management solution for all business travel needs. We are a preferred travel partner to more than 35,000+ organizations. We also personalize your booking experience with our AI and ML-driven platform.
#5. TripActions
This is the only modern, all-in-one travel, corporate card, and expense management forum, offering 8,000+ customers worldwide unprecedented visibility and control over their spending. TripActions, which is trusted by both travel managers and finance teams, uses real-time data to help companies keep traveling employees safe, reduce spending, and drive productivity.
What Are the Six Phases of Corporate Travel Management?
They include
- Travel policy formulation
- Flight and hotel bookings
- Passenger assistance
- Consulting
- Travel auxiliaries
- Reporting and analytics
Business Travel Management Tools
Business travel management tools help companies plan, track, and analyze company travel. Similarly, it usually provides travel inventories, travel policies, reporting, auditing, and other services as well.
List of Business Travel Management Tools
Below are business travel management tools
#1. TravelPerk
TravelPerk puts the world’s largest travel inventory in one place. Just like the sites you use in your personal life, TravelPerk equally brings different airlines, hotels, trains, and more into its dashboard and mobile app. Additionally, tracking bookings and producing reports becomes incredibly simple with this app.
#2. TravelBank
TravelBank is one of the business travel management tools that automate the expense reporting process. Moreover, users can screenshot receipts for flights or ground transport, and these are matched to charges on the company card. Individual travelers can also earn rewards for bringing the company discounts through TravelBank – a nice way to incentivize responsible spending.
#3. Lola.com
Lola.com is an intuitive, agile travel management solution that people actually want to use. Lola’s app allows you to get 24/7 test-based support from live travel experts. Furthermore, it makes it easy to stay on budget, forecast spending, and book travel on behalf of other employees.
#4. Trippeo
Trippeo is comparable to TravelBank (above). While you can book travel through the platform, most users appear to prefer the expense report automation features. You can also log every purchase and payment as you go, and Trippeo will assist you in finding and saving the receipts. Besides, this is very convenient for employees (who despise expense reports), and it benefits the finance team by ensuring that reports are filed correctly the first time.
Trippeo’s OCR tool is also popular among users. You can email a receipt to a dedicated inbox, and the tool will automatically match it with the payment. Which is preferable to a confusing mess of receipts in your office drawer.
Online Travel Management Tools
Online travel management tools are used to book trips, manage upcoming trips, and track and report on previous trips via the Internet. Besides, other important features and applications include the automation of corporate travel policies and the ability to consolidate travel invoices and vendors.
List of Online Travel Management Tools
Below are online travel management tools
#1. Flightfox
If you enjoy the experience of having a travel agency but also want a modern tool to go with it, Flightfox, which is a travel agency management tool that provides an online tool where you can review upcoming trips, download expense reports, and so on, can be of interest.
#2. Airbnb for Work
While it is not a complete trip management solution in and of itself, Airbnb for Work provides the features that firms require to safely and easily allow their travelers to stay with Airbnb for business trips, such as streamlined payment and duty of care integrations. Remember that some travel management platforms (such as TravelPerk) allow you to book with Airbnb for Work.
#3. SalesTrip
Salestrip is a good business travel software option for Salesforce sales teams and consultants. It also enables you to track and manage travel at the CRM level, allowing you to assign trips to specific customer accounts.
#4. Emburse Certify Travel
Emburse Certify Travel is a web-based, easy-to-use travel booking solution for small to large firms. With automated expense reporting and streamlined workflow, Certify can eliminate the need for spreadsheets and paper receipts while reducing the time spent creating, approving, and reimbursing a report. Additionally, certify makes processing company invoices simple with an automated AP solution that’s seamlessly integrated into the leading Certify expense management platform.
#5. TravelWorks
TravelWorks is a back office system in the cloud for travel agencies and tour operators. Invoicing, account receivable, accounts payable, general ledger, real-time advanced reports, mobile app, as well as other features are available. Also, optional modules for tour management include tour creation, inventory management, and online booking. Connected to major GDS (Sabre, Amadeus, Travelport). 30+ years of experience developing travel software. 6000+ users, user-friendly, quick to implement, low cost, and with a free demo.
What Technology Do Travel Agents Use?
With the help of CRM, companies can go the extra mile and do things outside the box to keep their customers happy. CRM manages stock, provides real-time data, handles marketing campaigns, as well as prepares reports. It also helps to organize and streamline the business by automating daily activities.
What Are the Elements of Travel?
The four basic elements of travel are air, land, sea, and water. The four elements of travel are used to categorize different kinds of travelers. The first three elements are important to all of us.
Which Software is Best for Travel Agency?
- Lemax: much more than hotels and flights.
- Bookinglayer: adventure travel booking engine.
- Xero: secure and feature-rich.
- TripСreator: tour planning with built-In inventories and booking engine.
- Zoho’s Travel Agency CRM: comprehensive tool from an industry leader.
- LeadSquared Travel CRM: exhaustive marketing software.
What Are the Types of Travel Intermediaries?
- Wholesalers & aggregators.
- Retailers.
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FAQs on Travel Management Tools
What is SAP travel management?
SAP Travel Management enables you to request, plan, and book trips, create an expense report, as well as transfer expense results to other business function areas.
What is travel and expense management?
Travel and expense management (T&E) is the process of collecting all travel-related expenses in order to write them off (and not pay taxes on that amount). In addition, in most countries, business-related travel, including flights, hotels, and ground transportation is fully expendable.
What is a travel policy?
A travel policy is essentially a company’s rules and procedures that outline how their employees should approve, book, and expense travel for business purposes.