Companies that offer CTM services should not be confused with typical travel agencies. Corporate Travel Management goes beyond the normal function of a travel agency. It exists to function as a strategic plan of a company when it comes to travel policy. For most companies, travel expenses are considered to be the second highest controllable cost. And since it is controllable, employing a team to control these expenses can be very helpful in cutting expenses. Travel expenses do not only apply to a plane ticket, hotel, car rental, and etc., but also apply all costs incurred during the trip, including food expenses, fares, and hotel accommodation.
With increasing complexity in managing a business, a little help from your travel program can be really beneficial to your company’s bottom line. Here are the few advantages you can get from having this one:
- Simplifies everything. Having a separate team managing your travel program simplifies everything. Corporate Travel Management makes things easier with booking solutions and tools. In addition, CTM also manages the company’s strategic travel policy.
- Cost cutting.Again, the traveling cost is one of the highest controllable costs in a company’s expenses. Properly management of this cost can greatly affect the company’s bottom figure. CTM is designed to provide a company with a cost-effective approach in handling travel expenses. Usually, they are the one to look for vendors that offer the best deal at the very lowest cost. They also plan expenses and work within the budget. A CTM can help you with travel expenses inconsistencies that will help you save big money in the end.
- Smooth company’s travel policy. With the help of CTM, the company can set up and have a definite travel program and policy. Having this program can lead the company in the right direction in terms of travel decisions. TMCs know already the keys to successful travel policy and what is recommended.
- Provide safety and security. Having a Corporate Travel Management ensures more the safety of your employee. They are the ones who find vendors with the safest and most secure facility. They manage also the travel insurance of the one traveling. Securing the safety of the employee is very important, knowing that high risk comes when traveling.
- Customer and care support. In the event of an emergency, the CTM can easily track the employee who is traveling. CTM have this online tool that can help your employee’s tracks and location. They help also the employee in getting where it should be.
- Organizes travel documents. One of the important advantages of having CTM is that it helps the company to have organized travel documents. The CTM often secure and store travel itineraries and key travel documents, such as plane tickets and passport. This helps the one traveling to focus more on the purpose of the travel.
With those said advantages of Corporate Travel Management, it is indeed beneficial for a company, especially a big company, to have one. To know more about CTMs and their roles in a company, here is the list of their definite functions:
- Negotiate with vendors and contact third-party contractors. One of the important functions of the CTM team is to get the best deal with vendors. Looking for vendors that offer the best deal is very critical since this is the very reason why CTM exists. Usually, CTM companies who have run business for quite some time have already a list of vendors that offer the best travel package.
- Day-to-day operation of the travel program.Aside from negotiating with vendors, the CTM is also responsible for the itinerary of your travel. They are the one who plans for your day-to-day activities. This is very critical since it helps the company to have more efficient transactions throughout the travel.
- Provides and ensures safety and security. The safety of the employee who is traveling is very important. This includes securing an insurance policy for the one who is traveling. The CTM is also responsible for choosing vendors with the highest credibility when it comes to safety and security.
- Credit-card management. Corporate Travel Management is also responsible for the management of the billing for the whole trip. One of the unique roles of these CTM companies is to monitor the credit transactions of the company, making sure it does not exceed its limit.