What’s the financial upside of consolidation?
Financial controllers everywhere rejoice. Savings are abundant when you consolidate your business travel. And it really levels up when you have the right Travel Management Company (TMC) in your corner. Business travel is often one of the largest expense items on a business’s budget sheet, so it pays to have full visibility and control over every dollar that’s being spent, who is spending and through what channel.
You can’t manage a budget if you can’t monitor the spending. And you can’t monitor the spending if you can’t see how the cash is being spent. Hence why a consolidated view or full visibility of your travel spend is so important!
As well as all the savings we’ve mentioned in this article, there’s loads more financial benefits of consolidation as detailed below…
Start by finding a way to track travel spending accurately
If you don’t understand your business travel expenses, it’s like flying in the dark. So, how do you find out? By working with the right TMC, you’ll get access to tools, tech and processes that give you visibility of and insights into your travel spend and activity.
A TMC will provide you with the tech and tools needed to track and report on spending patterns. Once you have these systems in place, you’ll get better insight into your business travel expenses, see trends, get detailed analytics and be able to make data-driven decisions.
Travel reporting will give you insights such as:
- Your total spend across air, hotel and ground transport
- How much travel is being booked out of policy
- Supplier booking leakage
- How far in advance your travel is being booked
- Type of fares and room types
- Where you could leverage your booking volume for a negotiated rate or fare
Plus, many more general and custom reports can be run to give you a clear view of your organisation’s travel spending patterns.
Getting value from every booking
The next step is working with a TMC that’s determined to make your program a success. That means they’ll always be looking for new opportunities to help you save, drive value and optimise.
Each year, our team saves customers so much money. How? Through our tech, process expertise and by tapping into our global network of supplier relationships.
Your potential for savings, however, relies on having all of your travel being booked centrally through Corporate Traveller. We help you to drive savings and value from:
- Securing waivers and favours from travel suppliers
- Knowing when and how to negotiate better rates and fares for your travel volume
- Showing you how to use our technology such as the online booking tool to save more (never let an unused air credit expire again)
- Giving you access to exclusive deals and offers
- Providing advice to help you optimise your program
- Helping you to select the right payment and expense solution
- Providing access to services such as a trading account and enhanced data for speedy reconciliation
And these savings are just the start!
There are so many aspects to getting a great return on your investment in business travel. And at the heart of these savings strategies is consolidation. Bringing all the pieces of the travel pie together puts everyone on the same page from which to work from.
The proof is in the pudding.
Let us show you how consolidated travel is where it’s at!