The 4 Financial Strategies to a Successful Managed Travel Program

A managed travel program has many benefits beyond cost savings and enhanced productivity. As travelers require a more tailored experience, mobile and social policies are crucial to a successful managed travel program. However, the essentials of a travel program, must work for a corporation to regulate spend, guarantee traveler protection, and manage supplier service levels.

Creating a strong travel management company (TMC) relationship at the commencement of the project is vital to success of the program. Travel and expense is one of the three largest controllable expenses. Acendas recommends the following four key financial strategies to be incorporated at the foundation of a managed travel program:

  1. Generating a greater return on investment. Do you know where your travel dollars are going? A TMC can obtain, observe, and examine travel expenditures in order to proficiently recognize and understand possible program savings. A TMC should assist companies with consolidating purchasing, driving compliance, monitoring and analyzing spend, and leveraging suppliers is all part of a Managed Travel Program and your Return on Investment.
  2. Controlling spend. As travel requirements constantly change, your TMC should provide you with strength, flexibility, and resources to help manage and control your travel costs. Your data should be leveraged to help you better identify, visualize, and mitigate financial risks from your travel program.
  3.  Examining data. Is your travel program data analyzed and actionable? Reporting tools should provide companies with consolidated, analyzed, and actionable data needed to quickly address policy compliance issues, strengthen supplier negotiations, and maximize travel program performance. Your TMC should be helping your interpret data and provide recommendations for improvement.
  4.  Leveraging preferred vendors. Through preferred partnerships and negotiated contracts, a company will see upfront savings. In addition, benchmarking assists with vendor negotiations to find suitable contract savings that meet the corporation’s requirements.

Would you like to start addressing your company’s bottom line? For additional best practices to corporate travel program cost savings, click here to download our white paper on Implementing a Managed Travel Program.

Is a managed travel program the best move for your company or do you need a new solution to make a better impact?