Maximizing ROI on Corporate Travel – Key Point to Consider
Although every company understands the importance of business travel, businesses look at travel expenses by the end of the year. Corporate travel managers look for ways to minimize business travel expenses but enforcing rules alone will not always work. You have to follow certain strategies to manage corporate travel as a strategic investment and maximize the ROI for both short-term profitability and sustainability.
Clear Policy + Effective Communication = More Savings
Getting savings is not an easy task, but having a clear plan ahead and encouraging your employees to comply with company’s travel policies can help you get more savings. Effective travel policy guides travelers by clearly defining preferred vendors, the reimbursement process, and booking tools, if applicable. If business travelers don’t understand the policy, they cannot realize the benefits that companies offer. Make your employees informed by emails, regular updates, and other modes of communication. Gather the inputs you receive from all your employees to improve policy compliance, eliminating potential travel fraud, and incomplete and inaccurate data. Policy compliance ensures savings, reducing the amount your company spends on business travel.
Collaboration With Finance Department
Increasing ROI on corporate travel management is a common goal for both CFOs and travel managers. Good collaboration between CFOs and travel managers will help manage travel costs in better ways. Make sure you and your employees are on the same page, so this will not have any profound effects on your company. Investing in travel and expense management software would improve compliance and boosts efficiency in real-time. Also, the data can be used to improve ROI by making better decisions.
Better Expense Control Means Better ROI
Controlling expenses for corporate travel comes with many challenges. There are many things to do– capturing travel data, locating the invisible expenses of out-of-policy expense claims and setting up expense report systems are some means to keep your business travel expenses under control. Having a cost-effective expense reporting process in place can save time by capturing accurate information. The key to improving ROI on expense processes is to understand your traveler needs and how your strategies would affect traveler plans.
Leverage Travel Experience to Improve ROI
To make your travel experience the best, give them access to the best hotels when booking travel. Get ideas from returning travelers and try to implement them. Learning from your employees gives you more insight into improving your ROI.
Maximize the ROI
When you are looking for ways to improve ROI, learn about the benefits you give to your employees. Know the experiences of your travelers and about the benefits offered by your suppliers and vendors. Making use of data to understand your traveler needs and preferences will yield you intangible results.
