The end of the COVID-19 pandemic will lead to a surge in domestic and business trips. Consequently, you need to make changes to your organization’s corporate travel management policies. Your post-pandemic travel policy must focus on improving the work travel experience and ensuring corporate traveler safety at a time. At the same time, the updated travel policy must implement strategies to control business travel expenses and prevent travel expense fraud. You can easily manage the surge in business trips by automating corporate travel management and implementing travel and expense software. The travel and expense software will make it easier for your company or startup to improve business travel management, ensure corporate traveler safety, and control business travel expenses. Also, it will help you make informed decisions using new-generation technologies. Hence, the right travel management software will help your organization streamline corporate travel management in several ways. 11 Ways Travel and Expense Software Streamlines Corporate Travel Management1. Access Extended Travel InventoryWork travelers these days expect employers to provide more choices or options. They love to choose from multiple business travel products like flights, accommodations, and car rentals. The travel and expense software will enable your employees to access an extended travel inventory. Hence, every business traveler can book their choice of business travel products and services. 2. Get Discounted and Negotiated Rates Leading travel and expense software providers these days build business relationships with major travel vendors and suppliers. Hence, your employees can book key business travel products and services at discounted or negotiated rates. At the same time, the software will detect hidden fares charged by airlines and hotel chains using algorithms. The feature helps your business reduce business travel expenses significantly. 3. Facilitate Managed Travel Booking Most travel and expense software applications these days feature self-booking tools. Employees can leverage these tools to book business travel products on their own according to preset travel policies and budgets. Many travel management software solutions support managed travel booking. This feature makes it easier for your employees to get real-time assistance while comparing and booking business travel products and services. 4. Meet Duty of Care Obligations In the post-pandemic age, your business must keep business travelers safe and comfortable by meeting the duty of care obligations. But there are chances that your company or startup may lack the resources required to help employees manage emerging corporate travel challenges across destinations. The travel and expense software mitigates business travel risks by delivering real-time travel rules and restrictions to work travelers before and during the trip. At the same time, leading travel management software providers keep business travelers safe and secure across destinations by partnering with international health and security service providers. 5. Automate Travel Approvals While customizing or configuring the travel and expense software, you can integrate complex policy checks and implement multi-level approval flows. The software will use the policy checks, and approval flows as key parameters while approving business trips and travel expenses. It will send smart notifications to your finance team or HR team whenever it detects travel policy violations or travel expense fraud. Hence, you can configure the software to automate rule-based trip approvals accurately. 6. Simplify Travel Expense Filing Employees want to generate and file expense reports after business trips without putting in extra time and effort. The travel and expense software comes with built-in tools to scan expense reports. Also, it generates expense reports automatically by capturing information from the scanned receipts. Hence, the software will help employees to file expense reports quickly and effortlessly. 7. Speed up Travel Expense Reimbursements In addition to helping employees to file expense reports quickly, the travel and expense management software will help your finance team to speed up reimbursements. The automated expense approval will reduce the time required to reimburse travel expenses significantly. At the same time, your finance team can transfer funds to the employee’s bank account directly using the software. 8. Automate Expense Audits Your corporate travel policy must make travel expense auditing an ongoing process. The travel audits will help you check if the expenses incurred by business travelers are necessary and comply with your organization’s policies. The travel and expense software captures approvals and comments while processing expense reports. Hence, you can open the software to evaluate and analyze the business travel expenses incurred by employees frequently and effortlessly. 9. Prevent Travel Expense Fraud Travel expense fraud is cited as the major cause of revenue leakages. Your revised corporate travel policy must implement features to detect and prevent expense frauds committed by work travelers proactively. The new-age travel management software prevents expense fraud using intelligence technologies. They detect travel expense frauds automatically based on several factors, including policy violations and duplicate receipts. Also, they send smart notifications to your finance team each time a travel fraud is detected. 10. Incentivize Employees to Save Based on your corporate travel policy, the travel and expense software offers business travel incentives to choose low-cost alternatives. The software will use a trip cost predictor to make employees estimate business travel expenses. Also, it will incentivize them to opt for low-cost business travel products and earn a part of the saving as rewards. 11. Get Actionable Travel Insights The dashboard provided by the travel and expense management software will help you get a 3600 view of employee business travel data. At the same time, the best software solutions have a virtual travel consultant that provides you with actionable travel insights by analyzing large volumes of employee travel data using analytics. You can leverage the actionable insights to make your travel policies more effective in improving travel experiences and controlling travel costs. Conclusion
Your organization can save the time and resources required to streamline corporate travel management through automation. But you must focus on a slew of factors to implement travel management software that meets your company’s short-term and long-term business travel management needs. In addition to being easy to implement, access, and customize, the travel and expense software should help your business improve business travel experiences and meet the duty of care requirements. Also, the software comes with built-in features to help you control business travel expenses. At the same time, you need to ensure that the software remains relevant in the long run by leveraging cutting-edge technologies like artificial intelligence (AI) and data analytics. Hence, your organization can streamline corporate travel management only by implementing the right travel management software.
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