Etihad’s Top Tips for the Seasoned Business Traveller

| May 23, 2019

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Some think that your value in a company is measured by your salary, we are of the opinion that it has more to do with how many air miles you accumulate. As the face of your company it is up to you to make sure you portray the image of a travel-ace. If you are a seasoned traveller you will already have this down to perfection, for those who are slightly less familiar with all of the things to be aware of on business trips this infographic is for you – learn how to look like you have been doing this for years

Spotlight

Intrepid Travel

For the past 28 years, Intrepid Travel has been taking travellers off the beaten track to discover the world's most amazing places. We offer more than 1,000 trips in more than 100 countries and on every continent. Every trip is designed to truly experience local culture - to meet local people, try local food, take local transport and stay in local accommodation. Intrepid’s award-winning tour leaders, small group sizes and included activities means we offer travellers great value for money.

OTHER ARTICLES

How Corporate Travel and Expense Management Is Evolving Post-pandemic

Article | December 3, 2020

The travel industry is getting back to business, and demand has skyrocketed for travel technologies that make interactions possible between companies and corporate travelers. A recent Gartner survey reveals how 2020 affected CFOs with their corporate travel and expense management tasks globally. How will finance teams report and forecast expenses? How can corporate travel costs be managed? How to manage travel expense management processes effortlessly? Does this sound familiar to you? These were a few valid questions that kept companies engaged in finding answers during the pandemic. Many finance leaders want to implement proper corporate travel and expense management services and find solutions to bring consistency and clarity to their financial processes. While switching from manual processes to automated management systems can be difficult post-pandemic, with an efficient travel and expense management tool or software, your company can gain optimum benefits and stay productive in the future. This article will show you how it evolved through the coronavirus phase efficiently. Adoption of T&E Management Process for Seamless Work Experience An American Express survey found that 55% of the chief executives and senior financial managers ranked rising travel and expense costs as a top concern during the peak pandemic phase. Digital transformation of your processes is a critical strategy for spend management, and it ensures that employees are using the right product to get the best value. By adopting an efficient travel and expense management tool, your company can gain stellar benefits for your finance team to cater varied requirements, and keep a rigorous control over corporate travel spend. Before looking into how travel expense management processes are evolving post-pandemic, here are the benefits and value travel and expense management solutions offer. Also, this will further facilitate your finance team to manage the current corporate travel scenario effectively. Benefits of Travel and Expense Management Solutions The travel and expense management didn’t disappear during the pandemic. Instead, it accelerated its core value. The idea of integrating travel and expense management services with the help of big data in the travel industry is to leverage best practices for travel expense management that can help analyze and extract key information to diverse corporate travel finance functions. Travel industry leaders who are integrating effective travel expense management services in their corporate travel system have experienced the following benefits: Automatic processes of expenditure Data-driven decisions are smarter Time-saving mechanism Simplifies budgeting Ability to forecast more accurately Delivers better user experience Quick access to integrated data from expenditures Gain deep data visibility Higher rate of compliance with corporate policies in finance These significant upticks will benefit your company and will simultaneously improve your corporate travel policies. Understanding these benefits will help you identify how travel technology can help your company manage complex financial tasks that arose during the pandemic. According to a Gartner survey, a travel expense management system is essential as a key solution to manage the corporate travel economy. Any company, big or small, needs to control its expenditure to recover during the pandemic. Complex Forms of T&E Management Are Gone Legacy processes may get a job done, but they are more time consuming, error-prone, and do not provide visibility into travel spend. And when your travel and expense management process is slow and cumbersome, it can slow down the growth trajectory of your business. Corporate travel and expense management automation and its associated features like corporate travel policy, quick and easy booking, automated expense and reimbursement solutions, live credit card feeds, backup analytics capabilities, and more have taken precedence post-pandemic. These services offer more visibility into the travel spend of your employees. With top travel and expense management solutions, your finance teams can monitor and control costs and expenses in the long run. While many corporate travelers have started researching and organizing trips online, you need to add value to financial services by adopting automated travel and expense management solutions that work effortlessly. Core Focus Areas of Travel and Expense Management The post-pandemic era has seen a lot of companies embracing new and updated travel and expense management solutions to drive cost savings, and enable finance teams to have a better control over their road warriors. Here are some: Contactless Data Record Is the next Big Thing Travel and expense management systems allow employees to record all corporate travel bills and receipts through mobile apps and create expense reports immediately. Big data in the travel industry has played a significant role during the pandemic. Technology leaders have already experienced the benefits of travel and expense management. For example, TripActions’ travel and expense management platform uses data to learn about business travelers’ preferences, and predicts within 30 seconds what travelers are going to book with 90% accuracy. The advantage of big data to travel and expense management has already organized several effortless finance processes for corporate travelers to experience seamless budgets. Automation Is Crucial Integrating travel and expense management solutions could easily add to the unimaginable overheads that companies are experiencing. Automation is one of these solutions. Its integration in the travel and expense management system will give rise to a paperless world that will facilitate finance functions to build an audit trail. With this, it also ensures total compliance to keep the organization and its process fast. Agile Technology Is the Enabler Critically for the travel industry, agile technology has allowed multiple methodologies for incremental development in corporate travels, which has transformed the processes from rigid to flexible. The agile process in corporate travel and expense management allows analyzing tangible results on expense. The approach also provides the potential to change plans according to the requirements. For example, Lola.com, the agile travel management company is helping corporate travelers book, re-book, and take the task of expense reports off the table easily. Finance teams arrange travel policies in minutes and equally manage, control, and view expenditure effortlessly. In short, agile technology is making it much easier for travelers and companies all round. To address the use of agile technology in travel and expense management, Jeanne Hopkins, former CMO at Lola.com, the agile travel management company shares “Finance teams at Lola.com have tried managing, controlling, and got visibility into expenditures efficiently by implementing travel and expense management. Small and mid-sized businesses have to be fast and dynamic in the changing scenario of travel, so that actions like booking, re-booking, and managing corporate travel could be performed with efficiency and results in high productivity.” A Hassle-free Expense Management System Expense has been one common challenge with corporate travel programs. Integrating travel and expense management in your company can eventually introduce you to a hassle-free work solution. As the process involves collecting receipts from multiple sources, either from hotels, flights, or car rentals, travel and expense management solutions make it easier for a manager to look at all corporate travel costs at once. Also, in terms of future travel spend and potential savings, the capability of this management remains exceptional. Modern travel and expense management solutions also include self-service, real time, and easy navigation. For example, for travelers, Lola.com has a large inventory of flights and hotels that allow users to avoid going to various sites to compare fares, and save preferences, loyalty programs, and provides payment options in one place. Traveler profiles are automatically stored so that users can book with one click. The 24/7 support team then ensures easy booking and re-booking for its users without any delay. End-to-End Integration Is the New Order of Workforce End-to-end integrated systems in your company will help your finance team implement best practices for travel expense management. This will make it easier for your employees to initiate, approve, and pay each transaction out of hundreds within minutes, thereby creating a seamless task without any manual involvement. Travel and Expense Management Trends When you automate your travel and expense process, it will not only maximize your returns but, at the same time, it will minimize your spending. This will save you both time and money. Below are the reasons you will want to consider making a switch to automate from a manual process. Remove Guess Work from Expense Process For finance personnel in your company, the new travel and expense management system can be set up in five minutes. One of the travel and expense management tools, like Expensify, helps with easy expense tracking and reporting. Similar to this, SpendCatcher – a mobile application of MobileXpense.com that is infused with AI and deep machine learning extracts payment information with just one tap. Supplier-direct Bookings Companies whose employees use a corporate travel and expense management system can receive reports according to department, employee, direct travel supplier, hotel, or car rental company. This information helps managers analyze spending patterns by actively monitoring it with up-to-date information in one flow from various travel suppliers. In this case, Concur TripLink connects to corporate travelers for direct bookings across the borders. It gives visibility of bookings no matter where it is booked. True Visibility into Spending The corporate travel and expense report management system automatically flags and creates analyses of dashboards highlight hidden expenditure. This can be helpful to know: How much expenditure is going in personal corporate travel cards, and why Find expense categories easily Find out why expense is falling short and ask for details In this context, MasterCard International is rapidly approaching towards a smart, web-based expense management system to control spending, generate comprehensive spending reports, and accurately integrate purchase data. Thus, delivering business efficiently, quickly, and easily. Rise of Bleisure Travel Corporate travel and expense management also includes ‘bleisure travel’ for corporate travelers, those looking to combine business travel with leisure time. With agile travel and expense management tools, you can make quick changes in plans to keep your employees and finance team happy and productive while mapping the budget. In this case, Lola.com has made travel and expense management real by providing an effortless way to manage, book, and report on business plus leisure travel, by encouraging its employers to save most of their time and money. Travel technology offers a deserving platform with travel and expense management to companies for added efficiency and visibility over travel spend. As corporate travel businesses are returning rapidly towards their regular work scenarios, the travel industry will see a rise in revenue. Travel and expense management system will be one of the powerful remedies to the travel industry and will increase its scope to drive growth post-pandemic. According to the new Skift report, 88% of corporate travelers will drive travel technology company growth. 86% of corporate travel managers believe it. Put an end to complex budget management and legacy processes; it is time to know how to manage travel expenses in corporate. Frequently Asked Questions What is travel and expense process? The aim of the travel and expense process is the complete administration of travel expenses, including the recording of expenses, posting in Financial Accounting (FI), and allocation in Controlling (CO) and Funds Management (FI-FM). The process also involves the valuation of costs associated with business-related activities. Why is expense management important? Expense management is important for businesses because it helps employees to keep an accurate track of expenses. This caters to them to plan financial aspects for the future with more clarity and confidence. Capital flow is a daily process in any business, so to manage some significant amounts could get efficiently done through expense management and generate a profit. What is travel and expense management? Travel and expense management is a process that includes finance management by the employee when on a business trip or any expense is made for business goals. Each travel and expense management consists of detailed records of costs, expenditure, budgeting, and report submission.

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BUSINESS TRAVEL

How Incorporating Corporate Travel and Expense Management Can Help CMOs to Succeed?

Article | December 3, 2020

Corporate travel and expense management is one of the cumbersome challenges for CMOs. Travel expenses are the second-highest expense and one of the toughest to control. Getting the best price for a business out of bookings is not enough for a CMO to manage travel expenses. Instead, there are other challenging factors that challenge a company. What are these challenges? Brief information on it can help you identify what your company needs to fix upon to understand this. Lack of data collection No proper visibility into corporate travel spend Lack of an organized corporate travel and expense management process Proper policies Lack of inventory-rich management system No accountability to services under corporate travel and expense policy Lack of technology usage Lack of flexibility Lack of a stable plan for create travel management strategy Advanced corporate travel and expense management is one of the best solutions today to curb these challenges. So, how can corporate travel and expense management help CMOs succeed in business? Before finding it, a glimpse at the management’s ability and efficiency can help you understand more about it. Corporate Travel and Expense Management: What Do You Need to Know? Corporate travel and expense management today has become advanced after the pandemic hit. Today, it is integrated with cutting-edge features through software and is used for mobile and desktop applications. The applications such as spend control & reporting, quick and easy booking, automated expense & reimbursement solutions with receipt capture, back up analytics capabilities, live credit card feeds, and customizable real-time reports are included. All these are powered by machine learning and artificial intelligence. While many CMOs agree that strategizing corporate travel and expense management is helpful to save costs. They emphasize this because their companies have already practiced advanced corporate travel and expense management. Other corporate expense management companies also implemented corporate travel and expense management. And they recommend incorporating advanced management to curb expenses. If you face challenges in organizing corporate expense systems, this is the right article to learn how to cope with challenges. Corporate Travel and Expense Management: How should you go about it? Corporate travel and expense management are set to soar up to $1.7 trillion by 2022 globally, right after the travel companies started investing. This indicates the right time for you to start strategizing corporate travel management and its expenses by following practical steps. Consider Technology-based Solutions Cloud-based corporate travel expense software can simplify your corporate travel management and travel-related expense policies. It leads the entire expense management process to a higher degree of competence. The automation of the corporate travel management process also makes employees easy to file expenses on time. For example, TripActions is a leading corporate expense management company. It provides top software solutions for corporate travel and expense management. The company promotes technology and offer solutions that come with ease of use. No Paper Checks Modern corporate travel and expense management saves ample time by eliminating paper checks. Paper checks make the process tiresome, and there are high chances of error. It also leaves space for employee fraud, which results in tracing difficulty. Thus, paperless work reduces the chances of data tampering and save over-pricing possibilities. Your business can be profitable if you inculcate corporate travel expense software. You can find a list of top software online. Incorporating modern corporate travel and expense management solutions can curb expenses. Practicing the best practices for travel expense management can generate higher revenue for your company. Set an Accountable Plan on Reimbursement The reimbursement processes can turn easy with modern corporate travel expense management. The management can help to set an accountable plan and give access to a list of reimbursements. In this way, employees can claim the existing reimbursements in one go. Following this practice for travel expense management can organize all travel and expense management services in one place. And you will never encounter any corporate travel management challenges in the future. Offer Flexibility Employees are the happiest when they have freedom in their work and workflow. And because of this, you need to include a broad travel inventory. Modern corporate travel and expense management offers an inventory-rich system that allows various options to check employees' booking flights, accommodation, or car rentals. For example, Expensify provides a clear insight into the entire trip's actual cost to corporate travelers. Other corporate business travel management companies also implemented advanced corporate travel and expense management systems. And they are shaping the travel industry like other industries. Choose the Right Software In this, you need to choose the right corporate travel expense software for your business expense management. A corporate travel and expense management software includes features to manage corporate travel and expense policy, organize travel and expense management services, create a proper travel management strategy, manage corporate travel programs, and sets corporate travel management trips. Often, it appears impossible to organize trips that change. Corporate business travel management can help ease your employees’ load. Similarly, corporate travel and expense management software offers other features, such as: It allows corporate travel managers to keep a proper view of employees traveling on a particular day Budget tracking and travel policy tools through apps help simplify the process of business expense claims for employees as well as the finance team Automated receipt submission reminders help employees to submit the reports on time Ratings of travel and expense management services include car rentals, airfare, lodgings, and accommodation Instant price comparisons 24/7 on the go support for managing a corporate travel program and expense management Self-booking of business trips with the help of the travel booking management software Seamless corporate travel expense reporting Search about Software Compatibility When including automation, you need to research corporate travel expense software's compatibility. When you consult a vendor online or in-person and understand software flexibility for travel bookings and transportation services, you can easily select according to your business requirements. By doing so, you tend to save a lot of time and deploy corporate expense systems faster. Consider Setting up a Budget for Corporate Travel and Expense Management For a company, the budget plays a pivotal role before setting up a new system. Questions like what kind of corporate travel and expense management solution you wish to invest in should also be considered if you want your company to succeed. Incorporating a corporate travel and expense management system involves a series of processes such as setup, installation, support, and customization. Thus, choosing the right software or tool is a crucial matter that compliments all budgetary solutions. Set up a budget, research which software can be beneficial to you, and incorporate it to exercise fast processes of your travel and expense management services. Tips to Create a Successful Corporate Travel and Expense Management While there are several solutions to corporate travel and expense management and you understood how to implement it, some tips can also lead you to be successful in business by introducing advanced travel and expense management services, corporate travel and expense policy, corporate expense systems, travel and expense management resources and more. Therefore, for this, you need to: Educate employees and help them understand the technological aspects of advanced best practices for travel expense management Set cost-saving strategies with the help of research on what other corporate expense management companies are implementing Be resilient and open to suggestions from your employees Consider integrating travel management strategies with an automated travel & expense management system. In this way, your company’s corporate travel and expense management will continue to function efficiently. As travel industry leaders are changing their strategies to stand out in 2021, it is time to end fretting over manual corporate travel expenses difficulties. With the help of a dedicated corporate travel management strategy, you can succeed in achieving the goals you set for the New Year in your company. Frequently Asked Questions What is Travel and Expense (T&E) Management? To understand corporate travel and expense management, a few features are explained below: Tracking of reports Reporting Costs management Submission of receipts Reimbursement Clearing expenses Management of corporate travel Pricing List of services How to manage travel expenses in corporate? To manage travel expense under a corporate travel and expense management system requires the following things: Keep track of details Submit expense report on time Plan ahead Organize data with details Choose a suitable tool or software Create a fast workflow How to manage corporate travel and expense budget? Some careful planning and thorough research on selecting the right tools or software can easily manage corporate travel and expense budget. With this, a business can get a closer insight into the planning of the budget, which results in building of a dignified corporate travel and expense management. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is Travel and Expense (T&E) Management?", "acceptedAnswer": { "@type": "Answer", "text": "To understand corporate travel and expense management, a few features are explained below: Tracking of reports Reporting Costs management Submission of receipts Reimbursement Clearing expenses Management of corporate travel Pricing List of services" } },{ "@type": "Question", "name": "How to manage travel expenses in corporate?", "acceptedAnswer": { "@type": "Answer", "text": "To manage travel expense under a corporate travel and expense management system requires the following things: Keep track of details Submit expense report on time Plan ahead Organize data with details Choose a suitable tool or software Create a fast workflow" } },{ "@type": "Question", "name": "How to manage corporate travel and expense budget?", "acceptedAnswer": { "@type": "Answer", "text": "Some careful planning and thorough research on selecting the right tools or software can easily manage corporate travel and expense budget. With this, a business can get a closer insight into the planning of the budget, which results in building of a dignified corporate travel and expense management." } }] }

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6 tips & tricks for planning business travel

Article | December 3, 2020

There are many hints out there for how to get the most out of your business travel, thousands if not millions of tips and tricks. That’s why this condensed list of 6 is what we’ve found most useful when planning your first, second, hundredth or with the way society is now, millionth business trip….think about the carbon footprint for that though.

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How data is shaping the traveler experience

Article | December 3, 2020

Travel managers have long looked for a way to improve the traveler experience. They’re providing new tools and services to the employees, hoping that this will increase compliance and reduce costs. However, these results are not often achieved, because tools are implemented without a true understanding of the traveler and their needs. In our upcoming white paper, we’re looking at how data is shaping the traveler experience – and how it drives travel management to achieve results. For this research project, Phocuswright partnered with AirPlus International to understand how much has changed since Big Data was first talked about in corporate travel.

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Spotlight

Intrepid Travel

For the past 28 years, Intrepid Travel has been taking travellers off the beaten track to discover the world's most amazing places. We offer more than 1,000 trips in more than 100 countries and on every continent. Every trip is designed to truly experience local culture - to meet local people, try local food, take local transport and stay in local accommodation. Intrepid’s award-winning tour leaders, small group sizes and included activities means we offer travellers great value for money.

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