Here’s how mobile technology can enhance your travel experience

| October 3, 2019

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The world is changing and so too is the way we travel. From booking flights and accommodation on apps to order take out and keeping track of loved one while they’re on the road, mobile technology is transforming the way we travel.Just a few years ago, your cellphone was only used to send and receive text messages and calls. Today, it’s a mini-computer capable of navigating you around the globe, while taking high-quality photos and keeping in touch with your friends.There are many ways mobile technology can enhance your travels. Here are a few suggestions.

Spotlight

Tourvest Destination Management

Tourvest Destination Management is a division of Tourvest Holdings Pty Ltd, which through its diversified portfolio of tourism businesses is the dominant tourism group in sub-Saharan Africa. With more than 30 years of inbound tourism experience, Tourvest Destination Management is a vertically integrated business, following a strategy of centralised product, support and financial services.

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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

Top 5 Ways Big Data is Transforming the Travel Industry Businesses

Article | December 3, 2020

Data science has lead to marvelous opportunities for many industries. Like so many other industries, the travel industry would greatly benefit from knowing future travel information in advance. Fortunately, there is no need to rely on some fortunetellers anymore, but take advantage of Big Data. Big Data in the travel industry is driving in the right direction, especially after the pandemic, as companies had to be more technologically advanced to cater to their regular operations effortlessly. And big data is now transforming the way businesses used to conduct their operations. It has started taking care of everything that a traveler expects from the traveling organizations in terms of personalized offers to products and more. In this digital period, where everything is hyperconnected, new technologies and big data analysis have become essential for the travel industry to adopt new consumption models and improve the decision-making process. Many industry leaders are already using big data in the travel industry. Still, but you may not understand the real value it can provide for your business or how is big data being used in the travel industry. With a closer look at the ways big data is transforming the travel industry, you can determine how your business can benefit from its use. Before you reach this point, a brief about significant big data challenges in the travel industry can help you understand how you can improve your company. What were Big Data Challenges? Data capture Unorganized structure of data Speed Privacy and security Data ownership Data handling Data storage 5 Ways Big Data is being Used in Travel Industry Businesses So how exactly is big data going to affect your company? Amadeus's research study identifies two segments of change, one is the operations, and the other is marketing strategies. Greater Personalization Companies in the travel industry, such as car rental companies, tour operators, airlines, and more, must find a way to improve their overall functionalities to meet goals. To stand out, you must have a unique approach to market your products. Using big data, you can easily pinpoint exactly what employees are looking for and then establish a concrete base right out of the gate. When it comes to greater personalization offerings, effective uses of big data analytics help making well-informed decisions. By using big data analytics, the applications provide wide-ranging personalization offerings such as promotions, deals, referrals, and more, keeping an aim to generate revenue. Identification of Potential Risks Currently, businesses are struggling to deal with high-risk environments, where a proper risk management process is the need of the hour. Big data in the travel industry has been instrumental in developing new risk management solutions and can enhance the effectiveness of risk management models and build intelligent strategies. This is one potential power of big data is transforming the travel industry. Pricing strategies Price is a critical component to set under marketing strategies. Big data used by travel companies can easily track, analyze, and file the competitors’ prices to get a clear picture of what’s trending. This real-time analytics can help your company track pricing changes and build a consistent pricing strategy for a better workflow for employees. Price strategies can turn into a game-changer for your business goals in the future. Through a transparent idea of what competitors are implementing in their process, your business can execute optimum pricing strategies that would considerably benefit your company by predicting future demand. Security Enhancements As the amount of online transactions has amplified steadily over the years, the rate of fraud has also increased simultaneously. Losing customer data can destroy your business’s reputation. Big data in the travel industry allows companies to plan and implement software that would increase safeguards on sensitive information by leveraging types of technologies, including natural language processing, video recognition, speech recognition, machine learning engines, and automation. This is considered one of the best solutions for how big data is helping the travel industry. Revenue Management Travel businesses use big data analysis to manage their revenue. Big data in the travel industry has become one essential part of companies that effectively maximizes financial aspects. If you have set a goal in your company to achieve specific revenue, then it is crucial to define a market strategy to offer corporate travelers the right services through the right channel. Because of this, you can manage the prices to maximize the revenue of your company. Benefits of Big data From a humble beginning of big data in tourism before the pandemic, it has become a mainstay in the business world. Big data solutions and big data analytics will not only foster taking data-driven decision, but also empower your workforce that add value to your business. According to Harvard Business Review, 99% of companies surveyed reported that they intend to implement big data analytics and AI in the near future. What are other significant big data benefits that you should inculcate it in your business? Here are some of these: Big data benefits for the travel industry by offering real-time monitoring, forecasting of business, and the market. Unlock the true potential of data-driven marketing. Facilitate faster delivery of services and products that meet and exceed the client’s expectation. How Businesses can Analyze Big Data? To understand big data, you firstly need to know the points that need solutions. Then, attempt to identify the answer to your questions such as, ‘how can I get the data to solve it?’ or ‘what can big data do for my business?’ Your big data solutions need to be effortless. It is important to match what you had in mind for pricing and make it flexible to serve your business in the future. Research the most reliable big data tool so that it can serve to provide you the right solution. For example, if you want to introduce more effective promotions and marketing campaigns, you can use Canopy Labs, to predict big data travel behavior and sales trends. The travel and tourism industry uses big data with the help of several tools that are inexpensive or even free to use. Google also has user-friendly tools like Google Adwords and Google BigQuery. So, don’t feel overwhelmed by all the data that’s out there. With the right tools, you can separate the data to find what you need to start growing your business today! Some Success Stories KAYAK sets an example of using big data in the travel industry by innovation and spearheads the technological revolution. It has developed a new benchmark in the travel industry using big data for travel management and operations. United Airlines embraced a “collect and analyze” approach to their big data for travel planning. The company tracks all information using real-time data, including individual and general historical data. The Schiphol Group, which operates the airport, has reportedly invested in data science packages. A team of big data analysts easily analyze, report, and visualize the constant influx of data of employees on corporate trips. These developments are reflective of the growing big data analytical trends in the travel and tourism industry. Following the steps of industry leaders, a lot of companies have started the adoption of big data for travel management and improvising their analytical tools to make more informed decisions for future travel mechanism. You can get more interesting and updated news to rely on how big data in the travel industry is transforming. Future Outlook of Big Data in Travel Industry Many industry leaders are talking about big data in the travel industry, its evolving benefits and the future of big data within the tourism industry. With the effective uses of big data, your company can use information about employees catering to corporate business services to understand the workflow. Hadoop, one of the big data applications in the travel industry, provide suffecient data storage space and presents information from a wide range of sources in a structured manner. It enables tourism companies to take immediate decisions as per requirements. Big Data applications in the travel industry help companies introduce new products to have predictive analysis and critical insights about corporate travelers. What could be anticipated from the future of big data is that travel industry professionals will progressively utilize big data to facilitate their potential benefit. This will genuinely modify what companies would offer corporate travelers equally in the future. With such activities to cater the markets worldwide, big data in the travel industry has formed a clear map. Frequently Asked Questions How is big data being used in the travel industry? Big data in the travel industry is used to observe various marketing strategies and some customer-related patterns and trends. Following these is important to create loyalty among employees as well as customers also. Therefore, the more data a business collects, the more it will understand ways to generate revenue. What is the future of big data in travel industry? The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time. How big data is helping the travel industry? Big data is helping the travel industry in many ways. It is allowing businesses to make more evidence-driven decisions for revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How is big in the travel industry being used?", "acceptedAnswer": { "@type": "Answer", "text": "Big data in the travel industry is being used with intent to observe various marketing strategies and some customer-related patterns and trends. Following these is important to create loyalty among employees as well as customers also. Therefore, the more data a business collects, the more it will understand ways to generate revenue." } },{ "@type": "Question", "name": "What is the future of big data in travel industry?", "acceptedAnswer": { "@type": "Answer", "text": "The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time." } },{ "@type": "Question", "name": "How is big data in the travel industry helping?", "acceptedAnswer": { "@type": "Answer", "text": "Big data in the travel industry is helping in many ways. It is allowing businesses to make more evidence-driven decisions to generate revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks." } }] }

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BUSINESS TRAVEL

How Best Practices for Travel Expense Management Can Benefit your Business

Article | December 3, 2020

As every department is going through digital transformation in travel companies, finance processes are no exception. The advancements in technology are influencing how travel expense management is evolving. Technology is widely affecting how travel expenses are captured, submitted, audited, processed, and reimbursed. The automated travel expense management is helping most of the corporate travel companies with inclusion of the latest travel management and expense management tools. In 2016, the share of corporate travel expense management was US$1.3 trillion; therefore, by 2023, it is predicted to hit US$1.6 trillion. Companies today are rethinking modern travel expense management policy and developing corporate travel expense management system including expense management best practices. They are actively using travel management and expense management tools to create a smoother workflow. Looking at these developments in expense management policy, it’s important to understand what companies were facing before implementation of automated version of expense management system. Main Hurdles While Managing Travel and Expense Policy violations Multiple layers of forms Delayed submission of expense reports by employees Increased processing cost Lack of visibility into the process Heaps of productive hours were wasted because of the manual processes involved in the expense management policy. Managing the excel reports and cross-verification for policy compliance resulted in increased costs. Delayed submission of expense reports caused late input tax credit claims, which affected businesses to generate revenue. Consequently, to minimize the hurdles of managing travel expenses, an automated travel expense management system, and some best practices for travel expense management were the need of the hour. An Overview: Modern Travel Expense Management Modern travel and expense management systems and its practices help employees manage the financial process in real and measurable ways. The system governs how the finance team spends company money on corporate travel and other related expenses. It includes an automated expense management process, which has drawn attention to seamless receipt generation, auditing, reimbursing, submission of finance reports, and cost savings. To implement modern travel expense management, some best practices for travel expense management are suggested to help build a consistent workflow. Many corporate travel companies have included it to automate the expense management process but are little aware of practices that can enhance their workflow. In this scenario, it's important to know the importance of including the best practices for travel expense management. Why Talk about Best Practices for Travel Expense Management? In the finance department, various types of frauds such as multiple reimbursements, overstated expenses, fictitious expenses, and more always stay at the top of the mind for most CFO’s. A well-controlled travel expense management system helps prevent misuse of company assets and prohibits misconduct from dealing with such situations. According to the Aberdeen group’s research, 43% of top travel companies and their CMOs consider T&E management a critical strategy for their company to handle travel expenses. In comparison, 48% of them say they “need to reduce expense processing costs,” which is why they implemented best practices for travel expense management. Whether large or small, companies realize the potential benefits of a well-managed travel spend mechanism that had best practices for travel expense management to automate the expense management process. They invested heavily in expense management software, which helped them frame a consolidated expense management policy. In the end, corporate travel policy best practices need to be tailored specifically to employees to create best-in-class expense management and improve performance. By following expense management best practices, you can also define and implement an accurate policy and ensure your employees implement potential tools to automate the expense management process. This will create an efficient finance process that will lead to a friction-free travel and expense management system. If you are updating your finance functions, this small expense management guide to the best practices for travel expense management will help you far to reach your goals. Best Practices for Travel Expense Management Create Ownership of the Policy Before you start implementing T&E management as a critical strategy, defining ownership of the policy clearly is crucial. Ideally, your finance team needs to understand it thoroughly while using the best expense management software. Creating ownership of the policy will benefit as follows: First: You will have clear ownership that will ensure that your finance team tracks the policy accurately and makes necessary changes to cater to corporate travelers and their requirements. Second: Your employees will be able to address queries and concerns related to corporate travel a defined way. This way it will become easier for them to handle multiple queries at a time and cater to possible services. Include Simple Policies Your expense management policy should outline what it is accurately. It can only be practiced if you keep policies simple based on the company’s culture and its budget. Using the right travel management and expense management tools, your company’s travel expense management mechanism will be quick and easy for employees to work on expenses claimed by corporate travelers, submit, and audit them. Including simple policies will help employees track receipts through mobile applications and even upload them immediately. This entire process will help minimize errors and lessen receipt loss possibilities. Accurate Expense Reporting To include accurate expense management reporting is considered one of the most successful best practices for travel expense management. Around 30% of CFOs believe that to review expenses reporting for policy violation is the biggest pain point. As you automate the expense management process, the mechanism of expense reporting and expense claim management also gets smarter. There are multiple benefits to have a sound reporting system. It gives budget creators a better understanding of how a specific travel expense budget is consumed. Finance teams get a proper structure and create a defined spending pattern to identify transactions so that there are no fraud possibilities in the management system. The reports under expense reporting become accountable because the total spends are available to senior management for a broad review. Expense Payments Are Timely Processed The right expense management software usage can help your employees process expense payments on time and faster to reduce errors. By implementing this expense management best practice, your employees can present expense reports timely to managers. An automated expense management system eliminates the tedious job of manually checking expense payment violations and encourages initiating flawless expense payment processing. Creates Accountability To keep accountability in expense management is vital for a finance manager. The automated travel and expense management system creates an opportunity to enable accountability option for your company’s expense plan so that managers are made aware of the transactions, submission of reports, expense claims, reimbursements, and more that are taking place. In order to gain high accountability in these areas, the new travel expense management process provides easy access to review and gives appropriate reports. You can easily implement this corporate travel policy best practice to your system and keep a check using expense management software that provides access via mobile applications. Practicing this will give your finance team more power and guide them to generate better revenue annually. Conduct Regular Audits By implementing this as best practices for your travel and expense management, you can efficiently conduct regular audits of the travel expense. Many CMOs have followed it and attained success while implementing it. Similarly, a regular audit also identifies areas of improvement and can point variances that could generate exemplary revenue. Practicing this in your finance process will also help uncover expense fraud. In this case, the Association of Certified Fraud Examiners’ (ACFE) reveals, 20% of small businesses and 13% of larger firms reported fraudulent expense reimbursements in 2019. The activities that were highlighted as Access expenses Non-characterized expenses Fictitious expenses Multiple reimbursements for the same expense After putting your time and effort into recreating a new travel and expense management system and inculcating best practices for travel expense management in your company, it is crucial to choose the right ways to enforce it. Consistent use of best practices for travel expense management will let you save costs, and there will be no adverse impact on your company's budget. You can make effective decisions for your business as it eradicates your finance team's hurdles that were before. Frequently Asked Questions What is a travel and expense policy? A travel and expense policy is a set of rules that covers the process of reimbursement and claims for expenses that are incurred by employees on corporate travel plans. This policy outlines how a company’s employees should set procedures for corporate travel. What is business travel management? Business travel management includes policies that set a company’s function in a strategic way. It includes various types of contracts made with airlines, hotel chains, rental car companies, and other business travel related management services. What is expense management? Expense management works according to two key elements—how a business pays for employee-initiated expenses and how to track all employee-initiated spending. In this, management of costs is included mainly for corporate travel, accommodation, meals, flights, and car rentals. What is expense management automation? Expense management automation encourages services like collection, storage, submission, reporting to function automatically. It implies the use of analytical tools to help companies maintain accountability and compliance through accurate tracking and reporting process. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is a travel and expense policy?", "acceptedAnswer": { "@type": "Answer", "text": "A travel and expense policy is a set of rules that covers the process of reimbursement and claims for expenses that are incurred by employees on corporate travel plans. This policy outlines how a company’s employees should set procedures for corporate travel." } },{ "@type": "Question", "name": "What is business travel management?", "acceptedAnswer": { "@type": "Answer", "text": "Business travel management includes policies that set a company’s function in a strategic way. It includes various types of contracts made with airlines, hotel chains, rental car companies, and other business travel related management services." } },{ "@type": "Question", "name": "What is expense management?", "acceptedAnswer": { "@type": "Answer", "text": "Expense management works according to two key elements—how a business pays for employee-initiated expenses and how to track all employee-initiated spending. In this, management of costs is included mainly for corporate travel, accommodation, meals, flights, and car rentals." } },{ "@type": "Question", "name": "What is expense management automation?", "acceptedAnswer": { "@type": "Answer", "text": "Expense management automation encourages services like collection, storage, submission, reporting to function automatically. It implies the use of analytical tools to help companies maintain accountability and compliance through accurate tracking and reporting process." } }] }

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Technology Transforming the Travel Industry

Article | December 3, 2020

The travel and leisure industry is undergoing a major evolution with personalisation. Travellers’ experiences can now be deeply customisable at every stage, from research and booking to tailoring the main event itself, and interactions after it has taken place. Choices are plentiful on the internet and whether people realise it or not, they want businesses to provide them with an experience adapted to their needs and preferences. New releases in technology are enabling the transformation of the customer experience through hyper-personalisation, while at the same time increasing the efficiency of business operations. Advancements in MarTech and related tools are increasingly being applied in travel and leisure to make the world seem more connected, empower travellers to explore, simplify the decision-making process, and be on hand to guide users through their journey.

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Spotlight

Tourvest Destination Management

Tourvest Destination Management is a division of Tourvest Holdings Pty Ltd, which through its diversified portfolio of tourism businesses is the dominant tourism group in sub-Saharan Africa. With more than 30 years of inbound tourism experience, Tourvest Destination Management is a vertically integrated business, following a strategy of centralised product, support and financial services.

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