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How Best Practices for Travel Expense Management Can Benefit your Business

ANUSREE BHATTACHARYA | December 10, 2020 | 647 views

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.

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Checkout 25 Travel Management Companies Transforming Industry in 2023

Article | August 4, 2021

Discover the solutions and services of the top 25 revolutionary travel management companies that are transforming the industry in 2023. Integrate the one adhering your business needs and budget. Contents 1. Introduction 2. Advantages of Integrating Travel Management Company 2.1 Expertise in Field 2.2 Being More Organized 2.3 Making Informed Decisions 2.4 Enhanced Networking 2.5 Expense Management 2.6 Business Travel Support 3. Top 25 Revolutionary Travel Management Companies 4. Conclusion 1. Introduction Businesses seeking stress-free and streamlined corporate travel solutions can rely on travel management companies. These experts provide customized travel arrangements, taking care of every aspect of business travel, from flight and hotel bookings to travel policy compliance, support, car rentals, and more. With advanced technology and online booking tools, they offer cost-effective deals while ensuring adherence to corporate travel policies. Additionally, they empower businesses to design their travel expense policies, resulting in an enhanced corporate travel experience for employees. 2. Advantages of Integrating Travel Management Company 2.1 Expertise in Field Travel management companies (TMCs) are experts in the field of business travel. They handle emergencies with proper understanding and remedy measures. Some travel risk management companies are specially devised for this purpose. 2.2 Being More Organized TMCs organize the operations of business travel more efficiently. Business travel involves massive paperwork, especially in big groups and itineraries. The paperwork associated with corporate travel is managed by international travel agencies in a way that is organized, thereby enabling travel companies to allocate their attention to other crucial matters. 2.3 Making Informed Decisions Employees must adhere to the corporate travel program or policy when they travel for business. Travel policies vary across different organizations and typically encompass guidelines that employees are obliged to follow while traveling. They make travel decisions for the company according to their travel policy. TMCs also advise employees to meet business travel requirements without breaking the company travel policy. 2.4 Enhanced Networking TMCs have established relationships with travel and hospitality companies worldwide over the years sent in the industry. Business travel companies or clients could get exclusive rates on travel occasions through TMCs. They provide better deals within a travel budget than any direct travel booking. 2.5 Expense management TMCs are specialized in finding and negotiating the best travel deals with enterprise providers and partners. They have special access to lower rates on the airline, hotel rooms, and transportation. As a result, they reduce overall business travel costs and offer competitive name-brand selections. 2.6 Business Travel Support The companies can reach out to the travel consultant day and night with business travel support. Furthermore, the employees are free from the stress of tracking various vendors, as they can get all of them on one platform, which is accessible through a variety of different channels. 3. Top 25 Revolutionary Travel Management Companies To enhance their business growth, travel companies can utilize the following list of travel management companies as a reference: 1. Emburse More than 12 million business professionals, including CFOs, finance teams, and travelers, trust Emburse in spend optimization for expense, travel management, and payment solutions. It helps FORTUNE 100 corporations, startups, public sector agencies, and nonprofit organizations, through automation, analytics, and spending control. It streamlines processes and increases spending visibility, compliance, and positive financial outcomes. 2. East West Hospitality East West Hospitality has more than 30 years of success in businesses like association, vacation rental and property management, developer support, hotels, spas, fitness, restaurants, and retail operations. It simplifies complicated travel operations. It makes stay effortless with its extensive experience and local expertise. It offers memorable destination experience through its trusted hospitality services. 3. Wexas Travel Management Wexas Travel Management is a full-service travel provider to companies and organizations that travel on business. It works with businesses in different sectors like financial, legal, marine, oil and gas, insurance and pharmaceuticals. Its consultant-managed and digital tools are customized to individual requirements. With the support of a well-established account management team, it provides a broad range of travel-related services. 4. Nomadix With over 25 years of experience, Nomadix has over 5 million daily internet connections in 150 countries. It helps hotel and property owners, brands, property management groups, and managed service providers (MSPs) with solutions like internet access gateways, application management appliances, visitor-based networks, digital voice assistants, bandwidth management, and managed Wi-Fi. 5. HotelKey HotelKey has direct connectivity to major OTAs or GDS channels. Its all-in-one system includes core PMS, built-in CRS distribution, automated revenue management, property website hosting, and a no-commission direct bookings engine. In addition, its platform provides web apps for the back of the house and mobile apps for the front desk, housekeeping, and maintenance teams. 6. Bonotel Exclusive Travel Bonotel Exclusive Travel, an inbound tour operator for luxury travel, offers exclusive deluxe hotels, resorts, and upscale boutique properties. It has a vast network of suppliers, direct access to the international client base, and tour operators worldwide. It has developed strong business relations with tour operators and can provide access to hotel partners which makes it unique. 7. Peachtree Hospitality Management Peachtree Hospitality Management, a division of Peachtree Hotel Group, is a best-in-class hotel management company that creates loyalty among the stakeholders like associates, guests, and owners. Its proprietary systems and processes maximize financial performance, enhancing efficiency and customer experience. In addition, it provides dedicated hotel management services with the extension of expertise to owners as a third-party hotel manager. 8. AmTrav AmTrav enhances the productivity of business travel. It offers services for expense management, corporate travel, software, travel productivity, and business travel management. In addition, its platform provides personal service with travel experts and relationship managers through advanced technology, which is helpful for business travelers, travel arrangers, and travel managers. 9. Boatsetter Boatsetter, a leisure, travel & tourism company, is specialized in boat rental and charter, collaborative consumption, marine industry, travel, and adventure. It has partnered with GEICO and BoatUS to design an exclusive Peer-to-Peer Boat Rental Policy, inspiring boat owners’ engagement and encouraging entrepreneurship on the water. It helps to review the booking requests and inquiries from renters, manage all their bookings on the website or the application, and the payouts, which are processed quickly and connected to their bank account directly. 10. Norse Atlantic Airways Norse Atlantic Airways offers affordable transatlantic flights with environment-friendly and comfortable Boeing 787 Dreamliner aircraft. It offers affordable fares to destinations and service on board modern and fuel-efficient Dreamliners for corporate and personal travel. It strengthens the employer-employee relationship and has entered into collective bargaining agreements with cabin crew and pilot unions in the U.S., U.K. and Norway. It incorporates a low-cost business model and approach for the cost-efficient airline without prior financial restraints. 11. InsureMyTrip InsureMyTrip, an online travel insurance comparison site, serves customers worldwide with its licensed customer services. Its unique customer advocacy program provides assistance throughout the travel journey. It provides recommendations of best plans per the trip details and the best travel insurance plan that matches the traveler’s need, irrespective of the commission or company, with a money-back guarantee. In addition, its licensed representatives, Anytime Advocates, help with the insurance claim process. 12. Sonder Inc. Sonder Inc., a hospitality company, provides a seamless business travel management experience through technology and innovation. It offers a variety of accommodation options, from rooms to suites and apartments. Its application empowers guests with self-service features and 24/7 support. Without any formality, it offers simple self-check-in to boutique bathroom amenities. 13. Operto Guest Technologies Operto Guest Technologies, a hospitality automation and IoT operating system for vacation rentals, hotels, and serviced apartments, is revolutionizing hospitality management. It provides personalized stays, contactless check-in, guest satisfaction, operational efficiency and more revenue opportunity through technology that connects teams, guests, managers, smart devices and ancillary third-party service providers. With purpose-built software and smart IoT devices, it offers property managers unique real-time visibility and control. Its automation features include integrated keyless entry, energy savings, noise and occupancy monitoring, and personalized in-suite technology. 14. Life House Life House is a vertically integrated hotel software, brand, and management company. It provides operational expertise to build robust software to enhance profitability and operational ease in independent hotels. It specializes in hotel software development, financial reporting, interior design, product management and operations, hotel management, and enterprise SaaS. 15. PCH Hotels and Resorts PCH Hotels and Resorts is a franchised management company with Marriott. Beginning with the acquisition of the Grand Hotel Resort & Spa, PCH has grown to become the top hospitality employer in Alabama. Currently, PCH manages four Renaissance Marriott resort properties, three Marriott resort properties, one Autograph Collection resort, one select service IHG property, and one Outlet Shop. Each property is minutes from the extensive world-class Robert Trent Jones Golf Trail. 16. Spotnana Spotnana powers unparalleled global travel experiences. It modernizes the travel industry's infrastructure to bring travelers freedom, simplicity, and trust everywhere. Its travel-as-a-service platform makes travel simpler and affordable for corporations. It's our ecosystem of agency, supplier, and technology provider partners to increase operational efficiency, new revenue opportunities, and innovation. 17. GetYourGuide GetYourGuide is a travel bookingplatform connecting travel enthusiasts, experts, and technologists with people. It helps in discovering the destination’s best activities and attractions. In addition, it simplifies the digital travel reality by offering data-driven insights, technology, and market expertise through its destination management company database. 18. VTrips VTrips offers services for vacation rental property management, guest management with dedicated property managers and best advertising and marketing approach. It is the premier property management company serving in Alabama, Florida, Georgia, Hawaii, Maryland, New Mexico, North Carolina, South Carolina, Tennessee, and Texas. It also provides vacation rental guest experiences through its quality management and personalized services for real estate and corporate travel. 19. Trip.com Trip.com specializes in OTA, flight tickets, hotel booking, train tickets, and internet services. It has an extensive hotel network for a diverse choice of accommodation. Its flight network has over 2 million individual flight routes connecting more than 5,000 cities around the globe. It combines 24/7 English customer service and various travel products necessary for a successful trip. 20. Deem, Inc. Deem, Inc., a corporate travel booking software, helps in policy adherence, better travel decisions, employee engagement, and cost control through secure solutions. It allows travel managers to customize their travel programs. It integrates into travel and expense management companies & travel agencies with powerful APIs and design. 21. Mondee Holdings, Inc. Mondee Holdings, Inc is a group of travel technology, service, and content companies driving innovation in the leisure, corporate, and retail travel markets. It delivers a revolutionary technology platform of SaaS, mobile, and cloud products and services to a global customer base. Major corporations, SMBs, travel agencies, and new gig economy workers use its easy-to-use technology platforms to access global travel content, services, and products. Corporations like Rocketrip and TripPlanet trust it for cost-saving, employee safety, and sustainable future. 22. Priceline Priceline, a part of Booking Holdings, Inc., provides the best deals for hotel rooms, flights, rental cars, vacation packages and cruises. It specializes in online travel services and ecommerce through its internet publishing platform. It uses cloud computing to provide personalized and alternative recommendations for travel. 23. Egencia Egencia, an American Express Global Business Travel Company, is a B2B travel tech platform. As part of the valuable marketplace in business travel, it provides data insights and AI-driven innovation that power the travel programs of 9000+ companies in more than 60 countries. It specializes in online business travel booking, purchasing, technology, travel management, corporate travel management, and travel app. 24. Forbes Travel Guide Forbes Travel Guide renders hotel, restaurant, and spa reviews, travel advice, learning tools, service training, guest experience, and customer services. Its star rating standards reflect the industry's highest levels of service and facility measurement worldwide. With experience in the industry, it provides more reliable information about the travel recommendations and booking. 25.ADTRAV ADTRAV provides technology solutions for business travel management of corporations, government agencies, and non-profit organizations. Through the help of federal contractors, it maintains compliance with federal travel regulations and fulfills the audit requirements of the DCAA with its government travel expertise. 4. Conclusion Collaboration with travel management companies has many advantages, like expense management, business travel support, enhanced networking, making informed decisions, being more organized, and expertise in the field. However, business travel must integrate with the companies according to their budgets and requirements. The travel companies must keep aside the stress of planning, booking & tracking the travel vendors for employees' business travel and rely on TMCs for a cost-effective and comfortable corporate travel experience.

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BUSINESS TRAVEL

Deploying Advanced Technology for Enhanced Travel Management Services

Article | June 3, 2021

Learn how adopting advanced travel technology services can improve your operations in the digital age and evade business complexities. Embrace these technologies for better business growth. Contents 1. Overview of Travel Technology 2. Importance of Technology in Travel Management 2.1 Artificial Intelligence and Machine Learning 2.2 Virtual and Augmented Reality 2.3 Software and Its Application 2.4 Automation, Analysis and Reporting 2.5 GPS Tracking and Emergency Assistance 2.6 Expense Tracking and Management Tools 2.7 Mobile Wallets and Digital Payments 3. Challenges and Considerations 3.1 Privacy and Data Security Concerns 3.2 Integration with Legacy Systems 3.3 Employee Adoption and Training 4. Conclusion 1. Overview of Travel Technology Technology has not only influenced the lifestyles of human civilization but also completed them to live with it. With proper technology integration in business travel, they can thrive in today's digital world. The travel technology serviceslike artificial intelligence, machine learning, virtual and augmented reality, software applications, automation, GPS tracking, emergency services, expense tracking, and digital payments enhance travel management. This article evaluates the importance of technology in the travel management sector. Using artificial intelligence, software tools, and digital channels is vital for travel business growth. With advanced technology, businesses enhance customer experience, convenience, support, and retention. For example, the technology-based 24/7 customer support and risk management services for an emergency can respond even when the employee is absent. Such automation is the future of travel management services. 2. Importance of Technology in Travel Management 2.1 Artificial Intelligence and Machine Learning Upgrading artificial intelligence solutions increase the reliability and effectiveness of the travel management company's services. There is a vast implementation of AI and machine learning in the tourism sector. Corporate travel technology assists businesses with administrative tasks and customer services. It provides enhanced personalization, valuable advice, and speedy response in the employees' absence. In addition, many hotels and resorts use these tools for better services and brand awareness. 2.2 Virtual and Augmented Reality Virtual and augmented reality enables hotels and travel-related businesses to enhance the physical environments to encourage customer engagement in local sights and hotel rooms. Customers highly research travel purchases as they require detailed information before arrival, and even after their arrival, it renders relevant information 24/7. Therefore, adopting AR and virtual reality in the travel industry is a must to cope with changing customer lifestyles and behavior toward technology trends. Modern customers often use smartphones, so using augmented reality apps is easy to use. 2.3 Software and Its Application Travel management software provides users with a platform for planning, purchasing, and recording travel expenses. Travel agency uses this software to simplify purchasing decisions, centralize records of employee travel expenses, and control travel budgets with digital transformation. 2.4 Automation, Analysis, and Reporting Automation optimizes travel routes according to the choices of the customers. It manages the inventory and analyzes the business travel, maintains the travel reports, and predicts the increase in demand for a particular period. Even with the latest innovation in business travel technology, artificial intelligence like ChatGPT can integrate seamlessly to automate different tasks of businesses from applications like chatbots and others. 2.5 GPS Tracking Its Emergency Assistance The technology-based solutions for travel businesses ensure the workforce's well-being, safety, and security. With constantly evolving travel risks, enterprises need a permanent solution that can adapt to changing travel circumstances and customize to the needs of companies and customers. It provides not only updated information, location, and incident monitoring during travel but also critical event response for safety, as well as suggesting alternatives to the traveler's existing plan. 2.6 Expense Tracking and Management Tools Travel businesses generate a vast amount of data on financial transactions, which can become tedious to manage. To address this issue, travel tech companies offer solutions to organize, monitor, and analyze travel expenses while ensuring compliance with policies. In addition, based on past travel experience, it predicts future travel of business travelers. 2.7 Mobile Wallets and Digital Payments Mobile wallets and digital payments are influencing the growth of travel businesses. The leading travel technology company provides a profitable, convenient, and secure experience to customers. Many use mobile devices for payment using different applications, making it easy to purchase through a simple scan or click. 3. Challenges and Considerations 3.1 Privacy and Data Security Concerns With the increasing amount of sensitive information being collected and shared, travel management companies must follow all applicable privacy laws and regulations. In addition, they must take precision to protect data from unauthorized access, breaches, and cyber-attacks. It can involve implementing strong data encryption and access controls, monitoring systems for suspicious activity, and ensuring that all employees get training in best practices for data security. 3.2 Integration with Legacy Systems Many travel companies have invested heavily in legacy systems, which are difficult to replace or upgrade. However, failing to integrate new technologies can lead to inefficiencies, huge data collection, and missed opportunities. Incorporating new technologies involves developing new APIs, migrating data to new systems, or adopting new technologies that work alongside legacy systems. 3.3 Employee Adoption and Training Employees must get training on using new technologies and learn the resources they need to succeed. It can involve providing ongoing training and support, establishing clear communication channels, and developing incentives for adoption. Travel managers must address any concerns or resistance from employees and work to build excitement for new technologies. Technology and travel are reliant on each other for their business growth and enhancement. 4. Conclusion The usage of the advanced latest technology in the travel management industry is evolving rapidly. Travel businesses integrate the travel technology company to enhance responses and customer experience and stand out. Modern customers demand personalized travel experiences with 24/7 support of GPS tracking, travel monitoring, optimized travel routes, and quick alerts in emergencies. Techno-savvy customers rely more on digital payments and prefer mobile wallets for travel booking. Travel businesses must integrate digital channels to retain and attract these customers. There are particular challenges while using advanced travel technology, like privacy and data security and aligning with legacy systems. In addition, travel managers must encourage employee adoption and training for new technologies.

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Streamlining Business Operations with Travel Management Agencies

Article | December 22, 2020

Contents 1. Introduction 2. Enhancing Operations of Travel Businesses 2.1 Constant Assistance 2.2 Increased Efficiency 2.3 Travel Spend Reduction 2.4 Advice and Insights 2.5 Travel Policy Compliance 2.6 Greater Knowledge and Visibility 3. Leveraging Business Functions with Services of Agencies 3.1 Travel Management 3.2 Passenger Assistance 3.3 Consulting 3.4 Marketing and Internal Communication 3.5 Technology 3.6 Leisure Services 4. Conclusion 1. Introduction Travel management agencies empower business travel with in-depth analysis, reporting and constant assistance. They improve efficiency in business operations and reduce travel spending through a subscription or one-off payment for their services. With their profound knowledge and vast network of service providers, they offer more discounts and offerings to the travel company’s clients. This feature enhances the visibility and customer reach of the company. They also ensure travel policy compliance, consulting, and other services for better results. 2. Enhancing Operations of Travel Businesses 2.1 Constant Assistance It becomes challenging to manage multiple providers simultaneously, so travel management agencies fill the communication gaps and prevent confusion during travel planning. They reach out various customer support teams and keep track of all communications as an all-in-one solution for global business travel. Some TMCs also assist in day and night shifts to assist with last-minute travel booking and urgent changes in the travel plan. 2.2 Increased Efficiency Travel management agencies help to streamline the booking process. The travel agents would design a comprehensive travel program with travel arrangements as per the requirement of the clients. In addition, they would handle the logistics of making travel arrangements for multiple clients simultaneously. 2.3 Travel Spend Reduction Travel management agencies may charge for a subscription or one-off payment via business travel credit cards for their services. But it leads to significant investment savings, cutting costs over an extended period. They have a vast network of travel service providers offering unique discounts for multiple services. The TMC officials have sound knowledge of reservation availability during particular periods and the destinations at the cheapest fares; that takes care of complex, repetitive and time-consuming travel processes of businesses. Such services make it easy to plan trips, make changes to reservations, and get reimbursed for travel costs. 2.4 Advice and Insights TMC professionals understand the working of the travel industry at its core. As a result, they provide valuable advice on spending the company’s money for greater productivity. In addition, they are experts with in-depth knowledge of new destinations, the best routes for intra-city travel, and general compliance with policies of national and international trips. Moreover, travel management agencies can help to ensure that travelers are fully prepared and equipped for their journey by providing expert guidance and advice on travel requirements, health and safety protocols, and other important considerations. 2.5 Travel Policy Compliance Compliance with travel rules, regulations and policies is vital for travel expense management. It ensures transparency and safeguards the privacy of travel companies or individuals. The travel management agencies adopt a travel policy to ensure efficiency in executing travel business processes. 2.6 Greater Knowledge and Visibility Unclear travel processes cause malpractices and conflicts between travel companies and their clients. Travel management agencies minimize these risks through transparent travel processes. They provide real-time reports of reservations and bookings. They help manage travel within strict budgets, offering travel trend analyses for better decisions. In addition, they manage travel itineraries and assist businesses in every process. 3. Leveraging Business Functions with Services of Agencies 3.1 Travel Management Travel management is the base of organizing and handling travel business, reservation of transport tickets, searches for accommodations, car rental, etc. Still, new technologies have transformed the traditional methods of travel operations. In addition, it undertakes price comparisons or strategies for more deals and discounts. 3.2 Passenger Assistance As global travel continues to increase in frequency and complexity, travelers are often faced with a myriad of unforeseen problems and issues that can potentially derail their plans. Such issues may include repatriation due to illness, accident, or emergency, lost luggage or documents, flight cancellations, and many others. In order to effectively manage and resolve these issues, it is essential to rely on the expertise and resources of travel management agencies. These agencies specialize in providing comprehensive travel solutions and support services to individuals and organizations alike. 3.3 Consulting Consulting services require taking care of different aspects based on the information of interest for the traveler, like traditions of the destination country, recommendations, cultural references, mannerisms, etc. Furthermore, their efforts are geared towards minimizing costs, maintaining control, and offering up-to-date guidance on travel policy. 3.4 Marketing and Internal Communication As a travel management agency gains expertise, it becomes proficient in furnishing robust assistance in the formulation of travel policies for businesses, along with facilitating efficient communication among employees. The process of policy preparation entails regulations pertaining to business travel expenses and management, which the agency is adept at handling. 3.5 Technology Utilizing the most up-to-date and advanced technology is crucial for any travel company in today's world. This allows travel companies to request and compare travel services such as booking tickets, finding suitable accommodations, managing billing, and providing emergency services in a more efficient and effective manner. With the latest business travel software, the companies can leverage automation and artificial intelligence to streamline their operations and offer personalized services to their customers. For instance, chatbots can assist customers with their travel plans, provide recommendations, and handle queries in real-time. 3.6 Leisure Services Travel management companies also offer direct discounts or revised policies for travel and leisure activities in exceptional cases for the company’s employees and relatives. They provide value-adding services meeting the current expectations and needs of the companies through a comprehensive management of corporate travel. 4. Conclusion Travel management agencies help travel companies in every aspect of their business, from travel management, passenger assistance, consulting, marketing and internal communication, and technology to leisure services. They provide constant help, increased efficiency, valuable insights and business advice. In addition, with profound years of experience, knowledge and a solid network, they give enhanced visibility to travel businesses. They reduce travel spend and ensure travel policy compliance between travel companies and their clients, encouraging customer loyalty and trust.

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Which Technologies Are Transforming Travel in 2020?

Article | February 12, 2020

Like most industries, the travel and tourism sector is experiencing a tech revolution. Innovative new technology is disrupting old methods and transforming the shape of the industry. In fact, the travel and tourism sector is in a significant growth period, mostly driven by tech advancements. Certainly, tech has been the driving force behind making it easier for people to access travel. Of course, the notion of technology reshaping industries is something that is happening across sectors. When looking at how tech is changing travel, we can also see similar movements in other areas of business. For example, the gambling industry is being driven into interesting new areas by technology, with sites like bet-ny.com providing a full casino experience online. This push has allowed people to access betting in innovative new ways and from anywhere at any time, provided they have an internet connection.

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BUSINESS TRAVEL

How to Save Time, Money and Effort on Business Travel with a Corporate Lodging Solution

Article | August 4, 2021

Discover the solutions and services of the top 25 revolutionary travel management companies that are transforming the industry in 2023. Integrate the one adhering your business needs and budget. Contents 1. Introduction 2. Advantages of Integrating Travel Management Company 2.1 Expertise in Field 2.2 Being More Organized 2.3 Making Informed Decisions 2.4 Enhanced Networking 2.5 Expense Management 2.6 Business Travel Support 3. Top 25 Revolutionary Travel Management Companies 4. Conclusion 1. Introduction Businesses seeking stress-free and streamlined corporate travel solutions can rely on travel management companies. These experts provide customized travel arrangements, taking care of every aspect of business travel, from flight and hotel bookings to travel policy compliance, support, car rentals, and more. With advanced technology and online booking tools, they offer cost-effective deals while ensuring adherence to corporate travel policies. Additionally, they empower businesses to design their travel expense policies, resulting in an enhanced corporate travel experience for employees. 2. Advantages of Integrating Travel Management Company 2.1 Expertise in Field Travel management companies (TMCs) are experts in the field of business travel. They handle emergencies with proper understanding and remedy measures. Some travel risk management companies are specially devised for this purpose. 2.2 Being More Organized TMCs organize the operations of business travel more efficiently. Business travel involves massive paperwork, especially in big groups and itineraries. The paperwork associated with corporate travel is managed by international travel agencies in a way that is organized, thereby enabling travel companies to allocate their attention to other crucial matters. 2.3 Making Informed Decisions Employees must adhere to the corporate travel program or policy when they travel for business. Travel policies vary across different organizations and typically encompass guidelines that employees are obliged to follow while traveling. They make travel decisions for the company according to their travel policy. TMCs also advise employees to meet business travel requirements without breaking the company travel policy. 2.4 Enhanced Networking TMCs have established relationships with travel and hospitality companies worldwide over the years sent in the industry. Business travel companies or clients could get exclusive rates on travel occasions through TMCs. They provide better deals within a travel budget than any direct travel booking. 2.5 Expense management TMCs are specialized in finding and negotiating the best travel deals with enterprise providers and partners. They have special access to lower rates on the airline, hotel rooms, and transportation. As a result, they reduce overall business travel costs and offer competitive name-brand selections. 2.6 Business Travel Support The companies can reach out to the travel consultant day and night with business travel support. Furthermore, the employees are free from the stress of tracking various vendors, as they can get all of them on one platform, which is accessible through a variety of different channels. 3. Top 25 Revolutionary Travel Management Companies To enhance their business growth, travel companies can utilize the following list of travel management companies as a reference: 1. Emburse More than 12 million business professionals, including CFOs, finance teams, and travelers, trust Emburse in spend optimization for expense, travel management, and payment solutions. It helps FORTUNE 100 corporations, startups, public sector agencies, and nonprofit organizations, through automation, analytics, and spending control. It streamlines processes and increases spending visibility, compliance, and positive financial outcomes. 2. East West Hospitality East West Hospitality has more than 30 years of success in businesses like association, vacation rental and property management, developer support, hotels, spas, fitness, restaurants, and retail operations. It simplifies complicated travel operations. It makes stay effortless with its extensive experience and local expertise. It offers memorable destination experience through its trusted hospitality services. 3. Wexas Travel Management Wexas Travel Management is a full-service travel provider to companies and organizations that travel on business. It works with businesses in different sectors like financial, legal, marine, oil and gas, insurance and pharmaceuticals. Its consultant-managed and digital tools are customized to individual requirements. With the support of a well-established account management team, it provides a broad range of travel-related services. 4. Nomadix With over 25 years of experience, Nomadix has over 5 million daily internet connections in 150 countries. It helps hotel and property owners, brands, property management groups, and managed service providers (MSPs) with solutions like internet access gateways, application management appliances, visitor-based networks, digital voice assistants, bandwidth management, and managed Wi-Fi. 5. HotelKey HotelKey has direct connectivity to major OTAs or GDS channels. Its all-in-one system includes core PMS, built-in CRS distribution, automated revenue management, property website hosting, and a no-commission direct bookings engine. In addition, its platform provides web apps for the back of the house and mobile apps for the front desk, housekeeping, and maintenance teams. 6. Bonotel Exclusive Travel Bonotel Exclusive Travel, an inbound tour operator for luxury travel, offers exclusive deluxe hotels, resorts, and upscale boutique properties. It has a vast network of suppliers, direct access to the international client base, and tour operators worldwide. It has developed strong business relations with tour operators and can provide access to hotel partners which makes it unique. 7. Peachtree Hospitality Management Peachtree Hospitality Management, a division of Peachtree Hotel Group, is a best-in-class hotel management company that creates loyalty among the stakeholders like associates, guests, and owners. Its proprietary systems and processes maximize financial performance, enhancing efficiency and customer experience. In addition, it provides dedicated hotel management services with the extension of expertise to owners as a third-party hotel manager. 8. AmTrav AmTrav enhances the productivity of business travel. It offers services for expense management, corporate travel, software, travel productivity, and business travel management. In addition, its platform provides personal service with travel experts and relationship managers through advanced technology, which is helpful for business travelers, travel arrangers, and travel managers. 9. Boatsetter Boatsetter, a leisure, travel & tourism company, is specialized in boat rental and charter, collaborative consumption, marine industry, travel, and adventure. It has partnered with GEICO and BoatUS to design an exclusive Peer-to-Peer Boat Rental Policy, inspiring boat owners’ engagement and encouraging entrepreneurship on the water. It helps to review the booking requests and inquiries from renters, manage all their bookings on the website or the application, and the payouts, which are processed quickly and connected to their bank account directly. 10. Norse Atlantic Airways Norse Atlantic Airways offers affordable transatlantic flights with environment-friendly and comfortable Boeing 787 Dreamliner aircraft. It offers affordable fares to destinations and service on board modern and fuel-efficient Dreamliners for corporate and personal travel. It strengthens the employer-employee relationship and has entered into collective bargaining agreements with cabin crew and pilot unions in the U.S., U.K. and Norway. It incorporates a low-cost business model and approach for the cost-efficient airline without prior financial restraints. 11. InsureMyTrip InsureMyTrip, an online travel insurance comparison site, serves customers worldwide with its licensed customer services. Its unique customer advocacy program provides assistance throughout the travel journey. It provides recommendations of best plans per the trip details and the best travel insurance plan that matches the traveler’s need, irrespective of the commission or company, with a money-back guarantee. In addition, its licensed representatives, Anytime Advocates, help with the insurance claim process. 12. Sonder Inc. Sonder Inc., a hospitality company, provides a seamless business travel management experience through technology and innovation. It offers a variety of accommodation options, from rooms to suites and apartments. Its application empowers guests with self-service features and 24/7 support. Without any formality, it offers simple self-check-in to boutique bathroom amenities. 13. Operto Guest Technologies Operto Guest Technologies, a hospitality automation and IoT operating system for vacation rentals, hotels, and serviced apartments, is revolutionizing hospitality management. It provides personalized stays, contactless check-in, guest satisfaction, operational efficiency and more revenue opportunity through technology that connects teams, guests, managers, smart devices and ancillary third-party service providers. With purpose-built software and smart IoT devices, it offers property managers unique real-time visibility and control. Its automation features include integrated keyless entry, energy savings, noise and occupancy monitoring, and personalized in-suite technology. 14. Life House Life House is a vertically integrated hotel software, brand, and management company. It provides operational expertise to build robust software to enhance profitability and operational ease in independent hotels. It specializes in hotel software development, financial reporting, interior design, product management and operations, hotel management, and enterprise SaaS. 15. PCH Hotels and Resorts PCH Hotels and Resorts is a franchised management company with Marriott. Beginning with the acquisition of the Grand Hotel Resort & Spa, PCH has grown to become the top hospitality employer in Alabama. Currently, PCH manages four Renaissance Marriott resort properties, three Marriott resort properties, one Autograph Collection resort, one select service IHG property, and one Outlet Shop. Each property is minutes from the extensive world-class Robert Trent Jones Golf Trail. 16. Spotnana Spotnana powers unparalleled global travel experiences. It modernizes the travel industry's infrastructure to bring travelers freedom, simplicity, and trust everywhere. Its travel-as-a-service platform makes travel simpler and affordable for corporations. It's our ecosystem of agency, supplier, and technology provider partners to increase operational efficiency, new revenue opportunities, and innovation. 17. GetYourGuide GetYourGuide is a travel bookingplatform connecting travel enthusiasts, experts, and technologists with people. It helps in discovering the destination’s best activities and attractions. In addition, it simplifies the digital travel reality by offering data-driven insights, technology, and market expertise through its destination management company database. 18. VTrips VTrips offers services for vacation rental property management, guest management with dedicated property managers and best advertising and marketing approach. It is the premier property management company serving in Alabama, Florida, Georgia, Hawaii, Maryland, New Mexico, North Carolina, South Carolina, Tennessee, and Texas. It also provides vacation rental guest experiences through its quality management and personalized services for real estate and corporate travel. 19. Trip.com Trip.com specializes in OTA, flight tickets, hotel booking, train tickets, and internet services. It has an extensive hotel network for a diverse choice of accommodation. Its flight network has over 2 million individual flight routes connecting more than 5,000 cities around the globe. It combines 24/7 English customer service and various travel products necessary for a successful trip. 20. Deem, Inc. Deem, Inc., a corporate travel booking software, helps in policy adherence, better travel decisions, employee engagement, and cost control through secure solutions. It allows travel managers to customize their travel programs. It integrates into travel and expense management companies & travel agencies with powerful APIs and design. 21. Mondee Holdings, Inc. Mondee Holdings, Inc is a group of travel technology, service, and content companies driving innovation in the leisure, corporate, and retail travel markets. It delivers a revolutionary technology platform of SaaS, mobile, and cloud products and services to a global customer base. Major corporations, SMBs, travel agencies, and new gig economy workers use its easy-to-use technology platforms to access global travel content, services, and products. Corporations like Rocketrip and TripPlanet trust it for cost-saving, employee safety, and sustainable future. 22. Priceline Priceline, a part of Booking Holdings, Inc., provides the best deals for hotel rooms, flights, rental cars, vacation packages and cruises. It specializes in online travel services and ecommerce through its internet publishing platform. It uses cloud computing to provide personalized and alternative recommendations for travel. 23. Egencia Egencia, an American Express Global Business Travel Company, is a B2B travel tech platform. As part of the valuable marketplace in business travel, it provides data insights and AI-driven innovation that power the travel programs of 9000+ companies in more than 60 countries. It specializes in online business travel booking, purchasing, technology, travel management, corporate travel management, and travel app. 24. Forbes Travel Guide Forbes Travel Guide renders hotel, restaurant, and spa reviews, travel advice, learning tools, service training, guest experience, and customer services. Its star rating standards reflect the industry's highest levels of service and facility measurement worldwide. With experience in the industry, it provides more reliable information about the travel recommendations and booking. 25.ADTRAV ADTRAV provides technology solutions for business travel management of corporations, government agencies, and non-profit organizations. Through the help of federal contractors, it maintains compliance with federal travel regulations and fulfills the audit requirements of the DCAA with its government travel expertise. 4. Conclusion Collaboration with travel management companies has many advantages, like expense management, business travel support, enhanced networking, making informed decisions, being more organized, and expertise in the field. However, business travel must integrate with the companies according to their budgets and requirements. The travel companies must keep aside the stress of planning, booking & tracking the travel vendors for employees' business travel and rely on TMCs for a cost-effective and comfortable corporate travel experience.

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BUSINESS TRAVEL

Travel Managers speak out: 3 business travel topics post-pandemic

Article | June 3, 2021

Learn how adopting advanced travel technology services can improve your operations in the digital age and evade business complexities. Embrace these technologies for better business growth. Contents 1. Overview of Travel Technology 2. Importance of Technology in Travel Management 2.1 Artificial Intelligence and Machine Learning 2.2 Virtual and Augmented Reality 2.3 Software and Its Application 2.4 Automation, Analysis and Reporting 2.5 GPS Tracking and Emergency Assistance 2.6 Expense Tracking and Management Tools 2.7 Mobile Wallets and Digital Payments 3. Challenges and Considerations 3.1 Privacy and Data Security Concerns 3.2 Integration with Legacy Systems 3.3 Employee Adoption and Training 4. Conclusion 1. Overview of Travel Technology Technology has not only influenced the lifestyles of human civilization but also completed them to live with it. With proper technology integration in business travel, they can thrive in today's digital world. The travel technology serviceslike artificial intelligence, machine learning, virtual and augmented reality, software applications, automation, GPS tracking, emergency services, expense tracking, and digital payments enhance travel management. This article evaluates the importance of technology in the travel management sector. Using artificial intelligence, software tools, and digital channels is vital for travel business growth. With advanced technology, businesses enhance customer experience, convenience, support, and retention. For example, the technology-based 24/7 customer support and risk management services for an emergency can respond even when the employee is absent. Such automation is the future of travel management services. 2. Importance of Technology in Travel Management 2.1 Artificial Intelligence and Machine Learning Upgrading artificial intelligence solutions increase the reliability and effectiveness of the travel management company's services. There is a vast implementation of AI and machine learning in the tourism sector. Corporate travel technology assists businesses with administrative tasks and customer services. It provides enhanced personalization, valuable advice, and speedy response in the employees' absence. In addition, many hotels and resorts use these tools for better services and brand awareness. 2.2 Virtual and Augmented Reality Virtual and augmented reality enables hotels and travel-related businesses to enhance the physical environments to encourage customer engagement in local sights and hotel rooms. Customers highly research travel purchases as they require detailed information before arrival, and even after their arrival, it renders relevant information 24/7. Therefore, adopting AR and virtual reality in the travel industry is a must to cope with changing customer lifestyles and behavior toward technology trends. Modern customers often use smartphones, so using augmented reality apps is easy to use. 2.3 Software and Its Application Travel management software provides users with a platform for planning, purchasing, and recording travel expenses. Travel agency uses this software to simplify purchasing decisions, centralize records of employee travel expenses, and control travel budgets with digital transformation. 2.4 Automation, Analysis, and Reporting Automation optimizes travel routes according to the choices of the customers. It manages the inventory and analyzes the business travel, maintains the travel reports, and predicts the increase in demand for a particular period. Even with the latest innovation in business travel technology, artificial intelligence like ChatGPT can integrate seamlessly to automate different tasks of businesses from applications like chatbots and others. 2.5 GPS Tracking Its Emergency Assistance The technology-based solutions for travel businesses ensure the workforce's well-being, safety, and security. With constantly evolving travel risks, enterprises need a permanent solution that can adapt to changing travel circumstances and customize to the needs of companies and customers. It provides not only updated information, location, and incident monitoring during travel but also critical event response for safety, as well as suggesting alternatives to the traveler's existing plan. 2.6 Expense Tracking and Management Tools Travel businesses generate a vast amount of data on financial transactions, which can become tedious to manage. To address this issue, travel tech companies offer solutions to organize, monitor, and analyze travel expenses while ensuring compliance with policies. In addition, based on past travel experience, it predicts future travel of business travelers. 2.7 Mobile Wallets and Digital Payments Mobile wallets and digital payments are influencing the growth of travel businesses. The leading travel technology company provides a profitable, convenient, and secure experience to customers. Many use mobile devices for payment using different applications, making it easy to purchase through a simple scan or click. 3. Challenges and Considerations 3.1 Privacy and Data Security Concerns With the increasing amount of sensitive information being collected and shared, travel management companies must follow all applicable privacy laws and regulations. In addition, they must take precision to protect data from unauthorized access, breaches, and cyber-attacks. It can involve implementing strong data encryption and access controls, monitoring systems for suspicious activity, and ensuring that all employees get training in best practices for data security. 3.2 Integration with Legacy Systems Many travel companies have invested heavily in legacy systems, which are difficult to replace or upgrade. However, failing to integrate new technologies can lead to inefficiencies, huge data collection, and missed opportunities. Incorporating new technologies involves developing new APIs, migrating data to new systems, or adopting new technologies that work alongside legacy systems. 3.3 Employee Adoption and Training Employees must get training on using new technologies and learn the resources they need to succeed. It can involve providing ongoing training and support, establishing clear communication channels, and developing incentives for adoption. Travel managers must address any concerns or resistance from employees and work to build excitement for new technologies. Technology and travel are reliant on each other for their business growth and enhancement. 4. Conclusion The usage of the advanced latest technology in the travel management industry is evolving rapidly. Travel businesses integrate the travel technology company to enhance responses and customer experience and stand out. Modern customers demand personalized travel experiences with 24/7 support of GPS tracking, travel monitoring, optimized travel routes, and quick alerts in emergencies. Techno-savvy customers rely more on digital payments and prefer mobile wallets for travel booking. Travel businesses must integrate digital channels to retain and attract these customers. There are particular challenges while using advanced travel technology, like privacy and data security and aligning with legacy systems. In addition, travel managers must encourage employee adoption and training for new technologies.

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BUSINESS TRAVEL

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

Article | December 22, 2020

Contents 1. Introduction 2. Enhancing Operations of Travel Businesses 2.1 Constant Assistance 2.2 Increased Efficiency 2.3 Travel Spend Reduction 2.4 Advice and Insights 2.5 Travel Policy Compliance 2.6 Greater Knowledge and Visibility 3. Leveraging Business Functions with Services of Agencies 3.1 Travel Management 3.2 Passenger Assistance 3.3 Consulting 3.4 Marketing and Internal Communication 3.5 Technology 3.6 Leisure Services 4. Conclusion 1. Introduction Travel management agencies empower business travel with in-depth analysis, reporting and constant assistance. They improve efficiency in business operations and reduce travel spending through a subscription or one-off payment for their services. With their profound knowledge and vast network of service providers, they offer more discounts and offerings to the travel company’s clients. This feature enhances the visibility and customer reach of the company. They also ensure travel policy compliance, consulting, and other services for better results. 2. Enhancing Operations of Travel Businesses 2.1 Constant Assistance It becomes challenging to manage multiple providers simultaneously, so travel management agencies fill the communication gaps and prevent confusion during travel planning. They reach out various customer support teams and keep track of all communications as an all-in-one solution for global business travel. Some TMCs also assist in day and night shifts to assist with last-minute travel booking and urgent changes in the travel plan. 2.2 Increased Efficiency Travel management agencies help to streamline the booking process. The travel agents would design a comprehensive travel program with travel arrangements as per the requirement of the clients. In addition, they would handle the logistics of making travel arrangements for multiple clients simultaneously. 2.3 Travel Spend Reduction Travel management agencies may charge for a subscription or one-off payment via business travel credit cards for their services. But it leads to significant investment savings, cutting costs over an extended period. They have a vast network of travel service providers offering unique discounts for multiple services. The TMC officials have sound knowledge of reservation availability during particular periods and the destinations at the cheapest fares; that takes care of complex, repetitive and time-consuming travel processes of businesses. Such services make it easy to plan trips, make changes to reservations, and get reimbursed for travel costs. 2.4 Advice and Insights TMC professionals understand the working of the travel industry at its core. As a result, they provide valuable advice on spending the company’s money for greater productivity. In addition, they are experts with in-depth knowledge of new destinations, the best routes for intra-city travel, and general compliance with policies of national and international trips. Moreover, travel management agencies can help to ensure that travelers are fully prepared and equipped for their journey by providing expert guidance and advice on travel requirements, health and safety protocols, and other important considerations. 2.5 Travel Policy Compliance Compliance with travel rules, regulations and policies is vital for travel expense management. It ensures transparency and safeguards the privacy of travel companies or individuals. The travel management agencies adopt a travel policy to ensure efficiency in executing travel business processes. 2.6 Greater Knowledge and Visibility Unclear travel processes cause malpractices and conflicts between travel companies and their clients. Travel management agencies minimize these risks through transparent travel processes. They provide real-time reports of reservations and bookings. They help manage travel within strict budgets, offering travel trend analyses for better decisions. In addition, they manage travel itineraries and assist businesses in every process. 3. Leveraging Business Functions with Services of Agencies 3.1 Travel Management Travel management is the base of organizing and handling travel business, reservation of transport tickets, searches for accommodations, car rental, etc. Still, new technologies have transformed the traditional methods of travel operations. In addition, it undertakes price comparisons or strategies for more deals and discounts. 3.2 Passenger Assistance As global travel continues to increase in frequency and complexity, travelers are often faced with a myriad of unforeseen problems and issues that can potentially derail their plans. Such issues may include repatriation due to illness, accident, or emergency, lost luggage or documents, flight cancellations, and many others. In order to effectively manage and resolve these issues, it is essential to rely on the expertise and resources of travel management agencies. These agencies specialize in providing comprehensive travel solutions and support services to individuals and organizations alike. 3.3 Consulting Consulting services require taking care of different aspects based on the information of interest for the traveler, like traditions of the destination country, recommendations, cultural references, mannerisms, etc. Furthermore, their efforts are geared towards minimizing costs, maintaining control, and offering up-to-date guidance on travel policy. 3.4 Marketing and Internal Communication As a travel management agency gains expertise, it becomes proficient in furnishing robust assistance in the formulation of travel policies for businesses, along with facilitating efficient communication among employees. The process of policy preparation entails regulations pertaining to business travel expenses and management, which the agency is adept at handling. 3.5 Technology Utilizing the most up-to-date and advanced technology is crucial for any travel company in today's world. This allows travel companies to request and compare travel services such as booking tickets, finding suitable accommodations, managing billing, and providing emergency services in a more efficient and effective manner. With the latest business travel software, the companies can leverage automation and artificial intelligence to streamline their operations and offer personalized services to their customers. For instance, chatbots can assist customers with their travel plans, provide recommendations, and handle queries in real-time. 3.6 Leisure Services Travel management companies also offer direct discounts or revised policies for travel and leisure activities in exceptional cases for the company’s employees and relatives. They provide value-adding services meeting the current expectations and needs of the companies through a comprehensive management of corporate travel. 4. Conclusion Travel management agencies help travel companies in every aspect of their business, from travel management, passenger assistance, consulting, marketing and internal communication, and technology to leisure services. They provide constant help, increased efficiency, valuable insights and business advice. In addition, with profound years of experience, knowledge and a solid network, they give enhanced visibility to travel businesses. They reduce travel spend and ensure travel policy compliance between travel companies and their clients, encouraging customer loyalty and trust.

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Which Technologies Are Transforming Travel in 2020?

Article | February 12, 2020

Like most industries, the travel and tourism sector is experiencing a tech revolution. Innovative new technology is disrupting old methods and transforming the shape of the industry. In fact, the travel and tourism sector is in a significant growth period, mostly driven by tech advancements. Certainly, tech has been the driving force behind making it easier for people to access travel. Of course, the notion of technology reshaping industries is something that is happening across sectors. When looking at how tech is changing travel, we can also see similar movements in other areas of business. For example, the gambling industry is being driven into interesting new areas by technology, with sites like bet-ny.com providing a full casino experience online. This push has allowed people to access betting in innovative new ways and from anywhere at any time, provided they have an internet connection.

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TRAVEL TECHNOLOGY

Overseas adventure travel (o.a.t.) partners with anyclip to launch 'travelflix' to create the broadest video portal in the travel industry

prnewswire | June 01, 2023

AnyClip, The Visual Intelligence Company™ has announced that Overseas Adventure Travel (O.A.T.) has launched Travelflix, a branded, online, smart video portal for travelers leveraging AnyClip's AI powered video solution, Genius+. O.A.T. who holds the largest video archive in the travel industry has chosen AnyClip's proprietary AI technology to host and organize over 4,000 videos from their archives into curated, searchable, video-on-demand channels directly embedded on their own domain bringing streamlined navigation for an online viewing experience. Revolutionizing the online travel experience, Travelflix is the most advanced intelligent video portal ever built for travelers. All Traveflix videos uploaded onto the Genius+ platform are automatically analyzed with millions of keywords and categories generated by frame-to-frame, audio, and textual analysis allowing viewers to search within every scene. This means that whether content was created by independent filmmakers from around the world, or O.A.T. travelers, viewers are able to instantly search and be directed to the exact moment in a video with no scrolling required. Genius+ also powers AnyClip's proprietary recommendation engine to match videos that capture user engagement, saving them valuable time in accessing relevant information. Furthermore Engage+, AnyClip's interactive overlay technology, triggers call-to-actions at key moments within a video to drive audiences to learn more and make travel decisions. This curated, searchable and interactive video-on-demand service will be directly embedded on O.A.T. 's domain, demonstrating the transformative power of AnyClip's technology in the world of travel. With this, O.A.T. aims to drive new customers directly onto their site to easily and instantly in-video search through their library of travel-related videos and discover their destination of choice. "When O.A.T. presented their convincing data highlighting that users interacting with videos on their site have notably increased conversion rates, we knew we had to join forces and craft a significant solution," said Gil Becker, President & CEO of AnyClip. "We take immense pride in assisting our partners at O.A.T. in realizing their vision to introduce Travelflix, a distinctive video experience for the travel industry that makes valuable videos well-organized, easily discoverable, and personalized. This provides captivating and relevant content that boosts conversions while granting users unparalleled accessibility." "We have long been striving to become our travelers' top resource for inspiring content, as well as to provide a platform where they can share stories from their adventures. Our new Travelflix video library is a major milestone in pursuit of that goal. Thanks to AnyClip, our entire video collection is now available in one place, with an interface that is easy for our travelers to navigate and intuitive for our team to maintain. With AnyClip's tools and support, we look forward to continuing to grow our inspirational video library for years to come," said Brian FitzGerald, CEO, O.A.T. O.A.T. not only boasts the largest video archive in the industry, but also takes pride in their large video viewership equaling approximately 1.3 million hours per year. This surfaces the importance of managing and hosting an extensive video library embedded directly on O.A.T's domain to maximize site visits without sending them to external pages, such as YouTube. The launch of Travelflix is a significant milestone in the travel industry, showcasing the potential of AI-powered video platforms to provide travelers with engaging and immersive content. O.A.T. welcomes all travelers those traveling solo or with a partner to continue to post their personal travel videos onto their site to inspire fellow travelers to explore their next dream destination. Travelflix, is now available directly on O.A.T. 's ABOUT OVERSEAS ADVENTURE TRAVEL Established in 1978, Overseas Adventure Travel (O.A.T.) is part of Boston-based Grand Circle Corporation's family of travel companies, which also include Grand Circle Cruise Line and Grand Circle Travel. In 1992, owners Alan and Harriet Lewis established the nonprofit Grand Circle Foundation to support communities in which Grand Circle works and travels, including some 300 humanitarian, cultural, and educational endeavors worldwide—among them, 100 schools, in 50 countries. The Foundation is an entity of the Alnoba Lewis Family Foundation, which has pledged or donated more than $250 million since 1981.

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TRAVEL TECHNOLOGY

Travelex launches enhanced travel insurance plans and CFAR upgrade, plus age-band pricing

prnewswire | June 02, 2023

Today, Travelex Insurance Services Inc., launched its new line of travel protection plans with an enhanced cancel-for-any-reason (CFAR) upgrade covering up to 75% of trip cost, competitive age-band pricing, and additional coverage benefits. Travelex's previous travel protection plans officially retired at 11:59 p.m. May 31. "We really took some time and put a lot of thought into these products as we've designed them," said Shannon Lofdahl, President and CEO at Travelex. "The resulting plans offer enhanced benefits, coverages and age-band pricing. We're responding to the coverage and benefits our partners and travelers want — there's only good news here." Enhanced plan highlights Travelex's Travel Select plan's CFAR upgrade1 now covers up to 75% of the trip cost if travelers have to cancel their trips. The Travel Select plan provides new trip-cancelation and trip-interruption coverage options, including adoption, attending childbirth, cancel for business reasons2, organ donor, theft of travel documents and school extension. Competitive age-band pricing bases plan rates on each traveler's risk level. "I truly believe travel insurance is crucial to travel today," Lofdahl said. "Travelex is committed to protecting you and your trip investment when the unexpected happens." About Travelex Insurance Services Travelex Insurance Services has been a leading U.S. provider of travel insurance. As a premier partner to the travel industry, Travelex offers an array of products designed to help travelers create and protect the moments that matter most while they explore the world. We are part of the Zurich family of global brands and a woman-led organization that appreciates diversity. Guided by our values, we are optimistic, caring and reliable. With forward thinking, determination and a sense of togetherness, we help travelers dream, explore, and travel on.

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HOSPITALITY TRENDS

Travel Experience Marketplace GetYourGuide Secures $194 Million to Accelerate Global Expansion and Product Innovation

prnewswire | June 01, 2023

GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide's marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally. Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW. "In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe," said Johannes Reck, CEO and co-founder of GetYourGuide. "We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike," Reck added. Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide's data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019. "There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide's global leadership and market-leading customer-centricity in the category stems from its deep expertise in this complex space," said Oliver Weisberg, CEO of Blue Pool Capital. "We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business," added Weisberg. The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools. The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide's platform. Part of driving this increased engagement are Originals by GetYourGuide, the company's signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums. J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press. About GetYourGuide Headquartered in Berlin, Germany, GetYourGuide, a travel booking platform, specializes in online travel, tours, attractions and local activities, tourism, e-commerce, technology, the hospitality industry, engineering, sales management, account management, marketing, and travel experiences. It has been transforming travel experiences for explorers since 2009. It accelerates growth for experience creators through access to data-driven insights, technology and a market expert. It focuses on simplifying the digital travel reality. It provides meaningful moments of discovery for travelers. It has leading venture capital investors for funding and support and various local offices worldwide.

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TRAVEL TECHNOLOGY

Overseas adventure travel (o.a.t.) partners with anyclip to launch 'travelflix' to create the broadest video portal in the travel industry

prnewswire | June 01, 2023

AnyClip, The Visual Intelligence Company™ has announced that Overseas Adventure Travel (O.A.T.) has launched Travelflix, a branded, online, smart video portal for travelers leveraging AnyClip's AI powered video solution, Genius+. O.A.T. who holds the largest video archive in the travel industry has chosen AnyClip's proprietary AI technology to host and organize over 4,000 videos from their archives into curated, searchable, video-on-demand channels directly embedded on their own domain bringing streamlined navigation for an online viewing experience. Revolutionizing the online travel experience, Travelflix is the most advanced intelligent video portal ever built for travelers. All Traveflix videos uploaded onto the Genius+ platform are automatically analyzed with millions of keywords and categories generated by frame-to-frame, audio, and textual analysis allowing viewers to search within every scene. This means that whether content was created by independent filmmakers from around the world, or O.A.T. travelers, viewers are able to instantly search and be directed to the exact moment in a video with no scrolling required. Genius+ also powers AnyClip's proprietary recommendation engine to match videos that capture user engagement, saving them valuable time in accessing relevant information. Furthermore Engage+, AnyClip's interactive overlay technology, triggers call-to-actions at key moments within a video to drive audiences to learn more and make travel decisions. This curated, searchable and interactive video-on-demand service will be directly embedded on O.A.T. 's domain, demonstrating the transformative power of AnyClip's technology in the world of travel. With this, O.A.T. aims to drive new customers directly onto their site to easily and instantly in-video search through their library of travel-related videos and discover their destination of choice. "When O.A.T. presented their convincing data highlighting that users interacting with videos on their site have notably increased conversion rates, we knew we had to join forces and craft a significant solution," said Gil Becker, President & CEO of AnyClip. "We take immense pride in assisting our partners at O.A.T. in realizing their vision to introduce Travelflix, a distinctive video experience for the travel industry that makes valuable videos well-organized, easily discoverable, and personalized. This provides captivating and relevant content that boosts conversions while granting users unparalleled accessibility." "We have long been striving to become our travelers' top resource for inspiring content, as well as to provide a platform where they can share stories from their adventures. Our new Travelflix video library is a major milestone in pursuit of that goal. Thanks to AnyClip, our entire video collection is now available in one place, with an interface that is easy for our travelers to navigate and intuitive for our team to maintain. With AnyClip's tools and support, we look forward to continuing to grow our inspirational video library for years to come," said Brian FitzGerald, CEO, O.A.T. O.A.T. not only boasts the largest video archive in the industry, but also takes pride in their large video viewership equaling approximately 1.3 million hours per year. This surfaces the importance of managing and hosting an extensive video library embedded directly on O.A.T's domain to maximize site visits without sending them to external pages, such as YouTube. The launch of Travelflix is a significant milestone in the travel industry, showcasing the potential of AI-powered video platforms to provide travelers with engaging and immersive content. O.A.T. welcomes all travelers those traveling solo or with a partner to continue to post their personal travel videos onto their site to inspire fellow travelers to explore their next dream destination. Travelflix, is now available directly on O.A.T. 's ABOUT OVERSEAS ADVENTURE TRAVEL Established in 1978, Overseas Adventure Travel (O.A.T.) is part of Boston-based Grand Circle Corporation's family of travel companies, which also include Grand Circle Cruise Line and Grand Circle Travel. In 1992, owners Alan and Harriet Lewis established the nonprofit Grand Circle Foundation to support communities in which Grand Circle works and travels, including some 300 humanitarian, cultural, and educational endeavors worldwide—among them, 100 schools, in 50 countries. The Foundation is an entity of the Alnoba Lewis Family Foundation, which has pledged or donated more than $250 million since 1981.

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TRAVEL TECHNOLOGY

Travelex launches enhanced travel insurance plans and CFAR upgrade, plus age-band pricing

prnewswire | June 02, 2023

Today, Travelex Insurance Services Inc., launched its new line of travel protection plans with an enhanced cancel-for-any-reason (CFAR) upgrade covering up to 75% of trip cost, competitive age-band pricing, and additional coverage benefits. Travelex's previous travel protection plans officially retired at 11:59 p.m. May 31. "We really took some time and put a lot of thought into these products as we've designed them," said Shannon Lofdahl, President and CEO at Travelex. "The resulting plans offer enhanced benefits, coverages and age-band pricing. We're responding to the coverage and benefits our partners and travelers want — there's only good news here." Enhanced plan highlights Travelex's Travel Select plan's CFAR upgrade1 now covers up to 75% of the trip cost if travelers have to cancel their trips. The Travel Select plan provides new trip-cancelation and trip-interruption coverage options, including adoption, attending childbirth, cancel for business reasons2, organ donor, theft of travel documents and school extension. Competitive age-band pricing bases plan rates on each traveler's risk level. "I truly believe travel insurance is crucial to travel today," Lofdahl said. "Travelex is committed to protecting you and your trip investment when the unexpected happens." About Travelex Insurance Services Travelex Insurance Services has been a leading U.S. provider of travel insurance. As a premier partner to the travel industry, Travelex offers an array of products designed to help travelers create and protect the moments that matter most while they explore the world. We are part of the Zurich family of global brands and a woman-led organization that appreciates diversity. Guided by our values, we are optimistic, caring and reliable. With forward thinking, determination and a sense of togetherness, we help travelers dream, explore, and travel on.

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HOSPITALITY TRENDS

Travel Experience Marketplace GetYourGuide Secures $194 Million to Accelerate Global Expansion and Product Innovation

prnewswire | June 01, 2023

GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide's marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally. Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW. "In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe," said Johannes Reck, CEO and co-founder of GetYourGuide. "We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike," Reck added. Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide's data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019. "There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide's global leadership and market-leading customer-centricity in the category stems from its deep expertise in this complex space," said Oliver Weisberg, CEO of Blue Pool Capital. "We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business," added Weisberg. The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools. The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide's platform. Part of driving this increased engagement are Originals by GetYourGuide, the company's signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums. J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press. About GetYourGuide Headquartered in Berlin, Germany, GetYourGuide, a travel booking platform, specializes in online travel, tours, attractions and local activities, tourism, e-commerce, technology, the hospitality industry, engineering, sales management, account management, marketing, and travel experiences. It has been transforming travel experiences for explorers since 2009. It accelerates growth for experience creators through access to data-driven insights, technology and a market expert. It focuses on simplifying the digital travel reality. It provides meaningful moments of discovery for travelers. It has leading venture capital investors for funding and support and various local offices worldwide.

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Events