BUSINESS TRAVEL

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

ANUSREE BHATTACHARYA | December 22, 2020

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Corporate travel and expense management is one of the cumbersome challenges for CMOs. Travel expenses are the second-highest expense and one of the toughest to control. Getting the best price for a business out of bookings is not enough for a CMO to manage travel expenses. Instead, there are other challenging factors that challenge a company. What are these challenges? Brief information on it can help you identify what your company needs to fix upon to understand this.
  • Lack of data collection
  • No proper visibility into corporate travel spend
  • Lack of an organized corporate travel and expense management process
  • Proper policies
  • Lack of inventory-rich management system
  • No accountability to services under corporate travel and expense policy
  • Lack of technology usage
  • Lack of flexibility
  • Lack of a stable plan for create travel management strategy

Advanced corporate travel and expense management is one of the best solutions today to curb these challenges. So, how can corporate travel and expense management help CMOs succeed in business? Before finding it, a glimpse at the management’s ability and efficiency can help you understand more about it.

Corporate Travel and Expense Management: What Do You Need to Know?

Corporate travel and expense management today has become advanced after the pandemic hit. Today, it is integrated with cutting-edge features through software and is used for mobile and desktop applications. The applications such as spend control & reporting, quick and easy booking, automated expense & reimbursement solutions with receipt capture, back up analytics capabilities, live credit card feeds, and customizable real-time reports are included. All these are powered by machine learning and artificial intelligence.

While many CMOs agree that strategizing corporate travel and expense management is helpful to save costs. They emphasize this because their companies have already practiced advanced corporate travel and expense management. Other corporate expense management companies also implemented corporate travel and expense management. And they recommend incorporating advanced management to curb expenses. If you face challenges in organizing corporate expense systems, this is the right article to learn how to cope with challenges.
 

Corporate Travel and Expense Management: How should you go about it?

Corporate travel and expense management are set to soar up to $1.7 trillion by 2022 globally, right after the travel companies started investing. This indicates the right time for you to start strategizing corporate travel management and its expenses by following practical steps.
 

Consider Technology-based Solutions

Cloud-based corporate travel expense software can simplify your corporate travel management and travel-related expense policies. It leads the entire expense management process to a higher degree of competence. The automation of the corporate travel management process also makes employees easy to file expenses on time.

For example, TripActions is a leading corporate expense management company. It provides top software solutions for corporate travel and expense management. The company promotes technology and offer solutions that come with ease of use.

No Paper Checks

Modern corporate travel and expense management saves ample time by eliminating paper checks. Paper checks make the process tiresome, and there are high chances of error. It also leaves space for employee fraud, which results in tracing difficulty. Thus, paperless work reduces the chances of data tampering and save over-pricing possibilities. Your business can be profitable if you inculcate corporate travel expense software. You can find a list of top software online. Incorporating modern corporate travel and expense management solutions can curb expenses. Practicing the best practices for travel expense management can generate higher revenue for your company.

Set an Accountable Plan on Reimbursement

The reimbursement processes can turn easy with modern corporate travel expense management. The management can help to set an accountable plan and give access to a list of reimbursements. In this way, employees can claim the existing reimbursements in one go. Following this practice for travel expense management can organize all travel and expense management services in one place. And you will never encounter any corporate travel management challenges in the future.

Offer Flexibility 

Employees are the happiest when they have freedom in their work and workflow. And because of this, you need to include a broad travel inventory. Modern corporate travel and expense management offers an inventory-rich system that allows various options to check employees' booking flights, accommodation, or car rentals. For example, Expensify provides a clear insight into the entire trip's actual cost to corporate travelers. Other corporate business travel management companies also implemented advanced corporate travel and expense management systems. And they are shaping the travel industry like other industries.

Choose the Right Software

In this, you need to choose the right corporate travel expense software for your business expense management. A corporate travel and expense management software includes features to manage corporate travel and expense policy, organize travel and expense management services, create a proper travel management strategy, manage corporate travel programs, and sets corporate travel management trips. Often, it appears impossible to organize trips that change. Corporate business travel management can help ease your employees’ load. Similarly, corporate travel and expense management software offers other features, such as:
  • It allows corporate travel managers to keep a proper view of employees traveling on a particular day
  • Budget tracking and travel policy tools through apps help simplify the process of business expense claims for employees as well as the finance team
  • Automated receipt submission reminders help employees to submit the reports on time
  • Ratings of travel and expense management services include car rentals, airfare, lodgings, and accommodation
  • Instant price comparisons
  • 24/7 on the go support for managing a corporate travel program and expense management

  • Self-booking of business trips with the help of the travel booking management software
  • Seamless corporate travel expense reporting

Search about Software Compatibility

When including automation, you need to research corporate travel expense software's compatibility. When you consult a vendor online or in-person and understand software flexibility for travel bookings and transportation services, you can easily select according to your business requirements. By doing so, you tend to save a lot of time and deploy corporate expense systems faster.
 

Consider Setting up a Budget for Corporate Travel and Expense Management

For a company, the budget plays a pivotal role before setting up a new system. Questions like what kind of corporate travel and expense management solution you wish to invest in should also be considered if you want your company to succeed. Incorporating a corporate travel and expense management system involves a series of processes such as setup, installation, support, and customization. Thus, choosing the right software or tool is a crucial matter that compliments all budgetary solutions. Set up a budget, research which software can be beneficial to you, and incorporate it to exercise fast processes of your travel and expense management services.
 

Tips to Create a Successful Corporate Travel and Expense Management

While there are several solutions to corporate travel and expense management and you understood how to implement it, some tips can also lead you to be successful in business by introducing advanced travel and expense management services, corporate travel and expense policy, corporate expense systems, travel and expense management resources and more. Therefore, for this, you need to:
  • Educate employees and help them understand the technological aspects of advanced best practices for travel expense management
  • Set cost-saving strategies with the help of research on what other corporate expense management companies are implementing
  • Be resilient and open to suggestions from your employees

Consider integrating travel management strategies with an automated travel & expense management system. In this way, your company’s corporate travel and expense management will continue to function efficiently. As travel industry leaders are changing their strategies to stand out in 2021, it is time to end fretting over manual corporate travel expenses difficulties. With the help of a dedicated corporate travel management strategy, you can succeed in achieving the goals you set for the New Year in your company.

Frequently Asked Questions

What is Travel and Expense (T&E) Management?

To understand corporate travel and expense management, a few features are explained below:
  • Tracking of reports
  • Reporting
  • Costs management
  • Submission of receipts
  • Reimbursement
  • Clearing expenses
  • Management of corporate travel
  • Pricing
  • List of services

How to manage travel expenses in corporate?

To manage travel expense under a corporate travel and expense management system requires the following things:
  • Keep track of details
  • Submit expense report on time
  • Plan ahead
  • Organize data with details
  • Choose a suitable tool or software
  • Create a fast workflow  


How to manage corporate travel and expense budget?

Some careful planning and thorough research on selecting the right tools or software can easily manage corporate travel and expense budget. With this, a business can get a closer insight into the planning of the budget, which results in building of a dignified corporate travel and expense management.

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Tours Loire Valley Tourism

Tours Loire Valley Tourism is the receptive service of the Tourist Office Tours Loire Valley. It works in collaboration with a network of leading tourism providers for the promotion of Tours, gateway and capital of the Loire Valley, through the marketing of tourism products on this territory. Our team offers all the services of a receptive travel agency to organize your trip in the Loire Valley

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BUSINESS TRAVEL

Post-Pandemic Travelers Driving Demand for Private Villa Rentals

Article | August 10, 2021

It would be an understatement to say that the recent pandemic is ushering in a seismic shift for the travel trade, which suffered a collective gut punch as COVID-19 unrelentingly raged across the globe. New health and safety protocols, crisis management plans and other operational touchpoints are being overhauled to help those in—and dependent upon—the travel industry better pivot and adapt to the unforeseen. For travelers, priorities and sensibilities have also evolved on multiple fronts. For one, various reports extrapolate how privacy has become the new luxury. In fact, a “Covid Travel Outlook 2021” travel sentiment survey by Indagare found that travelers “feel more comfortable renting a home or private villa for added privacy” and that “more than half of those surveyed said that they are 54 percent more likely to rent a home than they were prior to coronavirus, preferring to ‘Stay at homes not hotels,’ for added security and peace of mind.” Other reports tout the key advantages of private luxury villa accommodations, with privacy and exclusive use entrenched among them. Amid the surge in category popularity, travelers must also consider ways to aptly vet luxe private villa options amid a burgeoning field. According to an Indagare.com story outlining the benefits of “going private,” proximity is one overarching booking factor noting that “for some travelers, a house close to town or affiliated with a nearby resort or hotel provides the perfect combination of exclusivity and access (to restaurants, coffee shops, fitness classes, etc.). Others prefer staying someplace further removed, opting for a home with fewer amenities or a lavish villa with every convenience under the sun.” The article also points out another critical aspect that, all too often, is taken for granted: availability. The story cites the reality that “accommodations can fill up months or even a year in advance,” which some more spontaneous wanderers might not expect. Relative to post-pandemic issues, the story further cautions that “this year, with exclusivity at an unprecedented premium and fewer destinations open to international arrivals, early planning is crucial. One reason: Many travelers are opting for longer stays, now that remote work and Zoom classes are ubiquitous, meaning there’s less turnover. For these extended trips—workcations or staycations—having strong WiFi, reliable phone service and separate areas for being productive are key factors when choosing the right rental.” With this and other public discourse helping spur private villa reservations, I sought to connect with one purveyor in the space that is making due strides: Destinations in Paradise. This boutique agency offers a suite of architectural five-star private villas in four locales: The Big Island and Kauai, Hawaii as well as Los Cabos, Mexico and Mendocino, California. Having personally experienced this company’s brand of haute hospitality on the Big Island, I sought to connect with the founders—David Cohen and Howard Appel—for some clarity on how they’ve apparently adapted so well in the post-pandemic era. Here’s what they had to say. MK: So, first, let’s talk about the properties, themselves, and also your company at large. What sets Destinations in Paradise apart from other luxury home and private villa purveyors in the various regions where you operate? Cohen: It's essentially our caliber of white glove service, which is highly personalized and with the very best amenities that can be provided. The company was started because we wanted to have some fun, as Howard and I had been retired a while. We wanted to give people, especially those desiring privacy and security, the kind of high-caliber experience that we would expect. When someone arrives at one of our homes, they're greeted and welcomed with enthusiasm and everything to elevate the experience is there. This includes the best linens, a house full of flowers and arrival gifts. In Mendocino, we leave fresh-baked goods and wine. In Mexico, our guests are greeted with cold towels and margaritas. Plus, any special requests are accommodated. Even when guests depart, we give them a thank you gift for having booked a stay with us. Overall, it’s a very personalized experience. It’s akin to having a member of the family come and stay. You get up early in the morning, make them breakfast and generally make them feel at home … that this is their home for the duration of the visit. The difference is that it's a five-star experience at every touch point. Appel: We, ourselves, like to travel in luxury and, as we started acquiring the properties, we realized that this is a great opportunity to offer to other people the same kind of treatment we enjoy. It's the way we all would love to be treated. And we think we offer it differently and more special than others. The business sort of just fell into place as bookings escalated and we started to acquire additional properties. MK: In the luxury travel space, much is said about the importance of personal touches to elevate the experience. So, can you provide an example of things you all do in this regard to go over-and-above for high-end luxury travelers? Cohen: Here's one interesting example about the Mexican property, for example: It's two acres of the most gorgeous landscaping that you've ever seen. Even though it's in the middle of a desert, we are desalinating seawater using solar power, so the yards and the landscaping and the flowers are all very lush, but still desert-type plants. The interesting thing is that Howard and I have worked together for close to 40 years and, until we actually got into this business, I had no idea that he had this artistic flair. The landscaping at all of the houses is beyond spectacular. My own personal favorite is the Mendocino home, which has the equivalent of an English country garden. You can just go and sit in there and read a book, sitting in the fresh air with beautiful butterflies and bees buzzing around. The Hawaiian property is the same; it’s just gorgeous, perfect Hawaii. Appel: It's important to note that these homes are indoor-outdoor homes. We want to make sure we carry the luxury on both sides. If you actually do a search of our home in Cabo on Google Earth, you can easily spot it because it's the only significant patch of green anywhere along the east scape. This kind of lush, natural beauty is just one of the many ways that we cater to our guests relative to the luxurious aspects both inside and outside of the homes. MK: You touched on some of it already, but what are some other special amenities and activities that you offer in, and around, the homes that are available to guests? Appel: One key aspect is that each home comes with a concierge service. Our guests can partake in any activity in the local surroundings. We try to offer the opportunities within the local community and try to personalize that. In Mexico, it might be premiere deep-sea fishing, surfing and paddle boarding. In Mendocino, we're about 30-minutes from Anderson Valley, so we can arrange for private wine tours. Especially during the recent pandemic, to help our guests have fun but also avoid big crowds was important to us. Of course, the homes in Hawaii and Mexico have beautiful pools, swim-up bars and each property has its own set of unique amenities on-site a like solar-lighted tennis court. In fact, when we travel to Mexico—in the seven or eight times we've been there—I think we've left the property twice. There's no reason to go elsewhere because everything is there with you. Whatever you want to do, whatever the guests would like, we can make it happen. MK: Speaking of the pandemic, obviously the past year and a half has been tough for the travel industry, so how have the recent health concerns impacted your business with respect to private villa versus hotel, resort or other kinds of accommodations? And, also, the guest experience while actually visiting a property? Appel: We took COVID very seriously from the beginning and, yes, 2020 was a hard year for us. 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They’re all unique and offer the privacy, security and comfort that private villa venues offer—all, of course, with our discerning five-star touch.

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