Key Features of Corporate Travel Management Software

Businesses want to balance travel and cost savings in a fast-paced and ever-changing industry. The market for corporate travel software is forecasted to grow by USD 2.85 billion by 2024. Corporate or business travel software automates the complete travel management process. It helps save time and money for both corporate travelers and the company.

Corporate travel management software streamlines the entire booking process. This makes it easy for the company and the corporate workforce to get the best rates, expedite approval for travel requests, and provides financial data. It enables them to control expenses as per company policies and much more.

Benefits of a corporate travel management software

●It saves time. Its one-stop platform enables automated bookings and expense management. It eliminates the need to search for the best rates and compares prices from different websites by giving the best results after calculating all parameters automatically.
●It can generate complete financial reports, receipts, expense reports, and mail, text, and more to relevant people and departments.
●It helps save on costs as the bookings are accurate and eliminate cost increases and other fees.
●It supports compliance by checking and booking as per the built-in corporate policies and eliminating fraudulent or unauthorized bookings.

Features of a Good Corporate Travel Management Software

Personalized booking

An excellent corporate travel management software can have personalized profiles for the company workforce, allowing access per the person’s hierarchy and company policies. It helps generate only relevant booking options and the traveler does not have to go through various flight and hotel details and deals. The software program simplifies the booking process. Bookings are easy and so are payment and cancellation options. Scheduling, re-schedules & dates (per terms and conditions) can all be done instantly.

Real time functionality

Corporate travel management software can be integrated with other third-party software to offer more options and is a one-stop booking point. It can include flight bookings, accommodation, transfers, and excursions which can be sourced in real-time and at competitive rates.

Flexibility

The travel management software gives the flexibility to book from anywhere. With centralized data, people working with the company can log in individually and complete transactions without restrictions. The database gets updated in real-time, which is reflected in the software to avoid issues like double booking, cancellation updates etc.

Easy transactions

Personal documents can be stored in the software, which saves time from repetitive uploads and downloads. Payment transactions, refunds, and documentation can all be done at the click of a button. Flight and hotel vouchers are available and so are the bookings for cabs, restaurants etc.

Automated process

The travel management software offers the power of automation to reduce the day to day routine processes, which can be time consuming and also reduce time for new customers. It allows the company to synchronize the back office operations and streamline the day-to-day operations, ensuring that requirements are delivered accurately. It includes sending automated emails and messages before the travel dates, updates, and specific restrictions.

Audit and fraud detection

There are chances of fraud in travel expenses that can cause significant financial loss to the company. Tracking and controlling such scams can be time-consuming, requiring an extra workforce which translates into costs for a company. An excellent corporate travel management software can offer an audit and fraud detection feature that automatically checks the expenses submitted, identifies duplicate fees, out-of-policy expenses, incorrect categories of costs and more to ensure that fraud is not perpetrated.

Travel analytics

A company’s travel, HR and finance departments must track the travel metrics and KPIs for employee satisfaction and policy violations. Tracking such analytics can help the company identify bottlenecks in its travel management process. A good corporate travel management software can offer advanced analytics and an intuitive dashboard to access and create relevant reports in real-time.

Workflows

Trip delays, last-minute bookings, changes and more are often due to unclear workflows and policies within the company. Delays in approvals can cause expense escalation and costs increase for the company. A corporate travel management software can send emails or texts to the approving authorities based on submitted travel requests and reduce approval time and bottlenecks.

Multi device access

Corporate travel management software should be available in mobile application format so that corporate travelers can do the booking, expense filing, itinerary, and more at any time, from any location.

Data security

The travel plan or itinerary, payment information, and invoices of a corporate traveler is part of company data and, like any other, need to be secure. Software with certifications like ISO 27001, PCI DSS, GDPR etc ensure that data security is not taken lightly.

Scalability

As businesses grow, the need for travel also increases. Using a cloud-based travel management software that can be scaled as per need is a necessity for any corporate.

These are some relevant and critical features that can make corporate travel management software necessary for a corporation. The future of travel depends on technology combined with flexibility to enhance user experience and create a high potential for monetization and revenue generation.A corporate looking to develop personalized software for its internal use, with all these options, can tie up with a travel and hospitality software development services company and ensure that corporate travel helps the company and the staff reduce expenses, generate revenue for it.