Best Ways to Save Money on Corporate Travel
India is the world’s fastest developing major business travel market. As per the Global Business Travel Association, India will be among the top 5 in business travel spending by 2030. With regards to adopting managed travel, Indian companies are slowly engaging with their counterparts in more mature markets like the US and Europe.
Saving on corporate travel might sound like a challenge – especially if you have too many employees flying to different locations at different times. But there are ways to keep your costs down without compromising on traveler safety, services or data security.
With a smart process in place, you can save millions on your business travel spending. Given below are some of the most effective ways to reduce your total air travel spend.
1. Finetune your corporate travel policy
From booking flights to food allowances and holding expenses, there’s a lot to consider when setting out a corporate travel policy. This means that there’s plenty that can slip through the net. Having a pre-trip approval system in place for every booking goes a long way in avoiding travel budget leakages. At the same time, setting out clear procedures will help your business travelers make decisions that stay within your policy and avoid incurring additional costs that may hurt your bottom-line.
2. Make savings on airline flight bookings
Another very important metric to look at while we try to control the overall travel cost is to look at the composition of travel spend and the total air travel cost as part of it. Air tickets can be costly, so it’s crucial that we get all the details in place before the booking. Getting alerts for airfare promotions and discounted rates can also massively reduce your corporate travel costs. For this, our extra value air travel savings tool TrackMyTkt dynamically tracks flight prices in real time from the time of booking until the departure and helps corporates re-book the tickets when viable savings are identified on the same or similar flight as per the requirement.
3. Plan ahead of time to save more
This is the best control mechanism with regards to sparing cash in any sense. In the world of business travel, it’s always wise to book flights in advance as they can drastically increase in price as we move closer to the actual date of departure.
4. Motivate your employees to help you save
Reward your employees every time they book a less expensive flight or hotel booking to attend a business meeting. It will be a saving for the company and reward for the employees which can truly be a win-win situation.