Navigating business travel: The importance of effective travel management and cost optimisation

The Rising Costs of Travel

The cost of business travel has risen significantly, driven by a perfect storm of global events. Hotel and airline companies have been forced to increase prices due to inflationary pressures on fuel, labour, and operational expenses, making every trip a more substantial financial commitment. As organisations grapple with this new reality, it is crucial to focus on a holistic approach to travel management. This includes not only rigorous adherence to travel policies but also a renewed focus on enhancing the traveller experience and ensuring sustainability. Companies must evaluate their travel practices not only to manage expenses but also to uphold their corporate social responsibility and duty of care to employees.

One fundamental aspect of modern travel management is the duty of care. Companies are increasingly expected to have real-time visibility into their employees' whereabouts and well-being. This responsibility has evolved from simply knowing where a traveller is to actively providing them with tools and support to manage their safety. This can vary from simple check-in requirements to employing advanced tracking systems and emergency communication channels, especially for organisations with a large number of travelling teams, to ensure they can provide immediate assistance in the event of an unforeseen incident.

Investing Wisely in Travel

When companies allocate substantial budgets—often reaching £16 million or more—for travel, managing these funds wisely is essential. This is where innovative solutions like Emburse Reshop come into play. By offering tools that constantly monitor hotel and airline prices, companies can alleviate the burden of manually ensuring they have secured the best possible travel rates.

Imagine the frustration of a traveller who has just booked a flight, only to find out moments later that the price has dropped. This is a common scenario in today’s world of dynamic pricing, where fares and rates can change multiple times a day based on demand, inventory, and other variables. With Emburse Reshop, businesses can avoid overpaying by continuously tracking prices after a booking has been made, ensuring travellers book within policy guidelines, and managing costs more effectively without constant manual intervention.

Maximizing Value with Emburse Reshop

Emburse Reshop works tirelessly behind the scenes and is a vital component of a modern travel programme. It helps individuals secure better prices based on their preferences and assists programme managers in maintaining policy compliance. The benefits extend beyond simple cost savings; it's about optimising the overall value of the travel spend.

For example, if a traveller initially booked a hotel room at £199, Emburse Reshop can identify when a better option—say, a queen-size room for £179—becomes available. While the traveller may prefer a king-size bed, the option to save £20 on the same stay, if desired, is readily available. This flexibility allows companies to balance cost efficiency with individual preferences. Similarly, for air travel, if a fare drops after the initial booking, the system can automatically rebook the traveller to the new lower fare. This captures savings that are often lost due to the time-intensive nature of manual price monitoring and rebooking, which is a major pain point for travel administrators.

This captures savings that are often lost due to the time-intensive nature of manual price monitoring and rebooking, which is a major pain point for travel administrators.

Further, if a company has a negotiated rate of £159, Emburse Reshop continues to search for better alternatives. If a retail price drops below that rate, the system can facilitate rebooking, securing significant savings without additional effort on the travel manager's part. This capability also demonstrates to suppliers that the company is proactive about shifting its business to the lowest rate, which provides powerful negotiating leverage during contract renewals.

Empowering Informed Decisions

The data and insights provided by Emburse Reshop empower companies to make informed decisions about their travel programmes. By streamlining the process of tracking prices and managing bookings, businesses can ensure that they comply with policies and maximise their travel budgets. The intelligence gathered from this continuous monitoring provides a detailed view of market fluctuations and supplier performance, which can be used to inform future policy adjustments and negotiation strategies.

Additionally, Emburse Reshop offers the capability to cancel and rebook airline tickets within a 24-hour window, simplifying the process if better prices emerge shortly after a booking is made. This is particularly valuable in a fast-paced environment where a crucial last-minute booking might need to be amended to capture a sudden fare drop, a task that would be nearly impossible to manage manually.

Conclusion

Tools like Emburse Reshop help companies save money, enhance the traveller experience, and uphold sustainability practices.

As the dynamics of business travel continue to evolve, strategic management of travel programmes is increasingly vital. Tools like Emburse Reshop help companies save money, enhance the traveller experience, and uphold sustainability practices. By implementing such solutions, organisations can optimise their travel investment, ensuring they get the best value while meeting the needs of their employees and stakeholders alike.

Investing in effective travel management is not merely about cost savings; it's about positioning your business for success in an ever-changing environment. It's about turning a necessary expense into a source of efficiency and competitive advantage.