After covid pandemic, as business travel again rises, many companies use travel management software for better management of their business travel. According to the estimations, the travel management solution market is predicted to rise to $17.4 billion in 2030.
Read this article, if you want to choose the right travel management software for your company.
What is travel management software?
Many organizations need to travel from one place to another for business purposes. Some employees experience travel expenses and pay them on the behalf of an organization then claim reimbursement from the organization.
Traveling involves many activities like flight reservations, room in a hotel, taxi services, and much more. Therefore, it is challenging an organization to record and report all the expenses that they experience during business travel. Travel management software gives the solution.
This software automates all the things and processes related to business travel like flight and hotel reservations. It gives an advantage to the organizations in terms of time and cost.
What does travel management software do?
Good travel management software enables you to do the following things:
- Enable you to do all reservations such as flight, hotel, and cab by an automated and integrated “Self-booking tool” SBT which saved your time and effort as well
- Give all the approval workflow like pre-book, pre-trip, and post-trip at the single place
- Eliminate manual workflow and exchange it with a quick, accurate, and automated process
- Give perspective and robust way for reporting and analytics
- Give an automated, quick, and accurate system for recording travel expense
- Give a general system that helps to track missed savings
- Enhance compliance and updated everyone with the changes in T&E policy
- Implement T&E policy
- Quick expense reporting, submission, approval, and reimbursement
- Enhance employee’s experience by providing them easy and automated management system
What is the advantage of travel management software?
Efficient travel management software offers the following advantages to people:
1. Give ease to the travel managers
Travel managers have many things to deal with. They need to record and manage all the things related to business travel, which makes it hard, and challenging them to manage efficiently. An automated system makes their life easier and helps them to do these tedious tasks easily.
2. Enhance business traveling
Travel management software put integrate the processes in a single place and automate everything such as flight reservation, room booking, and much more. It saves time and effort for employees as well as organizations in recording traveling expenses.
3. Saves time and efforts
Travel management software enables organizations and employees to automate all tasks, which save time and effort. It removes the chances of human error as well as it can be a quick way to record travel expenses.
4. Enhance expense reporting
An automated system enhances travel expense reporting. Employees can track every transaction and businesses can monitor expenses. It also helps businesses to check the legitimacy of a reimbursement claim.
What features travel management software should have?
The best travel and management software should have the following features:
1. Request business travel
Automated travel management software should have a business travel request form to request travel. This form has pre-filled the details of the employee and reporting manager. The workers only need to enter travel details and purpose.
2. Implement travel policy
All the companies have their own travel policy that everyone in the organization needs to follow. An automated system implements travel policy and helps organizations control travel costs.
3. Automated reservation
Ideal travel management software should enable users to reserve things like flights, hotels, and cabs automatically. It saves time and money.
4. Advance expense reporting
An automated system gives advanced ways of expense reporting. Businesses can monitor and examine their travel expense easily.
How to choose good travel management software
If you want to choose good travel management software then you should consider the following factors:
1. Easy to use
Select software, which is easy to use so that it gives a good experience to employees and is beneficial for the company’s financial team as well
2. Great compatibility
Choose software that has great compatibility. Software that can be used on multiple devices is best for organizations.
3. Necessary features
You should ensure that the software that you select has the necessary features or not.
4. Customizability
Select software that has good customizability and can survive changes in travel management policies.