Business travel took a hit in 2020 and remained stagnant till 2022. About 92% of organizations stopped business travel during the initial months of the pandemic. The instant spike in business travel was seen in 2022.
However, corporate travel remains a vital cog in the wheels of business. The volume of a company’s business travel can be challenging to manage when dealt with manually. This is when the corporate booking tool is a boon to help the management. It helps control all aspects of business travel. A corporate booking tool can change the experience of business travel.
A robust corporate booking tool can simplify complex processes through automation. A business trip starts when an employee opens the app or website to make the booking. It ends with the reimbursement process for an employee.
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The employer must retain information, documents, and relevant proof to sail through the audits at the end of the financial year. Supervision and management become more accessible when a company has a corporate booking tool. These benefits help the company make intelligent and informed decisions.
The future of corporate booking tools and the latest trends in business travel technology
The employees need access to suitable options for travel for diverse events, be it conferences, sales meets, seminars, or client meetings. That’s when business travel technology and its features come in. A corporate management tool ensures streamlining travel expenses and a delightful travel experience.
The need for such a tool was increasingly felt post-pandemic when corporate travel started back when the working modes had changed, thus calling for a dynamic solution. This industry has already made processes smoother and faster.
The main reason for constant progress is no matter the situation, unless there is a global emergency, business travel will not cease. Most companies prefer ‘high return on investment trips’ to ‘high-cost trips.’ This indicates that this industry is not coming to a halt soon.
Real-time information
The need for manual entry has reduced thanks to complete digitization, saving work hours. A ready reckoner to view all information is always available in real-time. Filing receipts for reimbursements, keeping data in check for audits, and so on is much easier if automated. Physical receipts can get tarnished, misplaced, or tampered with, and the absence of the same is an added advantage. The availability of real-time data ensures a problem gets nipped in the bud.
Artificial Intelligence
The introduction of Artificial Intelligence has already begun with chat boxes and prompt responses as a part of customer care. Moreover, Artificial Intelligence is also used in the predictive analysis that can make the process of booking travel itineraries faster. It does so by analyzing the traveler’s past preferences and suggesting flight, hotel, and cab options that the travelers would like. Thus, it saves travelers the time to surf through multiple options.
Travel Management Mobile apps
Using a mobile app has become a norm when it comes to booking tools. Making decisions and implementing them on the go is the primary advantage of mobile apps. One may be away from their workstation but rarely away from their phone. Travelers can also use this app to make changes to their itinerary, cancel their flights, send requests, and view the request status in real-time.
End-to-end digitization
Companies have shifted their focus to more cloud-based solutions and customizations of digital tools. The time companies can save when they can get any kind of information without manual data entry is tremendous. The cost is automatically recorded as the bookings are made from the corporate travel management tool.
The amount is then paid out post uploading proofs of travel. The whole process becomes more manageable and much faster too. Complete digitization allows the raw data to be processed quickly and presented in a manner the company thinks is appropriate. Management of resources poured into business travel becomes more straightforward at the grassroots level.
Cybersecurity
There is enough security around the management tools used as a lot of sensitive information is readily available. Any application with financial data, personal details, and company details must have layered security. This can be upgraded by the use of biometrics as well. The use of biometrics for approvals, releasing reimbursements and making changes in the guidelines add to the security.
Integration of multiple nodes
The corporate booking tool can be integrated with multiple systems, be it HRMS, ERP, or the accounting software. Using a software solution that can be integrated with all systems ensures better data flow and sync.
The coordination between departments, various interfaces, and all touch points of business travel can improve. The IT department, finance department, accounts, and Human Resources department are all in sync regarding information regarding every employee’s business trip. Transparency and communication between departments lead to the optimum use of resources and a reduction in fraudulent claims.
Conclusion
The future of corporate booking tools is a more evolved and more innovative version than we see today. Corporate booking tools quickly adapt, and it is easy to customize features to deal with the requirements as more situations arise. While the trends in business technology are fleeting, some trends have and will change how business travel operates.
