When the cost of living soars and interest rates are high, businesses are sure to feel the pinch. The economic downturn in the UK reaffirms the need for companies to gain proper control over their travel spend, and find ways to reduce costs and unmanaged spend. The travel industry continues to be extremely volatile, so monitoring expenditure and reducing costs in quick response will be essential.
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Get a grip on data
Data is king – even more so in today’s volatile times. Having access to business travel data can help companies spot patterns and identify any cost drains so they can make informed decisions about their travel policies and take action to control travel costs. Investing in data-driven tools can help keep companies stimulate growth by slimming down any unnecessary expenses.
Lean on automation
The application of automation in travel has taken leaps forward. This is good news for businesses, as they can spend less time on manual admin and free up their employees to focus on the tasks that truly move the needle. One time-consuming task that relates to travel is expense claims; but by deploying an effective travel management platform, expenses such as taxi trips can be automated. By taking away this task, companies can maximise employee productivity and motivation, while reducing unnecessary costs from corporate travel admin. Win-win.
Book at the right time
Prices of travel fluctuate, so it can be difficult to know when the best time to book is. Prices typically dynamically change based on supply and demand; if demand is high and availability is low, prices will be higher. If supply outweighs demand, prices will be lower. Business trips are typically booked much more last-minute than leisure – 2017 data from Statista in the US suggests 78% of international business trips are booked within 21 days of the departure date. It is around this period, therefore, that prices on popular business routes are likely to be at their highest. So, book early if you can, and you’ll likely save your company money.
Set travel to economy class
One obvious way to save money is to set your travel policy to allow economy flights only. Of course, you’ll need to weigh the pros and cons of this, as the decision may not be popular among employees traveling long-haul for business. However, you may be able to increase the threshold for when employees are able to book business class tickets, saving your company money.
Use a ground transportation management (GTM) platform
There’s arguably no area in travel that’s more fragmented than ground transportation. While flights and accommodation are often unified in a travel booking platform, employees are often left to their own devices when booking ground travel. By unifying the whole travel journey – including ground transport – under one platform, companies can gain better visibility over their costs, identify invoice errors, and set spending limits for staff travel.
A GTM platform like Gett’s can give companies far greater control over employee ground transport bookings. Businesses can set guidelines, compare supplier costs, and set limits on who can travel and how much they can spend. They can also break down costs by team, location and date range to see where money is being spent. A GTM platform like Gett’s can also integrate with companies’ main travel management platforms, helping to further save on admin time.
So there you have it! We hope this guide gave you a few handy ideas to keep your costs down. Corporate travel has bounced back from the covid period – and that’s a positive sign. But we must remember that travel is now different – so keeping a close eye on costs will be key to making things work.
Request a demo at contact.uk@gett.com or visit our Gett Business Solutions website for more details.
