Special-purpose software solutions help businesses automate complex business processes. They facilitate business process automation by providing multiple features. Corporate travel management solutions, like other special-purpose software solutions, come with a slew of built-in features.
These native features help enterprises automate crucial steps in the corporate travel management process. Some of these features help them make business trips successful by boosting the business travel experience and safety of employees.
At the same time, several features make it easier for them to control business travel costs by managing travel expenses and travel data efficiently. Here are the features of a travel management system that help enterprises increase the ROI of corporate travel.
11 Important Features of Corporate Travel Management Solutions
1. Granular Travel Policy Configuration
While configuring the software, travel managers can define granular travel and expense (T&E) policies. The software makes it easier for them to configure T&E policies by providing customizable templates. Also, they can divide travel expenses into relevant categories.
The feature ensures that each employee can access relevant rules and guidelines seamlessly. Furthermore, the software ensures policy compliance by preventing employees from booking out-of-policy travel products.
2. Travel Approval Workflow Customization
Enterprises use pre-trip approvals as a strategy to streamline corporate travel management. They control costs by making employees book business trips only after getting the required approval. The travel management system allows travel managers to define multi-level approval workflows.
Employees can use the software to know which authority can approve specific business trips. Also, they can send pre-trip approval requests directly to the appropriate authority using the same software. The approvers can approve or reject the request using the same software.
3. Self-Booking Tool
Enterprises these days allow employees to book their choice of flights, accommodations, car rentals, and similar travel products by facilitating self-booking. The travel management system facilitates self-booking by featuring a corporate booking tool.
The tool enables each work traveler to access a travel inventory customized according to travel destination and organizational policies. The employee can use the tool to book his choice of travel products in minutes without violating preset policies. Also, he can cancel and reschedule bookings directly using the same tool.
4. Personalized Recommendations
In addition to facilitating self-booking, the travel management system recommends the right travel products to each employee using artificial intelligence (AI). AI algorithms pick travel products based on an employee’s booking history and travel choices.
This feature helps enterprises boost employee experience through personalization. At the same time, personalized recommendations made by the software help them save money by reducing travel booking options.
5. Travel Risk Management
No enterprise can streamline corporate travel management without helping employees mitigate potential travel risks. Organizations help employees overcome common business travel challenges by sharing tips and best practices. However, employees need both information and assistance to minimize travel risks.
Leading travel management systems minimize travel risks by tracking the real-time location of work travelers. Also, they keep employees stress-free by delivering real-time information. Additionally, they ensure employees can access the required information and assistance seamlessly by providing multichannel travel support around the clock.
6. Duty of Care Solution
In addition to providing 24/7 travel assistance, travel management systems feature comprehensive duty-of-care solutions. The feature helps enterprises ensure the safety and security of work travelers across destinations.
Leading providers make emergency assistance accessible to each work traveler by partnering with global health and security risk management firms. The feature helps businesses meet a crucial legal obligation without investing in the duty of care resources.
7. Expense Reporting Automation
The travel management software enables employees to submit automated expense reports after business trips. Employees can access the software as a mobile app to generate expense reports by scanning various receipts and invoices. Also, they can submit the expense report directly using the software. This feature keeps work travelers stress-free by reducing travel expense reimbursement time.
8. Intuitive Dashboard
Travel management solutions facilitate real-time travel expense tracking by featuring intuitive dashboards. The finance team uses the dashboard to track paid, unpaid, and unprocessed travel expense claims. The feature makes it easier for them to predict cash flows and make budgets.
Also, they can use the same dashboard to generate and schedule custom reports using parameters like project, destination, department, and employee. The custom reports help them make financial decisions based on real-time T&E data.
9. Advanced Data Analytics
New-age travel management solutions analyze T&E data automatically using advanced data analytics. The feature helps decision-makers gather actionable insights gained using real-time T&E data. Managers can use the insights to detect trends and patterns. Also, they can leverage data-driven insights to prevent policy violations and find opportunities to control business travel costs.
10. Automated Notifications
The software streamlines corporate travel management by sending automated notifications to employees and managers. It accelerates the pre-trip approval process by sending notifications to concerned approvers. Likewise, it sends automated notifications each time a policy violation or travel expense fraud is detected.
Also, the automated notifications sent by the travel management system help employees manage common business travel risks like flight cancellations and delays. Also, employees can stay safe and secure by working on the instructions and tips shared by the software.
11. Third-Party Integrations
The cloud-based travel management solutions are easy to customize and integrate. A business can integrate the software with existing enterprise systems using specific application programming interfaces (APIs).
The integration makes the software share T&E data with other enterprise systems like ERP and HRM. Also, various teams can access up-to-date financial information without manual data entry activities. Hence, the feature helps enterprises make informed financial decisions based on real-time data.
A travel management system streamlines corporate travel management by providing many features. Some of these features boost employees’ business travel experience and safety, while others help employers control business travel costs.
However, the new-age travel management solutions boost these features using Industry 4.0 technologies like data analytics and artificial intelligence. They meet the needs and expectations of work travelers using intelligence technologies.
Additionally, they create opportunities for businesses to control costs by making T&E data analysis an ongoing process. Hence, enterprises these days prioritize travel management solutions that provide sophisticated features as well as leverage cutting-edge technologies.