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The ultimate guide to corporate travel management

The days of businesses operating and growing within a small city radius are long gone. In today’s fast-paced and tech-savvy business world, companies have easy access to global talent and clientele.

As such, transporting stakeholders long distances is standard practice. Recent forecasts project that there will be more than 470 million domestic business trips taken in the US alone in 2024.

While corporate travel is a necessary part of operating a modern business, it can also be logistically difficult and costly to manage—especially as your business scales. This article will help cover what you need to know to improve your corporate travel management operations.

What is corporate travel management?

Corporate travel management is the process of coordinating, analyzing, and managing a company's business travel needs.

Effective corporate travel management is crucial for keeping business trips organized and efficient, ensuring that travel arrangements align with the company’s policies, helping to enhance the safety and comfort of travelers, and adhering to budgets.

What does a corporate travel manager do?

Craft and implement comprehensive corporate travel policies.

Corporate travel managers develop detailed travel policies that align with the company's unique goals and needs.

For example, a travel manager would establish policies for:

Booking procedures. Define processes for booking rides, flights, and hotels.

Travel class guidelines. Set standards for business or economy class based on distance, duration, or employee level.

Accommodation standards. Specify the type, budget, and class of accommodations allowed (for instance, hotels or home rentals).

Expense reporting and reimbursement. Set limits on daily allowances for meals and incidentals, and establish procedures for tracking and submitting travel expenses.

Technology use. Implement travel management software or apps to simplify travel arrangements, data analysis, and reporting.

Orchestrate seamless experiences

Corporate travel managers oversee the coordination and execution of business travel plans for employees. They either directly arrange all aspects of travel themselves, manage an internal team of travel coordinators, or work with third-party travel agents.

Today it’s also essential to adopt corporate travel apps , as they assist managers with streamlining travel plans across their organization. A corporate travel app helps with the following:

Automated expense tracking. Eliminates the need to save hard copies of receipts by automatically adding to the system the trips and meals to be expensed.

Centralized control from a dashboard. Provides complete visibility into travel policies, procedures, expenses, budgets, and plans.

Real-time reporting and tracking. Offers a comprehensive look into customized travel programs with real-time updates for travel, meals, incidentals, and more.

Simplified travel management. Includes flexible and customizable limits for booking rides, buying food, and processing payments (such as charging to a personal card for reimbursement or to a business card).

Control the budget for optimal financial outcomes

Travel managers navigate the line between providing comfortable travel experiences for employees and sticking to the business’s travel budget.

To do this, managers research cost-saving opportunities, identify the most cost-effective times to travel, and negotiate discounts with travel vendors.

A travel manager might, for instance, identify and book off-peak flights for a team attending an international conference. They could also track rideshare prices to find optimal travel times and book hotel rooms with corporate discounts.

Analyze data to inform future travel policies

Corporate travel managers are also responsible for monitoring travel data. Keeping a close eye on travel analytics helps with:

Tracking expenses. Examining corporate travel expenses reveals spending patterns and shows where the company can reduce costs.

Identifying travel patterns. Historical travel data helps managers find patterns and trends, which helps with forecasting future travel needs and preferences.

Benchmarking against industry standards. Travel managers compare their company’s travel spending and policies against industry benchmarks to better understand performance.

Analyzing supplier performance. Evaluating data about suppliers can uncover their reliability, service quality, and value.

Managers capture this data with feedback surveys from employees, travel industry reports, travel management software, and third-party travel platforms.

Prioritize duty of care for employee well-being

Corporate travel managers work closely with HR managers to develop duty-of-care protocols for their employees.

Duty of care in corporate travel includes:

Ensuring the health of employees. Maintaining the well-being and health of traveling employees and making sure they have access to necessary healthcare and support.

Providing for basic needs. Arranging for essential amenities like quality food and beverages, and comfortable accommodations.

Protecting employees. Keeping travelers away from situations where they may experience harassment, stress, or discrimination.

Collaborate with industry partners

Corporate travel managers’ duties don’t start and stop with coordinating and managing business travel. They’re also responsible for building relationships with top industry partners and vendors.

This includes establishing discount and comfort agreements with airlines, negotiating deals with hotel chains, and selecting the best rideshare apps.

They also work closely with internal teams and senior management to ensure that travel strategies and contracts align with overall business goals.

For travel policy setters or managers

Oversee your travel program with the flexible rules and streamlined reporting you need, with Uber for Business.

Challenges within corporate travel management

Successfully managing corporate travel requires so much more than simply booking plane tickets and hotel rooms for employees. Below are some of the top challenges corporate travel managers face.

Cost-benefit analysis

In corporate travel management, this involves quantifying all costs associated with travel and weighing them against the benefits, such as networking opportunities, employee development, client relationships, and successful sales.

Imagine a scenario where a company is considering sending an employee to an international conference that costs $3,000 in total. The corporate manager would need to research the potential benefits (such as networking, business development, and employee growth) of spending that $3,000 and determine if it’s worth it.

Cost-benefit analysis can also be nuanced. Consider this data point, for example: 48% of business travelers say their last work trip was too long. If an employee can accomplish what they need to in 2 days of travel and a manager books a trip for 4 days, it results in 2 extra days of employee time and corporate travel budget.

Cost-benefit analysis, in this instance, would involve analyzing past data, including post-travel feedback surveys, to understand how long employees need to travel to accomplish goals while optimizing the travel budget.

Traveler satisfaction

Research shows that 60% of employees say business travel positively affects their satisfaction with their job. And Slack’s 2023 “State of Work” report found that most employees say feeling happy and engaged at work is a key motivator. What’s more, when employees are happy and productive, businesses thrive, according to The Economist .

The tricky part for travel managers is accommodating employees’ diverse travel needs and preferences within a corporate (not a luxury vacay) budget.

To keep employees happy and productive, travel managers must understand what satisfies employees while they travel and then develop a plan to deliver a positive experience while working within a corporate budget.

Adapting to changing business needs

Shifts in business priorities, such as targeting new international markets or altering strategic partnerships, directly affect travel requirements.

A shift toward more in-person client meetings, for example, can increase travel frequency. Corporate travel managers must adapt policies and budgets to align with evolving business needs.

And efficient corporate travel management requires monitoring shifting political, economic, and health climates worldwide and being ready to respond and adapt. Travel needs can change in an instant, and corporate travel managers must remain adaptable to adjust travel strategies as necessary.

Environmental sustainability

A 2023 Deloitte study reported that climate concerns will likely limit corporate travel growth in the coming years. Deloitte found that “4 in 10 European companies and a third of US companies say they need to reduce travel per employee by more than 20% to meet their 2030 sustainability targets.”

This statistic highlights the growing pressure on corporate travel managers to devise travel strategies that meet the needs of a growing business while being efficient, cost-effective, and environmentally responsible.

4 tips for managing business travel

Now that we’ve discussed some of the job responsibilities and top challenges of corporate travel managers, let’s cover the best tips for managing business travel.

1. Establish clear communication channels

When employees don’t know your travel policies and procedures, it’s impossible for them to comply.

In other words, they might not know how much they can spend at a corporate dinner, whether they should take a taxi or use a rideshare app, or what safety and security policies they need to follow when traveling for business.

Consider establishing a clear communication channel where every employee can access critical travel information. This could be a dedicated travel portal or intranet page, regular email updates, or travel management software that provides real-time communication.

2. Conduct regular training sessions

Another way to fine-tune communication and increase awareness about travel policies is by conducting regular training sessions.

Create a live or digital training course that covers the following:

• Travel policies: Review company-specific travel guidelines and booking procedures.
• Safety measures: Explain all protocols and emergency procedures for travel. Draw special attention to areas people may be visiting that are undergoing political or civil unrest.
• Changes in procedures: Provide updates on any new or altered travel-related processes. This is especially important during health crises.
• Duty-of-care responsibilities: Educate on and provide clear definitions of the company’s commitment to traveler safety and well-being.
• Per diem amounts: Outline the daily allowances for expenses while traveling. Include a definition of what is and isn’t allowed. For example, is alcohol part of a per diem or excluded from corporate expenses?
• Expense reporting: Give instructions on how to accurately report and submit travel expenses.

3. Adopt travel technology

When you’re managing travel for multiple employees across different offices, it’s challenging to educate everyone, track expenses, and ensure compliance with travel policies. To organize and streamline everything, you may consider a travel management system (TMS).

A TMS is a comprehensive travel platform that helps companies book, track, and report travel activities. It typically also provides real-time data and analytics, helping you monitor travel spending and optimize your travel strategies.

4. Evaluate and update travel procedures and policies

Any changes in technology, the world economy, political climates, global health status, and industry have a profound effect on business travel.

As such, it’s essential to establish a process for continually evaluating and updating travel procedures and policies.

This could include:

• Reviewing policies to make sure they’re relevant, cost-efficient, effective, and safe
• Surveying your employees to see how happy they are with your travel policies
• Evaluating your TMS data to identify where you can optimize travel, innovate, and improve processes

Move your business forward with Uber for Business

In today’s fast-paced business world, getting corporate travel right is more important than ever. Adapting to changes quickly and embracing new technologies are key to staying ahead in managing business trips effectively.

You may also consider leveraging Uber for Business , a game changer in managing your company’s travel needs. It simplifies the entire process of corporate travel management with features like automated expense tracking and centralized control, making it easier to stick to policies and budgets.

With Uber for Business, you’re not simply organizing travel. You’re also saving time and money while giving your team a smoother, more efficient travel experience. Learn how to get started .

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SITA unveils latest evolution in total airport management

SITA, a technology company in the air transport industry, has launched its trailblazing airport management tool, the SITA Airport Operations Total Optimizer, during the Passenger Terminal Expo 2024 in Frankfurt, Germany.  Total Optimizer harnesses AI and the principles of Total Airport Management to optimize holistically, across a variety of airport functions.

Over the past decade, airports have managed to optimize individual airport functions. However, these individual optimisations are not well synchronised with each other. Teams, systems, procedures and KPIs all conflict with one another and significantly reduce efficiencies, costing airports millions of dollars per year.

Airport staff in a modern Airport Operations Centre take many things into account when making decisions. The problem today, is that the tools used have a static configuration. This prevents the team from dynamically adapting their plans, to consider changes or priorities in the airport environment. Total Optimizer allows airport teams to dynamically set the relative priority of different aspects, such as Operational performance, Capacity provision, Revenue generation, Cost efficiency, Passenger experience and Sustainability.

“This is one of the biggest innovations yet in the sphere of total airport management,” says Stefan Schaffner, VP of Airports at SITA, citing the platform’s impressive ability to leverage AI and data analytics.

A collaborative effort

SITA has been closely studying the challenges airports face in achieving Total Airport Management, with the help of leading airports like GTAA. Referencing the importance of valuable industry collaboration, Schaffner says: “We regularly interview our customers and other industry stakeholders to find solutions to the complex challenges they face now and in the future. In this respect, our new SITA Airport Operations Total Optimizer is a giant step forward to addressing the needs of our airport customers of different sizes and from countries the world over.”

The unveiling of the SITA Airport Operations Total Optimizer comes at a time when passenger numbers are continuing to grow at pace. Meeting this demand not only requires that the industry harnesses smarter digital solutions to ensure greater efficiencies and to streamline operations, but that sustainable business practices are successfully integrated across the ecosystem. SITA’s 2023 Air Transport IT Insights research highlights increased IT spending as a current CIO imperative, alongside ongoing digitalization efforts and a drive to deliver on sustainability commitments. Getting this balance right requires a technology partner who is invested in the industry and is recognized as a leader in leveraging smart technologies to create strong and relevant airport management solutions.

“SITA offers the expertise and technologies needed to reinvent the processes that will underpin tomorrow’s journey, along with the operations that keep the wheels of our industry in motion,” says SITA Schaffner.

SITA partnered with the Toronto Pearson Airport to deploy a prototype of Total Optimizer that was integrated with GTAA data sources. GTAA staff were able to dynamically optimize stand allocation plans, simply by setting the relative priorities of the airport. The predicted savings, operational efficiencies, and additional revenues were then demonstrated to the Toronto Pearson team.

At PTE this year, Toronto Pearson Airport will be speaking to explain the challenges they face and to share their coherent plans to tackle them. Within this story, they described the positive results of Total Optimizer demonstration and how this service could be key to achieving their ambitions.

The SITA Airports Operations Total Optimizer is the latest in a series of powerful solutions to optimize airport operations by leveraging accurate, reliable, shared real-time data. Already, more than 240 airports and 50 off-airport sites use SITA’s Airport Management Solution (AMS) and SITA’s Airport-Collaborative Decision-Making (A-CDM).

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Startups Raise $331 Million for Flying Taxi Airports and AI Expense Management 

Justin Dawes , Skift

April 19th, 2024 at 2:21 PM EDT

Four travel startups have raised more than $100 million each over the past two weeks.

Justin Dawes

Travel Startup Funding This Week

Each week we round up travel startups that have recently received or announced funding . Please email Travel Tech Reporter Justin Dawes at [email protected] if you have funding news.

Last week was the second-biggest this year for travel startup funding. And this week’s total, $331 million, makes it the third-biggest this year.

The largest fundraise this week was by expense-management platform Ramp, which has now raised $450 million over the past eight months alone.

Read more below about the three startups that announced fundraises this week.

Ramp: $150 Million

Ramp , a platform that helps companies manage expenses including travel, has raised $150 million in a series D-2 funding round at a valuation of $7.65 billion.

The New York City-based company in August 2023 raised a $300 million series D round at a valuation of $5.8 billion, co-led by Thrive Capital and Sands Capital.

Khosla Ventures and Founders Fund co-led the latest round, with support from new investors Sequoia Capital, Greylock, and 8VC, along with existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, Iconiq Capital, Definition Capital, and Contrary Capital.

The company last year launched Ramp for Travel through partnerships with corporate travel agencies TravelPerk and Flight Centre’s Corporate Traveler, as well as Lyft and WeWork. The idea is that through tech integrations with these agencies, Ramp automatically collects receipts from any bookings, removing the need to submit expenses. 

The travel platform also integrates each client’s travel policies and provides their employees with corporate cards, which are embedded with controls and limits on flights, hotels, and more.

Ramp said it released more than 150 new features in 2023, including an integration with Uber for Business , making it easier for users to expense rides and food deliveries through Uber. 

Ramp said it has 25,000 clients. That number last August was 15,000. 

The latest funding will go toward strengthening the tech product, including adding features for AI-powered automation, spending analytics, and more. 

Skyports: $110 Million

Skyports , which is developing airports for flying taxis, has raised $110 million in series C funding. 

ACS Group, the civil engineering and construction company, led the round and is now the startup’s largest investor. Airport operator Groupe ADP was another investor in the round.

London-based Skyports designs and plans to operate airports — known as “vertiports” — for the future industry of vertical take-off and landing aircrafts, which are usually built with electric or hybrid-electric propulsion. The startup also operates drone delivery services. 

Skyports earlier this year signed a deal with the Roads and Transport Authority of Dubai and the company Joby Aviation to design and operate a vertiport ahead of plans to begin air taxi services in Dubai by 2026. California-based Joby Aviation is designing an electric-powered aircraft with a top speed of 200 miles per hour, a maximum range of 150 miles, and space for a pilot and four passengers. 

Skyports and Groupe ADP operate a site near Paris for testing flights, ground infrastructure, the passenger experience, and other operations. Skyports and Joby have a lab for developing tech and procedures of the future flying taxi industry. 

Skyports said it owns and operates one of London’s two commercial heliports, which it is also using for testing. 

Profitroom: $71.3 Million

Profitroom, a booking engine for hotels, has raised $71.3 million (€67 million).

MCI Capital made the investment for a 65% stake in the company. 

Poland-based Profitroom said its software enables hotels to integrate guest booking capabilities onto their websites, as well as share availability with third-party booking sites and automate marketing. 

The Profitroom management team is unchanged following the deal, the company said. 

The company plans to expand into Western Europe, Africa, Latin America, the Middle East, and Asia.

Skift Cheat Sheet

Seed  capital is money used to start a business, often led by angel investors and friends or family.

Series A  financing is typically drawn from venture capitalists. The round aims to help a startup’s founders make sure that their product is something that customers truly want to buy.

Series B  financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing.

Series C  financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.

Series D, E, and, beyond  These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate.

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Tags: corporate travel , dubai , eVTOL , flying cars , funding , vcroundup

Photo credit: Skyports is developing a flying taxi airport for Dubai in partnership Joby Aviation. Joby Aviation / Joby Aviation

Rosatom Starts Production of Rare-Earth Magnets for Wind Power Generation

TVEL Fuel Company of Rosatom has started gradual localization of rare-earth magnets manufacturing for wind power plants generators. The first sets of magnets have been manufactured and shipped to the customer.

In total, the contract between Elemash Magnit LLC (an enterprise of TVEL Fuel Company of Rosatom in Elektrostal, Moscow region) and Red Wind B.V. (a joint venture of NovaWind JSC and the Dutch company Lagerwey) foresees manufacturing and supply over 200 sets of magnets. One set is designed to produce one power generator.

“The project includes gradual localization of magnets manufacturing in Russia, decreasing dependence on imports. We consider production of magnets as a promising sector for TVEL’s metallurgical business development. In this regard, our company does have the relevant research and technological expertise for creation of Russia’s first large-scale full cycle production of permanent rare-earth magnets,” commented Natalia Nikipelova, President of TVEL JSC.

“NovaWind, as the nuclear industry integrator for wind power projects, not only made-up an efficient supply chain, but also contributed to the development of inter-divisional cooperation and new expertise of Rosatom enterprises. TVEL has mastered a unique technology for the production of magnets for wind turbine generators. These technologies will be undoubtedly in demand in other areas as well,” noted Alexander Korchagin, Director General of NovaWind JSC.

For reference:

TVEL Fuel Company of Rosatom incorporates enterprises for the fabrication of nuclear fuel, conversion and enrichment of uranium, production of gas centrifuges, as well as research and design organizations. It is the only supplier of nuclear fuel for Russian nuclear power plants. TVEL Fuel Company of Rosatom provides nuclear fuel for 73 power reactors in 13 countries worldwide, research reactors in eight countries, as well as transport reactors of the Russian nuclear fleet. Every sixth power reactor in the world operates on fuel manufactured by TVEL. www.tvel.ru

NovaWind JSC is a division of Rosatom; its primary objective is to consolidate the State Corporation's efforts in advanced segments and technological platforms of the electric power sector. The company was founded in 2017. NovaWind consolidates all of the Rosatom’s wind energy assets – from design and construction to power engineering and operation of wind farms.

Overall, by 2023, enterprises operating under the management of NovaWind JSC, will install 1 GW of wind farms. http://novawind.ru

Elemash Magnit LLC is a subsidiary of Kovrov Mechanical Plant (an enterprise of the TVEL Fuel Company of Rosatom) and its main supplier of magnets for production of gas centrifuges. The company also produces magnets for other industries, in particular, for the automotive

industry. The production facilities of Elemash Magnit LLC are located in the city of Elektrostal, Moscow Region, at the site of Elemash Machine-Building Plant (a nuclear fuel fabrication facility of TVEL Fuel Company).

Rosatom is a global actor on the world’s nuclear technology market. Its leading edge stems from a number of competitive strengths, one of which is assets and competences at hand in all nuclear segments. Rosatom incorporates companies from all stages of the technological chain, such as uranium mining and enrichment, nuclear fuel fabrication, equipment manufacture and engineering, operation of nuclear power plants, and management of spent nuclear fuel and nuclear waste. Nowadays, Rosatom brings together about 350 enterprises and organizations with the workforce above 250 K. https://rosatom.ru/en/

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