The corporate industry underwent changes after the effects of the global pandemic. Businesses needed to manage their resources even more carefully and find ways to cut costs. Movements were limited, and business travel was no exception. Many companies either stopped business travel altogether or limited it to only essential trips.
However, now that things have started to go back to normal, business travel is picking up steadily. Industries have seen the importance of corporate travel in business relations and deals, helping establish a personal connection and build trust. Business travel just never goes out of style! But with business travel comes business risk.
It's crucial for companies to have a good system in place to manage business travel. This includes having a clear policy, setting a travel budget, and knowing how to handle risks. Procurement managers should also be involved in getting the best deals for business travel and supporting the finance department.
When business travel resumes, corporate travel management (CTM) — also called corporate travel risk management (CTRM) — comes in to manage business travel risks through real-time data and analytics. This is the process of identifying, assessing, and mitigating risks associated with business travel. Under CTM, business travellers are also given support with the help of real-time data and analytics.
Business travel can get complex, but an efficient and effective corporate travel management system can help make business travel seamless, safe, and cost-effective. Ultimately, it keeps employees safe and business goals on track.