In this blog post, we’ll delve into the importance of data management and explore the benefits of integrating expense data with TMC travel data to measure leakage – a term used to define transactions booked outside of the TMC.
Here are a few best practices that will help you, as a travel manager, highlight the impact you can make within your industry and organization.
Now more than ever, organizations are critical of their travel budgets. Determining the seemingly mythical “true cost of a travel” has long been a goal of TMCs, travel managers and accounting teams everywhere. Fox has built an integration for our proprietary Cognition business intelligence platform that allows us to calculate this number for our clients.
Business travel looks different for every organization and priorities can shift. At Fox, we pivot based on our customer’s unique needs, most often leaning on
Partnering with a TMC has a return on investment that goes beyond just monetary savings. By preparing to talk about the following key topics, you’ll be able to show your leaders the full value of a managed travel program.
Evaluating the needs of your travel program can be a challenging process, especially given the drastic changes in the industry. It is crucial to understand not only what your travel management company (TMC) offers in terms of personalized service, travel supplier vendor agreements, negotiations and technology offerings, but quite possibly even more important is their strength and “staying power”.
If the topic of travel and expense management conjures up images of piles of time-consuming, headache-inducing paperwork, crumpled receipts, confusing spreadsheets and maybe a clunky app, you’re not alone. In fact, according to Global Business Travel Association (GBTA), travelers list expense reporting among the top three frustrations of the travel process.
For many organizations, the first quarter brings a time of reprieve from hotel program sourcing. Negotiations are likely finalized and preferred hotels are selected for the year. And, the turn of the year is a few months removed from the necessity of beginning analysis and strategy for next year’s RFP. It’s the ideal time for a hotel audit.
Feeling inspired and want to talk about creating a win together? Let’s create something to celebrate. Contact Fox today.
