travel tech insights

Get your financials right! You know very well the range of commercial agreements that you have with your corporate customers and how complex they can become. Also, a smart and accurate set up and management of service fees, commissions and discounts will have an impact on your business long-term profitability. Most likely, you have a diversity of service fee models – whether in terms of the amounts charged, type of service for which you are charging, type of operation performed (for ex. in case of air tickets – issue, change, refund etc.). As these service fees are a valuable source of revenue, you as a TMC, should be strict when applying fees, discounts and commissions.

You wouldn’t drive around an unfamiliar neighborhood or city without a map or some kind of GPS device. Not only could this result in confusion and frustration, but it could also result in more concrete, tangible consequences such as lost time, increased fuel costs, and undue wear and tear on your vehicle. To successfully navigate new areas, you need a powerful mapping system to get you where you need to go as fast and efficiently as possible.

Much the same can be said for why travel companies need a powerful, integrated travel booking system. Because the travel industry is  built on responding to disruptions (inclement weather, environmental events, or other delays and cancellations), travel companies must be agile enough to handle these and other temporary breakdowns in calculated, efficient ways to retain customers and continue operations in as normal a way as possible.

Today’s global travel industry is awash in complex actions and tasks travel management companies must undertake to remain competitive and acquire and retain customers. But with so many players in the travel and tourism landscape - travel agents, tour operators, and more - customers too can find themselves struggling to navigate the wealth of options, methods, and modes when it comes to researching, comparing, and completing bookings. While the needs of the customer and TMC might vary, the desire for responsive, agile, and transparent operational platforms is key.

This is where a travel ERP solution is an important value proposition on both sides of the equation, for TMCs and customers alike. The capacity of a travel ERP solution to automated workflows and back-office tasks, and fast, accurate invoicing and documentation reduce headaches for both parties by streamlining once manual, time-consuming activities and providing TMCs and customers with greater visibility across each touch point of the value chain.

It’s clear 2016 has become something of a pivotal year for travel management companies and the corporate travel world in general - and, if the first half of the year is any indication, the second half is poised to be just as impactful. At least that’s the feeling expressed by a host of travel and tourism industry experts at the annual Global Business Travel Association Conference in Denver, Colorado this past week wherein analysts concluded the corporate travel industry is still lagging behind the leisure travel sector in a number of key areas.

While conference presentations and lectures highlighted the steps travel management companies are taking to cater more closely and specifically to the needs of today’s modern business traveler, the consensus was the corporate travel industry is still in catch-up mode when it comes to a number of back office and customer-facing operations which may in fact be preventing the corporate travel industry from reaching its full growth potential - a revelation that’s particularly worrisome given the rapid growth of commerce and business in several key emerging markets.

Reach into your pocket, pull out your smartphone, and this is what you’re likely to find: an MP3 player; a GPS device; a calendar; an internet web browser; a video player; and perhaps even a platform for paying for goods and services at the POS in any given supermarket or megamart. In short, you’ll find a suite of applications capable of performing a series of complex tasks and functions designed to make your life easier, more convenient, and more connected, all of which are top priority for many of us in today’s fast-paced, digital world.