Travel Management is the discipline of controlling the costs and risks that arise from business travel. It is also known as Business Travel Management.
Large organizations incur substantial costs resulting from business travel. The Travel Management function has evolved in response to these costs and the opportunities to be smarter about managing them offered by corporate travel software and other business travel solutions. Many aspects of travel management, such as helping travelers book trips and associated services, are outsourced to Travel Management Companies. The travel management function now typically has responsibility for:
● Procuring and managing the services of external solution providers eg corporate travel software vendors and Travel Management Companies (TMCs)
● Defining and overseeing the implementation of the organization’s travel policy
● Negotiating discounted rates with preferred vendors
● Managing corporate credit card programs
● Ensuring the safety of travelers