Mastering Corporate Travel 101: Get Your Copy of Navan’s Just-Launched Ebook!
Samantha Shankman
•14 Aug 2023•
In the fast-paced business world, corporate travel is more relevant than ever. It’s not just about booking flights and hotel rooms; the industry is made up of an interconnected ecosystem that includes travel policies, optimized business trips, automated expenses, and more.
To help get new and experienced travel managers up to speed on the modern approach to corporate travel and expense management, Navan has published a digital book: Mastering Corporate Travel 101.
This ebook explores the basics of modern corporate travel, card, and expense management technology. It dives into how each industry works and covers the current state of each aspect of this complex business. It’s designed to be an interactive, easy-to-approach vehicle for learning about the corporate travel, card, and expense industry and its technology has evolved over the last several years.
In this book, readers will learn:
- The basics around corporate travel and spend
- How travel management companies (TMCs), online booking tools (OBTs), and expense programs integrate, and where the industry is headed
- Innovative tools for managing corporate travel and expense
- Best practices for managing programs with modern tools
Stakeholders will also get insights into strategies for gaining:
- Admins and travelers who actually want to use their corporate travel management program
- Increased user adoption, better program visibility, and improved cost savings
- Advanced knowledge of optimization tools like dynamic policy, rewards programs, and advanced policy settings
More than anything, this book is designed to be a casual but helpful vehicle for helping everyone from executive assistants to travel managers and finance leaders improve their approach to T&E and uncover what’s possible with the latest cutting-edge technology.
Download the book Mastering Corporate Travel 101 now, or read on for a preview.
How the Travel Industry Evolved
Corporate travel today relies on some fundamental functions, such as travel agents, booking tools, car rentals, company travel itineraries, and travel expense management. Of course, in the digital era, business travel management has evolved far beyond traditional methods. Today, technology can handle these components seamlessly.
Online booking tools (OBTs), for example, have replaced manual booking processes, making travel planning and travel arrangements more accessible. Travel management companies (TMCs) or corporate travel agencies now offer integrated OBTs with comprehensive services, from booking flights to managing travel itineraries and cancellation policies. In addition, they leverage global distribution systems (GDSs) and in-house management systems to provide personalized options and deals.
For instance, rental cars were once one of the most harrowing parts of making travel arrangements. However, when handled with a modern booking tool, business travelers gain flexibility, and businesses can reap cost savings.
Today’s modern travel and expense management solutions also build on the elements of what worked in the past to craft innovative new approaches that eliminate old problems and streamline antiquated processes.
The new Navan book — Mastering Corporate Travel 101 — features an entire section on the components of modern T&E, including:
- Inventory
- Closed User Groups and Corporate Negotiated Rates
- Loyalty Programs
- Personal Travel Bookings
- Meetings and Events
- Incident Response and Duty of Care
- Train Inventory
- Unused Tickets and Waivers
All-in-One Solution: The Integration of Corporate Travel and Expense Management
One of the most innovative aspects of modern corporate travel is integrating travel services and expense management. Systems like Navan combine everything from travel booking to reimbursement into a single platform for all travel and expense needs.
With the convergence of global business travel and expense management technology, booking everything — flights, airfare, and hotel rooms — has become part of a much more extensive ecosystem.
Corporate travel agents and travel consultants now offer more than simple booking services; they provide comprehensive solutions to manage every aspect of business trips.
Modern tools also enable companies to maintain policy compliance and realize cost savings. Features such as real-time insights help keep travel costs in check.
Technology like expense report automation and credit card integration also reduce time-consuming manual efforts. The approval process, for example, has become more streamlined, allowing businesses to operate more efficiently and achieve significant cost savings.
Modern solutions also offer rewards programs and dynamic policies built directly into the user experience.
For example, by introducing the right booking incentives into your travel program, employees can earn personal rewards and save the company money at the same time.
Navan Rewards incentivizes business travelers to make cost-conscious decisions around travel spend. Users have saved an average of 25% toward their personal hotel bookings by earning rewards.
The Future of Corporate Travel and Expense Management: Navan
Corporate travel and expense management has come a long way, but the journey doesn’t end here. Providers are continuously innovating, and solutions like Navan are leading the way. By offering a unified experience for travel, corporate card, and expense management, the entire business travel process — from planning to traveling and reconciling expenses is more integrated, efficient, and user-friendly.
Here’s how Navan’s corporate travel, card, and expense management solution raises the bar:
- Navan is an OBT and a TMC: Unlike many traditional corporate travel solutions, Navan acts as an online booking tool and a travel management company, which significantly simplifies the process of searching, booking, and managing travel.
- Integrated spend management: Besides handling the booking and travel management process, Navan handles expenses and payments through Navan Expense, which creates a closed loop from trip booking and execution to payment and reconciliation. Outside of travel, Navan Expense also allows for payments and expenses for day-to-day corporate purchases.
- User- and technology-first: Navan creates a better traveler experience by putting users front and center, which drives program adoption. With high adoption rates, admins can better apply policy and take advantage of cost savings.
- Broad, transparent inventory: Navan taps multiple sources for air, ground, and hotel content, including industry and consumer channels. This holistic approach to inventory ensures that the fares and rates in the system are among the best on the market.
In addition to better sourcing, Navan transparently loads the content into its search results without any markups. This user-first strategy gives travelers and admins peace of mind about pricing.
Looking Ahead: GDS to All-in-One Solutions and Beyond
Corporate travel today is an evolving, multifaceted industry that leverages modern technology to streamline everything from booking to reimbursement.
It’s about maximizing efficiency, cost savings, and user experience. Whether you’re a seasoned business traveler or new to the corporate travel landscape, the advancements in the industry are reshaping how we think about travel and expense management.
Embrace modern tools and best practices and expect happier travelers, better visibility, and significant cost savings for your organization.
Download Mastering Corporate Travel 101 and revolutionize your approach to corporate travel and expense management today.