Why integrate business travel and meetings management?
The intersection of business travel and meetings management is an important aspect of an organizational strategy.
According to a recent 2024 CTM Global Customer Survey, collaborating with colleagues and partners is the number one reason business travelers enjoy travelling for business. And, the majority of survey respondents are seeking to travel more or the same for internal meetings (85%) and conferences (84%) in the year ahead.
Businesses acknowledge that the alignment of business travel and meetings and event planning is not just a logistical need, but a strategic necessity. After all, we conduct travel to meet people; and the combined spend is coming from the same company budget, so why manage them separately?
The integration of business travel and meetings management into one travel program presents a compelling case for organizations seeking to navigate the challenges posed by recent price increases, shifting budget dynamics, risk management and sustainability goals. The fragmented responsibilities often seen in the split between procurement and those responsible for meetings and events can lead to disconnected communication strategies, budgets, and decision-making processes.
The case for integration is a real one, so let’s look at the top benefits of a combined approach.
6 Benefits of an integrated travel, meetings, and events program
Implementing an integrated program to manage travel, meetings, and events yields immediate benefits that extend beyond cost savings. This unified approach maximizes efficiency and impact across all travel-related activities.
1. Streamlined processes
Utilizing a travel management company that oversees both business travel and meetings management ensures policy control, optimizes supplier deals, and provides robust traveler tracking capabilities. For example, Corporate Travel Management (CTM) and its specialist event management division CTM Meetings & Events (CTM M&E), provides businesses with a centralized approach to their corporate travel and meetings management, which enhances efficiency through the provision of consistent products and services. This not only streamlines processes but also increases satisfaction for both Travel and Event Managers, travelers and attendees.
“Integrating cutting-edge technology into business events not only streamlines operations and enhances attendee engagement but can also create memorable experiences that drive meaningful connections and lasting value. From interactive apps that facilitate networking to virtual reality experiences that immerse attendees in new environments, tech solutions help elevate the overall event experience, ultimately helping businesses achieve their goals more effectively, leaving a lasting impression on their audience.”
2. Improved policy compliance
An integrated approach not only streamlines processes but also promotes enhanced policy compliance. By seamlessly integrating various elements of travel management, this approach ensures that every travel-related activity aligns meticulously with the organization’s established guidelines. Stakeholders can have greater confidence that all aspects of travel adhere to organizational standards, contributing to a more robust and well-regulated travel framework.
3. Cost savings and negotiation power
Adopting a strategic approach to reduce the number of suppliers your business utilizes can result in significant cost savings. By presenting corporate travel data overlapping with meetings and events programs during negotiations, organizations can capitalize on enhanced negotiating opportunities. An integrated travel program strategically optimizes budgets, addressing immediate cost-saving opportunities and establishing a foundation for future supplier negotiations.
“We maintain strong relationships with our suppliers to secure the best rates and stay informed about low-occupancy periods for optimal booking advice. By engaging our customers early in the planning stage, we offer expert recommendations on economical locations, travel times, and budgeting tips. Our customers benefit from our strong industry partnerships and CTM’s global buying power. For example, we recently negotiated a reduction on accommodation for a customer resulting in a 74% saving on accommodation spend.”
4. Enhanced travel data visibility
The integrated program offers real-time visibility into travel data, capturing all spend, not just transient business travel. This comprehensive visibility supports better negotiation with suppliers, facilitates budget tracking and forecasting, and provides deeper insights into booking behaviors and policy compliance.
5. Duty of care support
An integrated travel and events program supports enhanced duty of care by providing a structured framework for managing all travel-related risks and supporting the wellbeing of travelers. The use of risk management and traveler-tracking tools ensures a single source of truth, enabling a swift response and risk notifications when required.
6. Clarity of travel supplier and support
Enabling an integrated travel and events program not only streamlines internal communications but also eliminates confusion regarding travel policy and process. This enhances the overall travel experience for business travelers and instils confidence in the reliability and expertise of the chosen travel management partner.
Time to redefine your company’s travel program strategy?
Are you ready to realize the benefits of an integrated business travel and meetings program.
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