Travel Policy Management and Cost Control

May 26, 2023

In the realm of business, corporate travel is an integral component that facilitates the achievement of organizational objectives. However, managing corporate travel requires a strategic and organized approach, especially when it comes to creating travel policies and implementing cost-control measures. This comprehensive guide delves into the essential steps for developing and integrating an effective corporate travel policy into BNW’s Travel Platform.

Establishing the Framework: Creating a Corporate Travel Policy

Accessing Valuable Resources for Policy Development

The development of a well-structured corporate travel policy begins with the acquisition of relevant information and best practices. Organizations seeking to create or improve their travel policy can turn to reputable resources that guide this crucial aspect of corporate travel management.

One such resource is BNW Travel, which offers an informative article titled “7 Tips for Building an Effective Corporate Travel Policy.” This article outlines critical considerations for travel policy development, including setting clear guidelines on travel bookings, defining expense categories and limits, establishing approval processes, and ensuring compliance with company values and industry regulations.

Download Our Free Corporate Travel Policy Template Download Now!

Implementing Your Corporate Travel Policy: The Uploading Process

Upon successfully developing a corporate travel policy, it is imperative to integrate the policy into the organization’s travel management system. Here are the necessary steps to upload the travel policy to your company’s travel dashboard on the BNW Platform:

  1. Access your corporate travel dashboard on the BNW Platform.
  2. Navigate to the “Manage Portal” section and proceed to your company profile settings.
  3. Within the “Customize Look and Feel” section, locate the option to upload your travel policy file.
  4. Ensure that the travel policy file is in PDF format and proceed with the upload.

This process ensures the travel policy is readily accessible and serves as a reference point for travel management decisions.

Managing Expenditure: Cost Control in Corporate Travel

Understanding the Importance of Cost Control

Cost control is a fundamental aspect of corporate travel management that entails defining and enforcing expenditure limits in accordance with the travel policy. By establishing cost control measures, organizations can prevent overspending, optimize travel budgets, and ensure compliance with financial guidelines.

The BNW Platform provides the necessary tools for implementing cost control, allowing travel managers to define price limits, specify allowable travel options, and monitor adherence to the established policy.

Developing a Comprehensive Cost Control Policy

Creating a cost control policy involves setting parameters for travel-related expenses and defining approval workflows. To create or edit a cost control policy on the BNW Platform, follow these steps:

  1. Click on the “Cost Control” option within the travel management interface.
  2. Proceed to the “Price Policy” section to view existing policies or create a new one.
  3. Organizations can create a cost control policy from scratch or use a template provided by the BNW Platform.
  4. Multiple cost control policies can be created and assigned to specific team members or departments, allowing for customized expense limits and booking criteria.

By implementing a comprehensive cost control policy, organizations can effectively manage travel expenditures and ensure alignment with overall business objectives.

Enhancing User Experience and Compliance

Identifying Policy-Compliant Fares

To facilitate user experience and promote compliance, the BNW Platform identifies and tags each travel option that aligns with the company’s travel policy. Travellers can quickly recognize “Policy Compliant” fares, allowing them to make informed booking decisions that adhere to organizational guidelines.

Streamlining the Approval Process for Compliant Bookings

Organizations can establish an approval process for corporate travel bookings to maintain oversight and control over travel bookings. The BNW Platform provides two main options for managing the approval process:

  1. Automatic Approval: Organizations can choose to allow all policy-compliant bookings to be automatically approved. This option streamlines the booking process and ensures that travel plans that adhere to the travel policy are swiftly processed without manual intervention.
  2. Manual Approval: Alternatively, organizations can implement a manual approval process. A designated corporate travel manager or approver must review and approve all travel bookings. This option provides an additional layer of oversight and enables travel managers to verify the appropriateness of each booking request.

The choice between automatic and manual approval will depend on the organization’s size, travel volume, and internal control requirements. Regardless of the chosen approach, the BNW Platform’s robust approval management tools facilitate efficient and transparent processing of corporate travel bookings.

Conclusion

In summary, creating and managing an effective corporate travel policy and cost control framework are vital components of corporate travel management. By leveraging available resources, implementing clear procedures, and utilizing the advanced features of the BNW Platform, organizations can optimize their travel expenditure, enhance user experience, and ensure compliance with established guidelines.

Corporate travel can become a well-coordinated and cost-effective aspect of business operations through a strategic and organized approach, enabling organizations to achieve their objectives and excel in an increasingly globalized marketplace.

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