A Travel Management Company (TMC) is a travel agency that fully manages the business travel needs of an individual, company, or organization in order to save clients time and money.
A TMC is also known as a business travel agency or corporate travel company.
Travel management companies (TMCs) are specialized travel agencies that help organizations manage their corporate or business travel programs.
They are typically tasked with developing a travel policy, dealing with vendors, making reservations, and assisting in the monitoring and management of travel costs and expenses.
TMC Responsibilities
TMCs do more than just book flights and hotels. They will book, manage, report on, and support all aspects of your corporate travel.
A TMC is responsible for the following duties:
- Make and Manage Travel Itinerary
TMCs can help with travel arrangements such as flight reservations, ticketing, and advice on the best fares. If you book directly with an airline, you will almost certainly be charged higher fees if you want to change your itinerary. A TMC can make the changes for you at no extra cost.
- Find the Best Price
TMCs can find the best rates for you and even negotiate with various service providers on your behalf. They are skilled at negotiating and can find you the best rate you may not have been able to obtain on your own.
- Make Arrangements for Appropriate Accommodation
As a busy business owner, you don't have time to scour websites for the best employee housing. TMCs research all available accommodation options within your budget and recommend the best option for you.
- Transportation
Transportation is critical for safely transporting your employees from one location to another. A Travel management company (TMC) can book your transportation needs in advance, including rental car hire, airport transfers, and train or bus tickets.
- Plan Meetings and Events
Event and conference planning can be time-consuming and complicated. TMCs can help you organize meetings and events to cut costs and increase the profitability of your business events. Also, a TMC will help to identify the right property that has all necessary facilities at the appropriate price.
- Controlling Travel Costs and Ensuring Policy Compliance
A TMC will manage the tracking and reporting of your company's travel expenses. They can also work with you to determine your specific needs and tailor a travel policy to meet those needs. You should be aware that reserving services related to business travel can lead to multiple invoices from the provider. In this case a TMC can make things easier: by centralizing all invoices and giving your financial controller an easy view of any travel related matters.
- Support for Duty of Care
A TMC will have a duty of care to ensure the safety of your employees and that all necessary procedures and travel policies are in place and understood. They will monitor delays, disruptions, and provide support to your employees around the clock.
Finding the right TMC
Here are seven factors to consider when choosing a TMC to handle your corporate travel:
- Smooth booking process
- Access to a range of carriers and products
- Transparency
- Built-in approval process
- Reporting on travel spend
- Experience
- Modern technologies
Your TMC should incorporate the appropriate travel technologies for your company. Modern travel technologies, for example, can assist you in staying in touch with your travelers and monitoring any potentially dangerous situations.
They can also assist you in enforcing your travel policy, tracking and monitoring trends, and identifying inefficiencies.
Why a TMC?
Your company could rely on an in-house team to handle all aspects of corporate travel management. Employees may also be expected to plan their own trips. However, this does not mean that your business travel requirements have been completely met.
A travel management company can make business travel easier by providing the best service, hassle-free programs, round-the-clock support, and more.
- Profit from expert Knowledge
- Increase your decision-making data and resources.
- Employee Time Can Be Saved
- Make the Most of Your Business Travel Budget
- Around-the-Clock Assistance with Business Travel Needs
- Improve Corporate Travel Policy Compliance
- Combine Travel Expense Reports
Find the Best Travel Management Company
A good corporate travel management company can help you optimize your business travel budget, meet your business travel needs, and consolidate your data. With these results and more, the investment more than pays for itself.
