When corporate travel financial services come to mind, the industry largely thinks expense management solutions. That space has seen significant innovations in recent years as companies encourage businesses to ditch the spreadsheet and automate expense report generation and payouts that result from corporate travel.
But Travel Leaders Corporate is taking a new approach to financial services related to corporate travel.
The firm said Wednesday (Sept. 9) that it is launching Financial Solutions, a new service that provides business clients with a team of financial experts in order to make business travel spending more efficient and boost ROI on corporate travel.
According to Travel Leaders Corporate, business users of the new tool have seen an average reduction in business travel spending of 5–7 percent.
Here’s how it works: Business users that want to sign up for Financial Solutions will be assigned a three-person team of financial experts to address corporate travel finance, sourcing and industry know-how. The three experts include a financial analyst to boost ROI, a sourcing analyst to advocate for supplier leverage and a program manager to keep businesses informed on recent travel trends and market changes.
Together, the team aggregates their expertise for a single client and provides individual data.
Travel Leaders Corporate said that not only does the market analysis integrate with expense management systems, it also links to corporate card feeds and uses data from an array of sources, from the back office to the global market. The tool also lets business users track savings on corporate travel against their financial statements, the company said.
The solution also tracks an array of data points, including in-flight purchases, WiFi charges, and details like geographical impact and trip choices, all of which “contribute to painting a clearer picture of each travel operation,” the company said in a statement.