Year-end review can reveal business travel program weaknesses
As the financial year ends, companies should review their travel programs beyond just spending figures. Phil Hoffmann Travel highlights the importance of learning from travel patterns and improving efficiency.
Phil Hoffmann Travel is urging businesses to use the end of the financial year (EOFY) to evaluate their corporate travel programs, moving beyond a sole focus on expenditure. The company suggests that while businesses review budgets and costs at year-end, a deeper analysis is crucial for travel.
The effectiveness of a travel program can be assessed by asking what lessons were learned from the year’s travel activities. According to Phil Hoffmann Travel, the answers often reveal opportunities to enhance efficiency, improve traveller support, gain greater visibility over costs, and reduce the administrative burden on internal teams.
The company identifies several common challenges that may indicate a need to consider professional travel management company (TMC) support. These include a lack of visibility into travel spend, difficulties in ensuring policy compliance, and the significant amount of time management spends on travel administration, diverting resources from core operations. For businesses struggling with fragmented booking channels and manual reporting, a TMC can offer consolidated reporting and real-time data to inform decision-making.
Phil Hoffmann Corporate Travel (PHCT) also emphasizes the importance of traveller support, especially during disruptions. The company offers 24/7 assistance and disruption management, aiming to ensure traveller safety and access to help globally. By utilizing EOFY analysis and identifying areas for improvement, businesses can optimize their travel programs for better outcomes in the upcoming financial year.