In today’s rapidly changing business landscape, small and medium-sized enterprises (SMEs) are increasingly recognizing the importance of managing their travel programs more effectively. KesselRun VP of program management Krissy Herman has observed a growing trend among SMEs that were previously lightly managed or had limited policies in place, seeking to enhance their travel management practices.
According to Herman, many SMEs are now turning to travel management companies (TMCs) for consolidation services or overall program management. This shift in mindset is driven by a variety of factors, such as the need for traveler safety and duty of care. During the pandemic, companies without a managed travel program had to navigate disruptions directly, highlighting the importance of having a structured approach to travel management.
Cost management is another key priority for SMEs, especially as travel expenses begin to rise again post-pandemic. With travel budgets being slashed during the crisis, SMEs are now facing the challenge of reintroducing travel expenses into their financial plans. This has led to a heightened focus on cost containment and careful monitoring of travel expenditures to ensure that every dollar is being spent wisely.
In addition to cost and safety concerns, SMEs are also grappling with online fraud and cybersecurity threats. Patrick Linnihan, president of Gant Travel Management, notes that mid-market companies are increasingly facing sophisticated security challenges and are ramping up their cybersecurity measures to protect sensitive data. As a response to growing client demands, Gant has implemented SOC 2, a cybersecurity compliance framework that helps ensure the security and privacy of customer data.
The evolving needs of SMEs in the realm of travel management underscore the importance of partnering with experienced TMCs that can provide tailored solutions to meet their specific requirements. As SMEs continue to navigate the complexities of travel management in a post-pandemic world, the role of TMCs in providing expertise, cost-effective solutions, and enhanced security measures will be crucial in helping these businesses thrive in an increasingly competitive market.
Overall, the shift towards more structured and comprehensive travel management practices among SMEs reflects a growing recognition of the strategic importance of efficient travel programs in driving business success. By leveraging the expertise and resources of TMCs, SMEs can streamline their travel operations, enhance traveler safety, and effectively manage costs, ultimately positioning themselves for long-term growth and success in the evolving business landscape.
