How to reduce business travel spending with an online booking tool

According to the U.S. Travel Association’s most recent travel price index, inflation has affected everything from transport to lodging and food services, with airline fares alone having risen by 29%. All of these factors have a direct impact on business travel costs, making it even more difficult for companies to contain spending when sending employees on business trips or when trying to navigate a company-wide relocation. 

On top of this travel managers must also consider the other factors at play, such as company sustainability initiatives like carbon offsetting programs that are tightening business travel budgets even further. 

The good news is that travel managers can now lean on tech platforms, including online booking tools, to help reduce and contain business travel spending. This enables companies to continue reaping the benefits of in-person meetings and events, such as industry conferences, in a time when finances are under greater scrutiny.

How online booking tools (OBTs) reduce business travel spending 

OBTs streamline the entire planning process 

Travel managers can avoid hours of research spent verifying accommodation options for business trips and relocations by switching to an online booking platform. Instead of comparing listings on multiple travel sites, travel managers can instead gain access to over one million alternative accommodation options, from a trusted global supply chain with 200 years of experience, all in one place. 

The best part is that housing suppliers on platforms like 3Sixty are already pre-vetted (using technology such as Dow Jones), meaning travel managers can save time, safe in the knowledge that they’re selecting quality housing that adheres to company travel policies. These tools ensure suppliers are performance managed, grading them on key metrics such as response time, case management, price transparency and, most importantly, customer satisfaction, so you can rest assured employees will receive the best experience possible. 

OBTs offer affordable accommodation options

With access to over 800 different suppliers in 60 countries around the world, travel managers are able to easily compare accommodation prices to fine tune what best suits their employees’ needs based on each individual trip. Choose a platform with transparent supplier rates to truly benefit from real-time competitive prices that are backed by a pricing guarantee. 

Some OBTs even offer built-in bid models that drive accommodation costs down. These features leverage spending that yields discounts which fall below standard supplier market rates, enabling companies to contain travel spending by booking cost-effective housing. 

OBTs reduce additional traveling expenses

As online booking tools like 3Sixty use geo mapping technology, for longitude and latitude location mapping, travel managers can be precise about where they choose to house employees. Locating an employee close to where they’re meeting clients or attending an industry event can help to reduce additional business travel expenses, such as transportation costs. 

OBTs also supply a wide range of business travel accommodation types including short-term rentals, serviced apartments, condos, aparthotels and hotels. Selecting housing with advanced amenities such as kitchen and laundry facilities enables employees to minimize their business travel spending even further, as they can opt to ‘eat in’ rather than at a restaurant, and can save costs on external laundry services. Some accommodation types, such as condos, even have co-working spaces, providing employees with a quiet (and free) space to work during their stay. It’s easy to specify such amenities when booking housing by using the wide range of search filters on an OBT. 

OBTs are free to use

On top of all their fantastic benefits, online booking tools are completely free to use, meaning you’ll win back valuable time, get access to quality and cost-effective accommodation,and the ability to reduce additional traveling expenses at no extra cost to the company. 

Online booking tools are an end-to-end solution designed to meet the diverse needs of travel managers and business travelers. So, whether you’re looking for quality accommodation for an important client meeting, support during a large-scale relocation or ways to contain the costs of business travel spending in your company — online booking tools can help you achieve your goals.  

3Sixty

3Sixty is the business travel industry’s most secure and intuitive accommodation platform.

Our online booking tool has been developed to help travel managers and employees contain the costs of business travel spending with transparent and price guaranteed rates on over one million pre-vetted, quality rooms and properties in 60 countries around the world.