6 minute read
Running a small travel business is a dream for entrepreneurs with a passion for travel. But this line of work presents challenges, especially when it comes to managing transactions and customer expectations. Small businesses must juggle all aspects of travel and back-office management with a typically small team. Investing in travel management technology can really help.
Travel Management Technology
Travel management tools help small travel agency businesses streamline bookings, control costs and provide a better service without the need for a large team. Travel technology can centralize bookings, manage accounts payable and receivable, enforce permissions and more. This reduces the administrative burden on employees. A travel management system will digitally capture transactions, facilitate mobile apps for booking on the go, make changes, and access booking information – all the while providing complete visibility into the entire travel program. In short, travel management technology helps small travel agencies compete with the big players.
But how do they actually work in practice?
Centralized Booking Platform
Travel management systems typically work through a single platform, to manage multi-channel bookings and administration data. This information can be accessed anytime and by anyone with the appropriate permission. Pre-negotiated rates, real-time availability and personalized itineraries are incorporated into the booking data.
Customer Relationship Management
Many travel management systems incorporate a travel-specific CRM system to deliver exceptional customer service and personalized travel. Customer preferences, market trends and personalized itineraries can be integrated into your travel management system to provide outstanding customer experience.
Back-Office Technology
A typical travel agency handles multiple transactions for every booking; flights, hotels, car rental and more. Collecting and organizing these detailed transactions is essential. Back-office travel software incorporates invoicing, supplier management, commissions and mark-up, expense tracking, and reporting.
API Connectivity
A travel management system seamlessly integrates with multiple travel APIs to connect your operational travel data with its administrative platform.
Accounting Integration
Many systems integrate financial transactions directly into a travel agent’s dedicated accounting software. Traveltek’s iBos solution offers full back-office integration with an agent’s search and booking tool.
Documentation and Reporting
A travel management system can provide reporting functionality to provide detailed insights into your business. There will typically be a suite of templates for use when reminder letters and other business-specific documentation are required.
Managing travel means capturing travel booking information from multiple sources. Travel management systems are capable of integrating with multiple GDS systems, providing dynamic, real-time administrative support. A travel management system can drastically cut manual administrative time for small and large businesses.
How Small Travel Agents can Negotiate Better Deals
Securing competitive deals with hotels and airlines can be challenging for a small travel agent as they don’t have the buying power of a large travel company. However, there are ways that a small business can negotiate discounted rates.
- Highlight Your Niche – market your speciality to travel suppliers, focusing on your loyal customer base for repeat bookings. A large travel supplier may feel that secure, loyal bookings are more favorable than one-off, large volume orders.
- Join a Travel Consortium
- Negotiate Add-Ons – if a large supplier won’t budge on the rates, try to improve the deal with extras like free breakfast, room upgrades and airport transfers.
- Use Seasonality – if you can sell rooms during quiet periods, market this to travel suppliers.
- Build Relationships – develop your relationship with suppliers by attending trade shows and networking events. Keep in touch with key sales personnel through regular calls. Communication is vital in relationship building.
- Share Data – prepare sales analysis and forecast to show suppliers firm numbers instead of vague promises.
- Be Flexible – a small agency may not have large volume bookings to secure the best discounts, but you can negotiate faster commission payments, special terms for last minute bookings and other creative benefits.
For small businesses, travel management can be an administrative headache, overwhelming small teams with piles of receipts, last-minute flight changes, and hotel bookings. That’s where travel management systems like iBos step in. With streamlined travel management technology, businesses save valuable time and resources, allowing them to focus on driving operational performance rather than processing paperwork.
Why Travel Management Matters
Travel these days is all about technology. From expense reporting to AI-powered bookings, travel is becoming increasingly dynamic every day. And travel management is no exception. Without the right tools, managing trips can quickly become stressful, costly and a waste of valuable company time. Travel management systems have become an integral part of many modern travel businesses. They save money, streamline processes and work hard to turn an administrative headache into a finely tuned digital platform.
Explore iBos from Traveltek, our powerful mid-office system that elevates your business to a new level of efficiency. Become more streamlined and customer-focused with iBos.
Frequently Asked Questions
How do travel management systems work?
Using powerful API technology, travel management systems integrate with accounting software and other systems to enable financial tracking, automated invoicing, expense reporting, and other real-time financial insights. Travel management systems significantly reduce manual entry and errors.
Does iBos integrate with accounting software?
Yes, iBos integrates fully with accounting software. It also consolidates data from multiple GDS channels into a single centralized platform. It features a powerful reporting function, enabling you to schedule both standard and bespoke reports tailored to your business’s specific needs.
How can I get started with TravelTeks software for my travel agency?
Starting your journey with TravelTek is simple. Contact our sales team, who will guide you through the process of selecting the best software for your business.
How is AI used in the travel industry?
Artificial Intelligence and machine learning are used extensively in the travel industry. Travel technology uses AI and machine learning as a tool to predict traveler bookings, personalize experiences, customer service, dynamic pricing, inventory management, enhanced security and more.
What software does TravelTek offer?
At TravelTek, we offer a full suite of award-winning travel technology, developed over two decades in the business, including iSell, iBos, Cruisetek and more. Why not contact our team to discuss your travel agency business.
