It’s clear that business travel is one of the fastest growing sectors today. Despite the continued global uncertainty, cautious optimism rules the forecast, according to Global Business Travel Association (GBTA) which predicts global business travel spend to advance 5.8 percent on average over the next five years reaching $1.6 trillion in 2020.

But the increasing growth of this sector, “managed travel” is still a fairly new concept for many companies. Managed travel refers to having practices and policies that control the way employees book business travel, which can help a company control its total spend. According to a study that a well-executed managed travel program can save a company approximately 15% on its travel spend in the first year, it’s implemented.

To achieve a solid travel program, there must be an effective corporate travel policy in place. here are many benefits to a company travel policy. An effective corporate travel policy helps ensure: