Business travel glossarY

The advance purchase policy is often included in the general travel policy of a company and defines how long in advance employees should book corporate travel.

Airfare is the price paid for a route or combination of legs that make up a ticket.

Airfare price tracking scans ticket prices for net reductions in price for flights that have already been booked. It looks for price drops so that the ticket can be canceled and rebooked at a lower price.

An airline RFP, or Request for Proposal, is a formal request for tender by a company to a selection of airlines on one or more routes seeking negotiated, reduced, and exclusive fares.

An ERP is an Enterprise Resource Planning tool that enables stakeholders to record, manage and forecast resources for an organization effectively. A Business Travel ERP is a similar platform but incorporates corporate travel data.

Cabin Class Compliance is a policy that states which the highest permitted air travel class employees may book when traveling on company business.

A corporate travel policy is a set of rules and procedures that govern how employees search, book and gain approval while traveling on behalf of the company.

A duty of care implies a responsibility to ensure safety, security, and well-being while traveling on company business.

Revenue management professionals and complex machine learning systems set the pricing of airline fares and hotel rates based on supply and market demand.

A Global Distribution System, or GDS, is a computer system used to manage bookings for flights, hotels, car rentals, and other travel activities.

IROPs as a contraction of the term IRegular OPerations, refer to unusual, unexpected, or extenuating circumstances in which a scheduled flight does not operate.

A corporate travel policy may stipulate that travelers must purchase the ‘lowest logical fare’ to reduce unnecessary expenditure.

Travel disruption is a term that covers one or a chain of events that impact your travel plans.