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Tips on Calculating your Business’ Total Cost of Mobility (TCM)

Tips on Calculating your Business’ Total Cost of Mobility (TCM)

When attempting to work out Total Cost of Mobility (TCM), many businesses may naively overlook the micro-transactions that when added together, account for a major portion of expenditure. To effectively calculate TCM, businesses need to become aware of these smaller details and consider them when budgeting for business travel.

Consider your Micro-transactions

Travelling in densely populated cities may result in encountering congestion charges or parking fees. Take London for example, when travelling by car (rental or privately owned) there are several areas where you can encounter toll or congestion charges, and this could be an unexpected cost to a company with poor TCM planning.

Parking fees are also commonly overlooked when budgeting for business travel, therefore to effectively calculate Total Cost of Mobility it would be necessary for a company to plan where the business traveller will be parking and how much it will cost for this location.

Fortunately, it is not difficult to plan for these costs when using MaaS platforms such as Mobilleo which calculate the necessary charges according to the route you have chosen, meaning your overall total for these micro-transactions will be totalled for easier budgeting for your companies Total Cost of Mobility.

Check for Wi-Fi Availability

The modern business model relies heavily on the need for internet and this isn’t always accessible for free. Some places may charge for the use of WiFi and without the proper planning, business trips can be left with an overspent budget due to a lack of consideration on this behalf. As a significant amount of business requires the use of WiFi it is critical that companies consider the cost of these charges when managing their Total Cost of Mobility.

Account for your Booking Fees

At first glance, booking fees may appear as a very minimal part of expenditure, but nevertheless important. However, for larger enterprises or just companies that need to book a vast amount of travel, these fees can quickly begin to add up and become a significant amount of unmanaged money that could be seen as having just disappeared.

When considering your TCM as a company it is important to factor in these booking fees for organising business travel as the prices may vary depending on the platform the travel is being booked on. Our Mobility as a Service platform Mobilleo clearly states the booking fee for each individual method of travel at the bottom of every booking purchase, making it very noticeable for the user and allowing many companies to easily access the means to accurately recording their Total Cost of Mobility.

Record your Contactless Payments

With the recent developments in technology, contactless payments are one of the many advancements that are revolutionising travel. Making subscriptions such as the Oyster Card defunct, contactless payments are a much quicker method of paying for small purchases such as travel tickets on trains and busses. However, due to it’s speed it can often lead to some payments being forgotten or make them difficult to record. To accurately measure your Total Cost of Mobility, it requires these contactless payments to be accounted for, platforms such as Mobilleo take these payments into account when planning a journey, taking away the difficulty of having to trace these payments through receipts and manually measuring travel expenses.

Calculating your TCM may appear to businesses as a tedious and daunting task but with the use of certain platforms the process can become a lot more efficient and be a worthy use of a company’s valuable time to calculate. Our product Mobilleo can manage your TCM for your business travel whilst also allowing you to book the entire journey through the app as well, from your typical bookings to all the small micro-journeys in between.

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