Right Now, Investing in Technology for Your Travel Program is a Good Decision
It may not seem like it, but now might be the best time to invest in technology for your business travel program.
Business travel is still relatively slow. But according to the Global Business Travel Association (GBTA), it's expected to surge over the next two years. Specifically, the GBTA expects global business travel spending to reach $1.4 trillion by the end of 2024—on pace with the spending analysts saw pre-pandemic in 2019.
That means procurement departments have an opportunity to invest in new technology before demand increases. By spending money on technology now, organizations will be well-positioned to launch effective travel operations when the time comes to send more travelers abroad.
Here, we'll discuss some of the benefits of investing in new technology for your business travel program.
The Benefits of Investing in Travel Technology Right Now
Many companies have struggled with budget constraints over the past two years, so encouraging the adoption of new technologies may seem difficult. Decision-makers may be hesitant to make any major changes to the corporate travel program if the company isn't currently sending many employees abroad.
Procurement organizations should focus on showing the benefits the company could enjoy by investing in technology now. Primarily, the company could save on travel costs, save time, and gain an edge against the competition.
When business travel operations shut down, it was costly for organizations to reboot them. And if business travel demand surges at the same time as your organization is trying to adopt new technologies and processes, business travel costs are likely to increase. With business travel demand still relatively low, you can take advantage of these slower times and invest in technology that will help your business save money over time.
You can also use this time to run tests with new business travel technologies and ensure they work properly before large numbers of employees start traveling again. Implementing new technologies during a time of crisis can be risky and lead to wasted time and money.
Finally, by investing in business travel technology now, you are getting ahead of your competition. Other organizations are also likely to invest in technology as business travel demand increases, but by being one step ahead, your business will have a competitive advantage. You may be able to clinch deals with vendors, partners, and customers because you can get your employees where they need to go faster and more effectively.
As business travel demand increases, organizations that invest in business travel technology now will be well-positioned to launch effective business travel operations in the future.
What Business Travel Technologies Should You Invest In?
Most companies already have some type of business travel technologies integrated into their systems. But now is a good time to audit those technologies to determine if they need to be replaced.
Below are three technologies that should be at the top of your list if you're considering new options.
Travel Management Software
This software helps organizations manage their business travel arrangements, including booking flights, hotels, and cars. It also provides travelers with tools to track their expenses and submit them for reimbursement. Investing in this software can save your organization time and money.
Mobile Apps
Travelers are increasingly using mobile apps to book their trips. By having a mobile app for your business travel program, you can make it easy for travelers to find what they need and make reservations on the go.
Expense Management Solutions
Organizations should also invest in business travel expense management solutions that make it easy to regulate spending and avoid excess costs. These systems can help companies save money and ensure business travelers are following company policy when they submit their expenses for reimbursement.
Innovative Technologies
Other top technologies entering the industry include:
- Artificial intelligence (AI) for travel booking and itinerary management
- Robotic process automation (RPA) for customer service and contact center operations
- Blockchain for streamlining supplier payments and tracking business traveler spending
Each of these technologies can help organizations run their business travel programs more efficiently.
Prepare for the Future of Business Travel
Business travel is bouncing back, and procurement departments should invest in technologies now to be ready for the future. The business travel resurgence won’t last forever, so it’s important to start a conversation with your technology leaders now about how you can prepare. Investing in the latest business travel technologies will make your team more efficient and help you take advantage of current trends.
Learn more about the future of business travel at the next ProcureCon Travel conference, happening from June 13th to 14th at the Omni Rancho Las Palmas, in Rancho Mirage, CA. Download the agenda today.