New researches by Business Travel IQ show that no matter how strict your travel policy is, business travelers will make the choices they want, regardless of their company’s policy restrictions. While strict travel policies may propagate greater awareness, it does not mean they really work.
Boomers, generations X, Y, Z ... and now "millennials". Generations follow one another with different aspirations and needs in their daily work life. The business travel sector is no exception. Explanations on the expectations of this new generation of corporate travelers.
Buzzwords such as ‘Open Booking’ and ‘Unmanaged Travel Program’ are phrases that are often debated interchangeably within the business travel world. While once synonymous, technology has made it possible to maintain both an Open Booking and managed travel program. Open booking is a travel management strategy that allows employees to book through whichever channel they prefer, whether it be directly on the airline or hotel website, an online booking site, or a travel agent. The travel industry is divided on the topic, while some view it as the future of managed travel, others see it as a logistical nightmare that will encourage non-compliance and lessen the quality of data.
A conference in Hong Kong. A business deal in Buenos Aires. Expanding operations to Sydney. The current business climate has made every company a global company. But with this global economy comes a need for services on a global scale, ones that are able to perform whether at 2PM or 2AM. When it comes to managing business travel, a 9-to-5 business hour mentality is no longer feasible. Travel Managers sleep easier knowing their employees have someone reliable to call when their flight gets cancelled in the middle of the night and they are stranded in another continent.
In today's global business environment, companies of all sizes may have sales territories or business operations that extend well beyond one location. Capitalizing on growth opportunities in 2017 and beyond requires international travel, as evidenced by companies spending more than $1.2 trillion on business travel last year. This trend is expected to continue, according to the Global Business Travel Association, with spend increasing 5.8 percent annually to $1.6 trillion in 2020.
There is no denying that business travel is essential, in fact it yields an average $9.50 in increased revenue for every dollar invested. However, due to recent and more frequent high-profile security events around the world, many companies are taking a closer look at the issue of corporate security. Companies now realize that must know where their employees are at all times when they are traveling on their behalf.
In the age of technology and convenience of search, many people question the need for a Travel Management Company. In an effort to grow your company, time spent planning trips is less time meeting deadlines, getting new business and ultimately, getting your job done. Usually, booking travel falls upon someone with a completely different title, who is not trained in corporate travel. But how do you know if a Travel Management Company is right for you?
Corporate travel spend is a special monster, tricky to understand and difficult to evaluate. No one can negate its importance, in fact, corporate travel results in more than 1% of revenue for companies. It may be difficult to control for some, due to its highly fragmented and personal nature, however truly understanding where your company is spending its dollars can not only contribute to your overall ROI, but help you manage a travel program that optimizes on cost, generates effectiveness and efficiency, and ultimately helps the bottom line of your organization. Read on for 4 ways your travel dollars are being wasted, and how to generate significant cost savings for your company.
Managing your company’s travel program can be a daunting task, especially when it comes to small and mid-sized companies, who’s travel spend may limit the scope of your program and bargaining power with suppliers.