Now more than ever, the pharmaceutical industry stands at the forefront of global business, determined to traverse across international borders in pursuit of prosperous and innovative business opportunities.
Catastrophic natural disasters, horrific terrorist attacks, and worrying medical crises took home all the news last year, underscoring travel risk management strategy as a major point of emphasis for businesses in 2018.
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.
Saving money on business trips can be more complicated than it looks - especially if you have many employees in different locations at different times. However, there is always a way to keep expenses down without having to compromise on the quality of travel or the safety of your 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.
Time is money, and this applies to business travelers as well. In a recent study looking to identify the main challenges business travelers face, employees stated time spent in transit as the most challenging aspect of business travel. The study, titled “Creating a Frictionless Travel Experience”, was in collaboration between the Global Business Travel Association (GBTA) and Sabre, a leading Global Distribution Systems provider.
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.
Brussels, Paris, Istanbul, Orlando… a duty of care program is no longer “nice to have”, but a necessity in today’s current climate. There is no denying that business travel is essential, in fact it yields an average $9.50 in increased revenue for every dollar invested. But, many companies don’t think about improving their duty of care programs until an incident takes place, and by then it’s too late.
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.