Question marks in the global economy may be contributing to a slowdown in leisure travel spending but business travel continues to roar ahead and is expected to top $1.52 trillion (USD) in 2024, considerably surpassing 2019’s pre-pandemic volume. Corporate and group travel continues to have a rosy forecast and businesses are looking at ways to create efficiencies when it comes to travel planning and spending to help control and mitigate costs. Companies are investing in technologies that can drive efficiency and productivity while saving already stretched resources. As AI becomes more mainstream, companies can look to these innovations to create those wanted efficiencies. Improvements in smartphone and mobile technology can also bring practical solutions to manage and optimize business travel.
AI Can Save Time With Complex Travel Needs
Corporate travel and group arrangements can get complicated, especially with multi-destination itineraries. Travel buyers are turning to AI technology for concierge type services and capabilities to assist with large and complex business travel plans. AI’s ability to process vast amounts of historical and real time data while learning accurate outcomes makes it an ideal tool for business trip planning:
- Interfaces are easy to use and inputs can be made in plain English
- AI infrastructure can quickly organize requests and provide real time information and scheduling
- Advanced platforms can also execute bookings and confirm travel services
- Technology can double check accuracy of planning through user engagement
Creating efficiencies when it comes to corporate travel buying and planning can save departments time and resources and by centralizing efforts, the entire process is kept organized and up to date.
Taking Trip Tracking to the Next Level
Trip tracking apps for mobile devices can be an important tool for businesses that depend on travel as part of operations. Tracking apps can record important and accountable data such as time elapsed, distance traveled and destinations visited. Trip tracking apps are also valuable to the individual traveler by offering an easy and convenient way to record vital journey statistics that could affect compensation and benefits for the employee. Some mobile trip tracking apps have advanced organizational capabilities and can record expenses during the trip, schedule and manage appointments while on business and capture images and videos related to the business trip. BiZTREK, a spinoff of PokkeTTREK, offers those features as well as customizable trip reporting. Travel spending can consume a large amount of capital resources and being able to deliver a detailed accounting and outcomes of business trips will lead to more efficient use of travel as well as control and monitor of costs related to travel.
Centralizing Data and Detailed Reporting
Accurate and detailed reporting of business trip costs and expenses is crucial for accounting departments. Larger organizations with multiple trips happening simultaneously can find it even more challenging to maintain trip records and reports and are adopting technology that can provide advanced organizational capabilities and record keeping functions. More advanced software can integrate with travel purchasing platforms and automatically make ledger entries and calculations. Some mobile apps can capture images of receipts collected during corporate travel and update ledger entries in real time for that particular trip. Technology can also provide detailed and customized reporting of travel spending in any needed interval and some infrastructure that utilize AI processes, can suggest cost saving strategies to help mitigate increasing travel costs. Keeping up to date records and monitoring travel expenses as they happen are priorities for businesses that are looking for ways to control costs and manage resources more practically and efficiently in the face of rising operational costs.
Business Travel Demand Drives Innovations
Business travel volume is set to surpass pre-pandemic levels which is a good sign for this end of the travel industry. Demand is expected to grow at a significant pace and companies are always on the lookout for ways to increase efficiency and control costs when it comes to travel spending. Technology can help businesses mitigate costs by delivering solutions that save time, resources and money. AI assistants are positioned to help with complex travel needs that could save travel buyers time and create conveniences. Advanced trip tracking apps can provide data and insights that could identify opportunities for cost and resource savings. When it comes to spending travel dollars, detailed reporting and efficiency strategy recommendations can help businesses mitigate costs associated with travel. With ever increasing costs inside the travel industry, business travel buyers and managers will look for new and tested technology to keep travel overhead in check.