Future trends in Business Travel post Covid
Introduction
Global Business travel took a hit in the second quarter of 2020 as a result of the Covid-19 pandemic. No one would have imagined that global travel volume would drop by 60–70% in light of the pandemic. Business travel dropped substantially due to the strict International and local restrictions in place and eventually, the world came to a halt. As we recover from the pandemic, corporate travel management companies plan to change the way business travel would be perceived in the coming years. Adapting to new technology, new social norms, and cooperation to face new challenges together will give rise to new trends in the field of global business travel.
Self-booking Will Become the Norm
With the traveling scenario being more unpredictable than before, generation Z now prefers to book their own tickets and accommodations while traveling for work. The shift has mainly occurred due to the need for flexibility. In the last 5 years, business travel spending witnessed a year-on-year growth of 6 to 7%. It can be easily understood that though the Covid-19 pandemic has jolted the growth, it is sure to rebound in the coming five years. Companies will now want to give more flexibility to their employees too after the pandemic. Larger corporations would not want to stick to the traditional process as it is just an additional cost for them.
Moreover, the economic slump is posing a threat to revenue generation for many hotels and resorts. The travel management companies are also not left untouched. Thus it is becoming even more difficult to manage business travel within the existing framework. Companies will be happy to lay down travel policies and let employees do the rest.
Corporate Policies Will Be Automated
Organizations that make use of business travel management tools have realized that corporate policies need to be automated at the grass-root level. That means the travelers have to understand and follow the policies on the go. Automating policy framework is not only easy with the introduction of new business travel management tools, it is also making the life of corporate travelers easier. Moreover, existing tools allow for modifications in the travel policy and widen the scope of compliance. When the process of bookings, cancellations, and modifications will be automated within the scope of the corporate travel policies, fewer employees will consider going rogue. Also, the cross-platform support by these platforms will make it even handier for corporate travelers to follow the process.
Intelligent Assistants Will Revolutionize Travel
Intelligent assistants like Siri, Cortana, and Google Now will be improved to handle complex tasks in the coming years. The use of virtual reality will enable travel service providers to understand the preferences of the customers while choosing accommodation. These trends in business travel are sure to revolutionize business travel.
Nowadays, virtual assistants have already started sharing our daily workload, at least digitally. These assistants will be able to prepare itineraries, evaluate the business travel policies of your company and provide the best possible combinations based on these parameters. Intelligent assistants will also be able to actually make the bookings and modifications based on your travel schedule.
Contactless Technology Will Gain Traction
As per a recent survey, almost 40% of Indians agreed that access to technology that promotes contactless travel would be a big stimulus for resuming travel. The pandemic has induced deep human behavioral changes and the perception of social interaction has changed drastically. People are more likely to conduct business trips that will involve as least physical interaction as possible. Although virtual meetings have replaced common conference hall interactions, there’s still a large chunk of populace for whom traveling is unavoidable. Construction, manufacturing and defense are key areas where human intervention is necessary, and thus traveling for professionals related to these and allied services will be essential.
Contactless technology is bound to gain traction as people want to remain as secure as possible. Moreover, digitization has already gained momentum since 2014 with the introduction of digital wallets. People are expecting the same type of advancement when it comes to travel, and from a digital QR-based boarding pass to a digital passport, the future of business travel is dependent on technology now.
The Benefits of Using a Dedicated Platform for Business Travel Management
Dedicated business travel management tools have improved corporate travel a lot. The idea of handling large volume of traveler data seamlessly has promoted the growth of these tools.
Dedicated platforms not only allow for flexibility in making, changing and canceling bookings but also gives an edge to CFOs to handle the travel budget quite efficiently.
Since automation has already become handy in the fields of manufacturing and engineering, the utility is ever-expanding day by day. We are in an era of discovery and testing the limits of technology every day!
