The Global Business Travel Association (GBTA) and Cvent recently released a new study titled, “The Future Is Now: Technology Transformation in Corporate Travel,” which sheds light on the current state of technology adoption in the business travel industry. The study, based on a survey of business travel professionals in North America and Europe, highlights the industry’s readiness to embrace advanced technologies such as artificial intelligence (AI) and blockchain to enhance efficiency and traveler experience.
According to the report, a significant number of travel management company respondents, suppliers, and travel buyers believe that their organizations are doing a good job with technology. However, there is an opportunity for further integration of advanced technologies into travel programs. While travel program spending on technology is expected to remain flat, most suppliers and TMC professionals are ramping up technology investment in the year ahead. The report emphasizes the importance of understanding and adopting advanced technologies to stay competitive in the industry.
One of the key findings of the report is the growing interest in AI and blockchain technologies among corporate travel professionals. Three-quarters of buyers are interested in adopting an AI-powered travel program chatbot, while half of buyers are interested in offering blockchain-based booking or payment solutions. This indicates a shift towards leveraging technology to streamline processes and enhance the overall travel experience for employees.
The study also reveals that the reliance on technology is driving the creation of new roles within travel programs. A third of travel programs now have a full-time employee dedicated to tech-related responsibilities, such as sourcing new digital tools, configuring booking and expensing solutions, managing data collection, and driving technology transformation. This trend is more prevalent in Europe, where 36 percent of travel buyers report having a dedicated tech-focused employee, compared to 22 percent in North America.
When it comes to technology spending, travel buyers estimate that, on average, 18 percent of their travel program’s budget is allocated to technology. While European programs lead in tech investment, only one-third of travel buyers expect their technology spending to increase in the coming year. Interestingly, TMCs are more likely to increase technology investment than suppliers and buyers, with a majority of TMC respondents expecting an increase in spending on internal and traveler-facing technology.
Hotel technology adoption is also a significant aspect highlighted in the report. While more than one-third of lodging companies believe that their use of technology has room for improvement, hotels that have adopted technology platforms are generally satisfied with the results. Commonly used technology platforms include Property Management Systems, transient RFP platforms, event-focused sales, marketing, and RFP platforms, room block management software, and event diagramming software.
In conclusion, the study underscores the importance of embracing emerging technologies in the business travel industry to drive growth and improve operational efficiency. As technology continues to evolve, there is a clear opportunity for both buyers and suppliers to leverage advanced technologies to enhance the overall travel experience. By investing in AI, blockchain, and other cutting-edge technologies, businesses can stay ahead of the curve and deliver exceptional services to their employees and customers.
