Tuesday, January 23, 2024
Business travel spending is expected to fully rebound this year, reaching levels similar to those of 2019. The landscape has evolved significantly in the last five years, with today’s business travelers prioritizing value in their journeys. Emerging technologies, like Generative AI, are poised to enrich the travel experience for those embarking on trips.
These developments and others are detailed in the recently released Business Travel Trends 2024 report, a collaborative effort by Globetrender and Cytric Easy by Amadeus. The report outlines seven key trends, including Objective Stacking, Executive Field Trips, and AI Personal Assistants (AI PAs), all set to transform the business travel experience in 2024.
‘AI Personal Assistants’ transform self-booking experience
The advent of Generative Artificial Intelligence (Gen-AI) has led to the development of ‘AI Personal Assistants’ for corporate travelers. These sophisticated, round-the-clock solutions offer assistance in a variety of areas, including itinerary planning and adherence to company travel policies, using natural language. They can efficiently handle detailed trip briefs, providing friendly and useful responses, and facilitating ongoing dialogue through follow-up questions.
Rise of executive field trips
The concept of executive field trips is gaining momentum for 2024. While team-building activities have traditionally focused on short, local gatherings, there’s a growing trend towards extended trips, often in natural settings. These corporate retreats are evolving to include a diverse range of immersive and sometimes adventurous experiences, both domestically and internationally.
Building team spirit
It is increasingly seen as crucial for fostering strong employee relationships, enhancing company loyalty, and driving collective goal achievement. To achieve this, participants are encouraged to step outside their comfort zones and shed their egos, engaging in activities ranging from white-water rafting to tropical bushcraft. These activities are designed to add depth and excitement to corporate outings.
Objective stacking enhances business travel efficiency
As companies increasingly focus on sustainability and budget management due to rising costs, employees are expected to justify work-related travel more than ever. “Objective Stacking,” a term introduced by Globetrender, refers to planning trips that serve multiple purposes. This approach is becoming essential to maximize efficiency and value in corporate travel. Business travelers will be expected to integrate client meetings, market research, deal negotiations, expansion exploration, competitor analysis, and possibly even personal vacations into single trips.
Flexible blended itineraries take the lead
The evolving corporate mindset, coupled with automated systems, is paving the way for Blended Itineraries in business travel. This concept goes beyond traditional ‘bleisure’ trips by combining business and leisure in a more integrated manner. The focus in 2024 is on relaxing and personalizing previously rigid travel policies, with a greater emphasis on the employee experience.
Corporate commitment to net zero targets intensifies
Following the COP28 global climate summit’s resolution to reduce fossil fuel use and aim for net-zero carbon emissions by 2050, corporate travel is taking sustainability goals seriously. According to a survey by Amadeus involving 896 senior decision-makers, 90 percent of travel companies are either implementing or planning sustainability strategies in 2024. This shift will encourage the adoption of Objective Stacking and Blended Itineraries, supported by more flexible travel policies.
Advancement in digital expense management
The corporate finance world is evolving with the adoption of digital expensing and virtual cards, signaling the end of traditional, manual expense management. This digital transition represents a major shift in how business transactions are recorded and analyzed. Digitized Expenses will enhance personalization, user experience, data security, and adherence to travel policies.
Emphasis on power networking in global events
Power Networking is set to redefine networking approaches, moving away from passive participation to actively maximizing connection opportunities at events. The emphasis will be on creating enriched itineraries that include multiple meetings, ensuring that time spent away from the office and family is highly productive and worthwhile.
Saturday, April 27, 2024
Saturday, April 27, 2024
Sunday, April 28, 2024
