By Rosanna Caira
For the past few decades, technology has been making a huge impact on how we live our lives and how we work. Of course, with the use of AI now becoming more pervasive, the power of technology to transform our lives is far greater than ever.
In fact, according to a new study called, The Future is Now: Technological Transformation in Corporate Travel, published by the Global Business Association (GBTA), the world’s leading premier business travel and meetings trade organization, the time for technology to transform, disrupt and accelerate business travel growth is here.
The study, undertaken on 388 respondents earlier this year, reveals that while 88 per cent of travel management company respondents, 74 per cent of suppliers, and 59 per cent of travel buyers generally feel their organizations do a good job with technology, a significant opportunity exists in actively integrating advanced technologies, such as AI and blockchain into their travel programs.
Here are a few key findings from the GBTA and Cvent report:
• AI and blockchain are top of mind.
The corporate travel industry is increasingly open to integrating AI and blockchain technologies to enhance efficiency and the traveller experience. Three-quarters of buyers (75 per cent) are interested in adopting an AI-powered travel program chatbot.
• Growing reliance on technology is driving new roles.
According to respondents, a third of travel programs (29 per cent) now have a full-time employee who focuses primarily on tech-related responsibilities, which could include sourcing new digital tools, configuring booking and expensing solutions, managing data collection, or driving technology transformation across the travel program.
• Travel program technology spend varies by region.
On average, travel buyers estimate 18 per cent of their travel program’s overall budget is spent on technology. Despite overall budget increases, only one-third (36 per cent) of travel buyers expect their technology spending to grow this year.
• Travel management companies (TMCs) more likely to increase technology investment than suppliers and buyers.
Most suppliers expect their company’s spending on internal technology (61 per cent) and traveller-facing technology (56 per cent) will increase this year. This is considerably lower than the share of TMC respondents who expect their investment in internal technology (83 per cent) or their traveller-facing technology (79 per cent) to increase.
• Hotel technology adoption is mixed.
More than one-third of respondents who work at lodging companies (37 per cent) say heir company’s use of technology has room to improve.
• Hotels that adopt technology are highly satisfied.
Of the hotel respondents who use various tech platforms, at least two-thirds are satisfied with each technology solution.