If recent years are any indication, 2020 has every reason to be a great year for TravelTech. While the quantity of investments in TravelTech companies has almost doubled between 2013 and 2017, the volume of the investments has grown almost 10x reaching an estimated $5.3 billion. This growth is certainly propelling forward the business travel industry in its entirety as it is expected to hit $1.7T by 2022.
Moreover, the venture capital deals have been steadily decreasing over the years indicating that the market is showing more maturity and bigger more stable companies are emerging within this sector.
Having said that, TravelTech has been slower to evolve than other industries, for instance, FinTech which has exhibited a deal volume of approximately $31 billion.
First, the preceding growth of other industries has now allowed more developed technologies to be utilized in the travel sector.
Second, while travel technologies were initially focused on the consumer/leisure market, there is a shift in recent years that has seen many technology companies emerge which are concentrating on the corporate market, bringing these services to an advanced stage of stability and dependability.
And lastly, there is no longer the need to be an early adopter when it comes to implementing these technologies. Business Travel Solutions are now commonplace in most companies, so it’s important your company isn’t unnecessarily sticking to outdated processes.
There are many ways your company can make business travel more efficient by leveraging some of these technologies. We’ve gathered and listed the key places in which your business could be doing better.
Chasing travel agents, chasing employees, consolidating receipts and invoices, trying to predict unpredictable corporate travel budgets, analyzing travel spend--sound familiar?
Your company is wasting valuable time carrying out unnecessary tasks and, as you well know, time is money. Aren’t there better things for you and your staff to be doing?
Upgrading to a travel management platform allows you to easily track and monitor your spend while enabling you to accurately predict your travel budget and identify key areas where your company can be saving.
Do you want to learn more about budget control? Read this previous post diving into how to control your budget.
Endless approval cycles, continuous back and forth with agents, flight changes--there are countless things that can turn a trip sour, damaging morale and putting an employee off business travel.
Having employees be positive about business travel is imperative to the successful growth and operation of your business. Happy employees are also more compliant with company guidelines (but more on that below).
So why not ensure that your employees have a seamless travel experience? It’s easier than ever to implement a solution like TravelSuit that works around the clock to make sure your employees’ travel is problem-free.
Flight delays, flight cancelations, overbooking, lost reservations--Many things can go wrong both before and during your trip.
You want your travelers to be supported throughout their trip. This is important not only for employee experience but also to optimize your trip--having an employee stuck abroad for an extra night just because the correct fight wasn’t booked can cut two days off of the workweek.
Having a travel expert at hand 24/7 can go a long way in helping you figure out the best routes and options at hand. Many of the travel management platforms offer round the clock support, but at TravelSuit we’ve gone a step further by providing you with human support 24/7 via any of the conventional channels as well as WhatsApp.
Expensive flights, expensive hotels, additional luggage, first-class seats--sometimes employees go overboard with their spending.
Whether due to lack of knowledge or lack of consideration--you know how much you want employees spending on travel, so why not enforce it properly?
It’s easy to see how a bit of effort can go a long way in curbing unwanted spending within your company. Implementing specialized software can ensure that all employees are booking within your travel policy (and if needed can even help you craft a policy to begin with).
If you’ve gotten this far, there has probably been one issue festering in the back of your mind--technology is expensive!
Let’s recap what staying behind is costing you, shall we? Tens of hours a month on unnecessary admin tasks (remember, the average salary for an Office Manager is about $10/hour), not to mention the more executive employees wasting their time, noncompliant bookings, unpredictable budgets, travel agent commissions--are you starting to get the picture?
Remember, technology works precisely because it streamlines businesses and makes processes more efficient--your employees will be able to focus on more important tasks.
And your travel agent? Not to worry, travel technology companies are scooping them up. At TravelSuit, for instance, we rely on the expertise and knowledge of many former travel agents, so when you are parting ways with your agent, feel free to give them our email.
The past few years have brought us to the point where a company can comfortably transition to travel management technology without worry and reap the benefits of a well-tried and tested systems.
Don’t be left behind.