Companies and their managers have faced constant challenges in the last year, from geopolitical tensions to economic problems. In this context, companies today are considering what challenges await them in 2024. Experts from SAP Concur, a provider of integrated travel management solutions, have defined four trends that organizations should take into account when analyzing their travel strategies. and expenses for this next year.
Travel and expense experts will be able to provide strategic guidance and use the right technology to offer opportunities to their employees, taking into account these four trends:
Artificial intelligence (AI) to design strategies
Adopting AI, automation and data analytics will help organizations bring better strategies to the table and find a greater sense of confidence amid a landscape of uncertainty.
Thanks to AI, more precise recommendations supported by data can be given, such as what is the ideal time to book a trip or hold a meeting, with the aim of minimizing costs.
Cost reduction will continue
Continued caution in budgeting will create conflicts with business travelers. According to a recent SAP Concur study, 92% of corporate travelers believe that the success of their careers depends on these trips, as it helps them strengthen customer relationships and build new ones.
The research also indicates that:
62% feel that they have not always had the same opportunities to travel as other employees in their company.
31% of LGBTQ+ business travelers say they do not have equal opportunities to travel due to their sexual orientation.
29% of Generation Z believe they are missing out on opportunity due to their age.
23% of women affirm that they do not have the same opportunities for gender reasons.
Sustainability and NDC will be standards of travel programs
The acceleration of the NDC (new technical communication standard to distribute airline fares and services) will respond to many of the sector's challenges and will directly impact costs.
Additionally, corporate initiatives such as improving sustainability and diversity, equity and inclusion will continue to move into business travel programs, placing new responsibilities on travel managers.
'Duty of care' will be more important than ever
The duty to protect has always been an important consideration, but global uncertainty, climate change and the trend to work from anywhere will require businesses to treat it as a strategic priority.
The rise of online reservations makes it increasingly difficult to know where travelers are and to be able to manage their return quickly in case an emergency arises.
As climate change increases the likelihood of extreme events such as wildfires, floods or extreme air pollution in the future, the issue of duty of care will become increasingly relevant.