The corporate travel sector is at a pivotal juncture, urging the integration of new technologies to advance its capabilities and maintain a competitive edge.
- According to a Global Business Travel Association (GBTA) report, three-quarters of travel buyers are keen to adopt AI chatbots for improved service efficiency.
- Interestingly, over half of the surveyed buyers showed interest in blockchain for bookings and payments, despite its complexities.
- A significant percentage of travel budgets is now devoted to technology, with projections indicating further growth in tech investment across companies.
- The industry recognises the burgeoning role of technology, yet acknowledges room for improvement in its application.
The corporate travel industry is being strongly encouraged to integrate emerging technologies, notably artificial intelligence (AI), to sustain growth and stay competitive. This call to action is highlighted in a report jointly issued by the Global Business Travel Association (GBTA) and Cvent, focusing on technological transformation within the sector. The report highlights the critical role technology can play in enhancing efficiency and service delivery in business travel.
The survey undertaken by the GBTA, covering business travel professionals across Europe and North America, indicated that three out of four travel buyer respondents are inclined towards incorporating AI-powered chatbots into their travel programmes. These chatbots are expected to automate responses and streamline processes, thus improving overall user experience. This marks a significant shift towards technological reliance within the industry.
An intriguing aspect of the survey revealed that more than half of the respondents showed a readiness to explore blockchain technology for travel bookings and payments. However, this comes as a surprise given the widespread lack of understanding of blockchain’s complexities and its currently limited use cases. This willingness to experiment reflects the sector’s forward-thinking approach despite inherent challenges.
The report also shed light on the increasing allocation of travel budgets toward technology, with an average of 18% currently dedicated to digital tools and related expenses. The survey further noted that technology spending is expected to grow, particularly in Europe where 43% of buyers foresee an increase compared to 30% in North America. This trend highlights the regional differences in technological adoption and budgetary commitments.
Moreover, the survey underscored the variance in technology-related roles between regions, with a larger percentage of European companies employing full-time staff dedicated to tech-focused responsibilities compared to their North American counterparts. This includes tasks like sourcing new digital tools and managing data collection, which are essential for driving technological transformation.
The report concluded that while a majority of travel suppliers and management companies plan to increase their investment in both internal and traveller-facing technologies, there remains a gap in the effective use of existing tools, especially within the hospitality sector. GBTA chief executive Suzanne Neufang commented that the findings illustrate the potential for technology to further enhance everyday and professional interactions. This underscores the ongoing need for strategic investment and adaptation in emerging technologies.
The corporate travel industry stands at the cusp of a technological evolution, necessitating strategic investments to harness the full potential of emerging technologies.
