Nearly 88 pc of travel management company (TMC) respondents generally feel their organisation does better with technology. 

They feel there is scope to actively integrate advanced technologies, such as artificial intelligence (AI) and blockchain into their travel programmes. This sentiment is echoed by 74 pc of suppliers and 59 pc of travel buyers, too.

These are the key findings of a study The Future is Now: Technological Transformation in Corporate Travel, published by the Global Business Association (GBTA), a global business travel and meetings trade organisation, and Virginia-based software solutions firm Cvent.

In a press statement, GBTA says the time for technology to transform, disrupt and accelerate business travel growth is here. While travel programme spending on technology is expected to largely remain flat, most suppliers and TMC professionals say their company is ramping up technology investment in the year ahead. 

Suzanne Neufang

However, lodging suppliers are considerably less likely to do so than other suppliers. 

The survey comprised travel buyers, suppliers and TMC in North America and Europe from February 6 to 19 with 388 participants completing the survey.

The report emphasises the need for all travel industry professionals to better understand and adopt advanced technologies to remain competitive.

“As both our everyday and professional lives have ever-increasing touchpoints with technology, it is in parallel that we see the reach of the technological footprint in the business travel industry,” says Suzanne Neufang, CEO, GBTA. 

“The report gives a view to the potential for technology to do more, to further enable and empower all aspects of our industry to greater services, tools, platforms and achievements,” Neufang adds.

GBTA says that key findings of the report suggest the following:

AI & blockchain are top of mind 

The corporate travel industry is increasingly open to integrating AI and blockchain technologies to enhance efficiency and traveller experience. 

Three-quarters of buyers or 75 pc are interested in adopting an AI-powered travel programme chatbot to automatically answer questions specifically about their programme. Half of buyers, 51 pc are interested in offering blockchain-based booking while 49 pc for payment.

Growing reliance on technology is driving new roles

According to respondents, a third of travel programme or 29 pc now have a full-time employee who focusses primarily on tech-related responsibilities. 

This includes sourcing new digital tools, configuring booking and expensing solutions, managing data collection, or driving technology transformation across the travel programme.​​ 

The role is slightly more prevalent in Europe, with 36 pc of travel buyers saying their company has one, versus 22 pc of respondents in North America.

Travel  programme technology spend by various regions

On average, travel buyers estimate 18 pc of their travel programme’s overall budget is spent on technology. 

Despite overall budget increases, only one-third or 36 pc of travel buyers expect their technology spending to grow this year, with European programmes leading in tech investment​​. 

European buyers, accounting for 43 pc, are more likely than their North American counterparts, forming 30 pc of total, to expect an increase in spending on technology.

TMCs more likely to increase technology investment than suppliers & buyers

Most suppliers or 61 pc expect their company’s spending on internal technology while traveller-facing technology for 56 pc will increase this year. 

This is considerably lower than the share of TMC respondents, amongst whom 83 pc expect their investment in internal technology, and 79 pc for their traveller-facing technology to increase. 

Only one-third or 36 pc of buyer travel programmes expect to increase spending on technology in the coming year.

Hotel technology adoption is mixed

More than one-third or 37 pc of respondents who work at lodging companies, such as hotel properties or chains, say their company’s use of technology has room to improve. This is higher than the number of 10 pc other travel supplier respondents who said the same.

Hotels that adopted technology are highly satisfied

Hotels commonly use technology platforms to simplify processes, market their property, and respond to Requests for Proposals (RFPs) from corporate customers. 

About 95 pc use Property Management System, 81 pc use a transient RFP platform, while 75 pc of hotels employ an event-focused sales, marketing, and RFP platform. Nearly 63 pc hotels also use room block management software and 53 pc use event diagramming software to simplify their processes. 

Of the hotel respondents who use these platforms, at least two-thirds are satisfied with each technology solution.

Julie Haddix

“We have long believed in the power of technology to achieve more and improve how businesses operate, and the study results show that we are not alone in that belief,” says Julie Haddix, Senior Director of Marketing at Cvent. 

“While the business travel industry recognises the importance of investing in technology, there is still a greenfield opportunity for both buyers and suppliers to truly embrace emerging technologies in a meaningful way,” she says.

“At Cvent, we’re making it easier to do that as we continue to integrate AI across our platform and we’re proud to partner with leaders like GBTA to accelerate growth across the meetings, events and hospitality sectors through the power of these emerging technologies,” Haddix adds.