TCG Recap and Summary of GBTA 2018 Annual Convention

TCG corporate travel subject matter experts and industry professionals in attendance for the recent GBTA annual event in San Diego, California noted the following themes, trends and best practice reminders.

In Summary

The theme for the GBTA 50th Anniversary was Momentum; and while new supplier, technology and niche solution provider entrants can enable a corporate travel program’s momentum, the strategy to deploy program innovation should still emulate from each organization’s unique program (and broader company) imperatives.

An increasing number of global programs are now classified as “mature” based on the evaluation of standard industry criteria, and the next opportunity for strategic program management will be “How to carry Momentum through program maturity”.

Themes & Trends

  • Virtual Hotel Payment has continued to gain traction in replacing Direct Bill/Invoice processes, but some drawbacks still remain. For global programs, Virtual Payment requires VAT reclaim, and that often gets overlooked during trip cost reconciliation, spend capture and reporting.
  • The adoption of new corporate travel payment trends still provides areas of both opportunity and risk to an organization:
    • Best-in-class programs are driving incremental spend through card by expanding their payment vehicle product mixes (P-Card, Meetings, Virtual, etc.)
    • Optimized card programs and a strategic payment mix generates incremental revenue streams (i.e. increased rebates/revenue sharing)
    • Increased spend visibility supports more comprehensive reporting by leveraging multiple data sources across an end-to-end program
    • Globalization and expansion of card programs still brings with it implications around interchange, taxes, reconciliation, personal vs. corporate use, among others
  • The role of automation in managed programs and the future of how best to leverage Artificial Intelligence will impact the future of the industry

Best Practices

  • Traditional “one supplier fits all” strategies are being challenged by innovative approaches that utilize best-in-breed suppliers across travel, meetings, payment and expense (TMPE)
  • Meetings & Events integration with transient travel via Strategic Meetings Management (SMM) continues to be an area of interest for many organizations, however slower than anticipated progressions are still a reality for many programs. With that said, senior leadership is now more frequently prioritizing the time, resources and support costs required to yield the benefits of a SMM initiative.  The measurable returns that can be captured include consistent/consolidated data and reporting, optimization of meeting payment sources and revenues (i.e. card, direct bill), and unified travel and meetings policies. Other cross-category stakeholders also find value:
    • Procurement: Keen on visibility of spend vs. budget, the contract process, cost savings, policy process
    • Meetings Manager: Interest lies with simplified & streamlined registration processes, attendee tracking & engagement, attrition insight, overall post-event satisfaction & outcomes
    • Marketing:  Impression, database enrichment, vendor survey questions, net promoter score – successful lead generation

 


TCG Earns Ranking on Inc. 5000 2nd Year in a Row

Each year Inc.com & Inc. Magazine publishes its list of the fastest growing private companies in the nation. On the 37th annual Inc. 5000 list, companies were ranked by highest percentage of revenue growth from 2014 to 2017. Following TCG Consulting's ranking of #1,883 in 2017, we are proud to announce our inclusion for the 2nd consecutive year ranking #4,250!

TCG Consulting Founder & CEO Albert Taras commented, "TCG will be celebrating our 24-year anniversary this September and it is an honor to combine this celebration with being listed on the Inc. 5000 list for a second consecutive year. The achievement of continued & qualifying revenue growth for an established company such as ours is a testament to the market's acknowledgement of our leading innovative TCO-TMPESM approach to integrate Corporate Travel, Meetings, Payment & Expense within a Total Cost of Ownership platform.”

For more information on Inc. and the Inc. 5000 Conference, visit http://conference.inc.com/.


New Innovation For CPOs on #2 Indirect Spend – TCG Leading Consero Procurement & Strategic Sourcing Executive Roundtable

TCG Consulting experts featured as session leaders at Consero Strategic Procurement Forum

Corporate Travel Programs Have Matured & Traditional Management Approaches Are Delivering Diminishing Returns - Now What?
New Innovation & Approaches for CPOs

Industry leader TCG Consulting was recently featured as a subject matter expert roundtable discussion leader at the Consero Strategic Sourcing Executive forum held on July 19th in Chicago, IL.

 

 

Over 30 CPOs and Senior Procurement Executives at the exclusive event participated in the discussion regarding how to bring new innovation into their organizations by fundamentally rethinking the approach to managing Corporate Travel, Meetings, Payment & Expense (TMPE) – the #2 indirect spend category with a run rate approaching 2% of annual revenues.

Key issues and needs expressed by the group:

  • Finding new sources of innovation which deliver tangible and powerful results for organizations
  • Leveraging new technologies to deliver more with less
  • Aligning Procurement goals with the ability to bring true value to other key stakeholder groups

 

Highlights and themes from the session:

 

 

 

 

Download the Consero Discussion Guide.

To request a more in depth discussion of the topics, themes and outcome from TCG’s roundtable, please contact Shiloh Hudson.