Building a broad spend under management program requires multiple participants collaborating for the best outcome.
This includes the company, its stakeholders, suppliers and equally as important – but often forgotten – are the program users. Millennials have a new way of adapting to corporate travel and its surrounding technology which is fundamentally changing the way programs are viewed, built and managed.
These 5 trends identify this key participant (the Millennial) in the value chain to drive broad spend under management, which addresses program maturity on a TCO-TMPE® platform.
1. Emerging Technology
Introduction and adoption of emerging technologies such as bots and predictive technology will be used to lessen time spent in booking travel resulting in increased employee productivity and reduction in TCO costs.
2. Travel and Expense Integration
Companies advancing in travel and expense integration technologies address bypass, support expense report reconciliations, and reduce time spent by travelers in filling out expense reports.
3. Personalized Booking Experience
Corporate travel companies are looking to strike the balance between business travel compliance and personalization to provide an end-to-end user acceptance platform for all program stakeholders.
4. Incorporated Leisure Travel
Millenials will continue to require rapid increase in demant to incorporate leisure-related travel tools in the corporate travel programs (i.e. Airbnb, booking.com, etc.).
5. New Distribution Channel Impact
NDC (New Distribution Channel) is allowing airlines the flexibility to retail their offering, providing travel program managers greater control and visibility over air travel spend, while giving travelers a personalized, more frictionless travel experience.