Business Travel Executive, October/November 2020

33 Business Travel Executive askBTE com October November 2020 effectiveness of travel Twig says That in turn means having flexible and scalable tools for adapting to rapidly changing market conditions and ensuring that T E partners are proactively supporting them Analyses of traveler satisfaction and NPS Net Promoter Score of the travel program adoption cost savings and factors such as the application of unused tickets and waivers within new bookings will help ensure travel budget dollars are not left on the table Hess notes that measuring the value of travel is never a cookie cutter approach Currently everyones operating in a time of pricing volatility where traditional benchmarking may no longer be reliable For some a priority is the challenge of defining and measuring traveler wellness and confidence as policies and processes are updated Corporate travel buyers should be able to lean on their TMC and supplier partners to help them measure ROI in a way thats meaningful to their business and supports their procurement model she says We see this trend continuing That viewpoint is echoed by Lee Thomas chief operating officer of ALTOUR While he cites a broader success ratio for business travel historically 5 12 1 ratio he agrees that although COVID 19 has made business travel more complicated the effort will still be worth the investment Everyone in the supply chain is investing heavily including airlines hoteliers destinations and ground transportation companies in the safety and well being of travelers he says Paul Tilstone managing partner at the consulting firm Festive Road notes that plenty of people outside the travel sector are overstating the impact of technology and other changes on business travel demand But at the same time too many within the sector are underestimating the impact that all sorts of components have had and will continue to have on business travel demand Ensuring that companies understand and facilitate purposeful business travel is going to be absolutely key he says Taking the time to understand what types of travel occur and how they are likely to be impacted is what the travel buyers should be beginning to think about now Such knowledge arms not only travel managers but also TMCs and other providers to re think where value is added Success in these roles isnt about a never ending drive for compliance against all the odds Tilstone says Its about recognizing what the company and travelers need and how that can be provided Old Challenges New Calculus Implications for budget planning vary from the concerning to the not so bad Based on communications with global procurement teams finance contacts and others CTM does not expect travel budgets returning to pre COVID levels for the foreseeable future With airfares highly volatile the reuse of unused ticket assets will be critical Hess says Similarly the adoption or refinement of re shopping tools can combat the volatility of hotel dynamic pricing Thomas expects to see companies evaluating how they do business and embracing a hybrid approach of virtual and face to face meetings In the process that will lead to reduced travel budgets But he notes that the outlook isnt overly gloomy The good news for budgets I believe is that pricing will be low as suppliers fight for market share and product differentiation To some degree savings from reductions in travel may offset budget cuts Many organizations have assets theyre sitting on says Will Tate a partner in Goldspring Consulting with funds not spent in a recent budget period available for future use Too unused tickets assets will be an even great plus with the waiver Safety is going to enter into travel policy like never before The dollar is not the only way of measuring ROI