Corporate travel is a necessity, but the cost associated with it has become a significant issue.
The U.S. Travel Association’s latest Travel Trends Index (TTI) shows that domestic business travel grew for a fourth consecutive month in April 2018 and will continue to do so at a brisk pace for the rest of the year.
Those in charge of corporate pocketbooks, however, are looking at various ways to cut costs without undermining the comfort of their employees. Meanwhile, employees are looking for less complicated processes that will ease their travel woes.
The industry is ready for apps and services that seek to alleviate these issues.
WhereTo is an AI-based travel platform that recently raised $8 million in series A funding with the promise to change business travel experiences. It leverages a proprietary artificial intelligence system to balance dozens of factors and recommends the best hotel or flight options.
In the two years since its launch, WhereTo has already allowed enterprises to save an average of 30 percent on travel expenditures.
Another company that promises a considerable reduction in business travel expenses is Rocketrip.
A survey conducted by Rocketrip found that business travel costs 66 percent more than leisure travel. Its algorithm incentivizes cost-effective travel spending with real rewards for employees.
It helps employees find better deals and change their behavior by encouraging them to spend less on business travel expenses. At the same time, the service has ample rewards lined up for savings, which have been proven to boost employee morale.
Case studies have shown that this unique "behavioral change platform" has worked for companies, with even big names like GE, Twitter and Priceline benefitting from it.
Another new platform is Rydoo. It eliminates complicated administrative tasks associated with business travel and expense management.
This software as a service (SaaS) solution covers the full scope of any trip or any expense, leading to an 87 percent reduction in processing costs.
A recent Entrepreneur article also listed some smart tips that will allow companies and employees to save time, hassle and money:
- Opting for one-way flights, which could be cheaper and more flexible.
- Opting for rentals and Airbnb instead of hotels.
- Avoiding last-minute bookings that hike up the costs
- Opting for TSA Precheck or the Global Entry program to skip time-consuming airport security and screening lines.
For the new-age business traveler, these tips, tools and new services are of immense importance.
