Managing the Risks of Post-Pandemic Business Travel
Business travel was one of the areas most seriously impacted by the COVID-19 pandemic. According to Marketplace, business travel was still down as much as 50% from pre-pandemic levels in July 2021. Compared to leisure travel, which rebounded significantly over the summer, business travel may take years to recover.
The primary reason businesses are still reluctant to resume their travel programs is that there are still plenty of concerns over the COVID-19 pandemic. Variants of the virus have proven to be stubborn, highly contagious, and deadly. There's also some unpredictability in certain states, countries, and regions regarding what safety protocols are required of passengers.
Thankfully, companies have conducted a systematic review of their travel programs over the past two years. Many have managed to identify opportunities for improvement, and they are beginning to put some new best practices into action to protect their employees.
Pandemic Reveals Opportunities for Improvements to Travel Programs
At some organizations, the policies, processes, and technologies that sufficed before the pandemic were not enough to manage risks at the height of the pandemic, even as many companies ceased business travel almost completely. According to a recent study conducted by ProcureCon and WBR Insights entitled "Managing the Risks of Modern-Day Business Travel," some of the most significant gaps in organizations' travel programs involved safety assessments and communication challenges.
For example, at 53%, most of the respondents to the study said that the COVID-19 pandemic highlighted their lack of ability to conduct risk and security assessments for certain travel destinations. When the pandemic struck, domestic and regional governments released guidance on how people should travel within their jurisdictions or whether they should travel there at all. But for many companies, this guidance wasn't enough for them to develop an end-to-end risk assessment.
Some organizations were able to mitigate travel risks by cutting down on business travel altogether. But others, especially organizations engaged in essential services like medicine, struggled to make security assessments for their essential travelers.
Meanwhile, almost half of the respondents (47%) said the pandemic highlighted the fact that they had no effective means to solicit input or feedback from travelers. This is a crucial capability, as first-hand knowledge of how to put travel policies into action can reveal critical opportunities for reducing risks and making travel experiences more comfortable. Organizations can generate traveler feedback loops through surveys and automated messaging tools, and many travel management solutions include traveler feedback as a standard.
Finally, 41% of the respondents to the study said they discovered that they had a lack of spending controls in their travel program. This is a universal challenge for business travel. Thankfully, new technology solutions can provide more visibility into how travel budgets are spent. They can even automate approval processes for certain purchases, making it easier for travelers to get what they need without risking spend on unauthorized purchases.
The survey also revealed that companies were able to make improvements to their travel programs during the pandemic, and those improvements will pay dividends in the future. For example, a total of 55% of the respondents said their risk and safety programs at the time of the survey were more effective than they were at the start of the pandemic. This includes 14% who said their programs were "much more effective."
Investments Made in New Travel Management Technologies
Much of the improvements made to companies' travel programs are due to new investments in technology.
Almost half of the respondents to the "Managing the Risks of Modern-Day Business Travel" study said they had put in place real-time personal assistance and travel disruption management tools (45%) to assist their travelers while abroad. These types of tools keep travelers updated about potential risks and disruptions. They also offer them a lifeline to find answers to typical travel challenges, such as flight delays, canceled accommodations, and regional risks.
Other important tools mentioned in the study included travel management solutions (41%), travel spending analytics (40%), and mobile travel management apps (39%). Although many of these solutions may be included in an overall travel platform, investing in these technologies could be a boon to business travelers by making their lives easier and reducing risk while they are on the road.
Don't Miss the Next ProcureCon Event
Business travel may never be the same. But despite the challenges of the past several months, the future for business travel looks bright.
Companies now have a wealth of new tools and technologies to ensure the safety and well-being of their travelers. They also have the tools they need to manage the traveler experience in real-time, providing business travelers with all the capabilities they need to stay safe, healthy, and comfortable on the road.
Business travel is sure to be a hot topic at the next ProcureCon event. Don't miss the ProcureCon Marketing conference happening from December 6th through December 8th at the Hyatt Regency La Jolla at Aventine in La Jolla, California.
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