What VISA Gets Right About Technology and Business Travel

Business travel is changing just as rapidly as the travel industry itself. New trends like process automation, artificial intelligence (AI), virtual reality, intelligent assistants, and blockchain technologies are not only helping travel companies stay competitive but also enabling procurement teams to ensure the safety and satisfaction of their business travelers.

Credit card company VISA has some exciting ideas about how technology could help change business travel for good. Here, we will explore how technology and the pandemic made businesses rethink their travel programs.

This Travel Recovery is Different

For seasoned business travelers, the current downturn in the travel industry may seem a bit familiar. After all, business travel suffered significantly during the global recession of 2008 and 2009. At the time, both business and leisure travel declined, and business travel took years to recover to pre-recession levels.

This time is different, however. According to an article by VISA, "Business travel patterns look certain to evolve. For example, the volume, the nature, and the destinations may all continue to shift, along with the type of people who travel and the experience they demand. All of this means that companies will want to look afresh at how they manage their travel – and how to pay for it."

VISA predicts that business travel will be governed more by technologies in the future. The company also expects there to be a bigger focus on virtual payments, as issuing business travelers a plastic company credit card is no longer sustainable or cost-effective.

In the post-pandemic travel economy, procurement organizations must re-evaluate how they manage their business travel programs and take care of their travelers. Most companies will be looking for more flexibility in their travel programs, as global events can shift quickly and impact their travel plans.

VISA predicts that six factors will drive changes in business travel and have a significant impact on the uptake of virtual payments among travelers. They are:

• The employer's duty of care
• Levels of uncertainty
• Operating on a "need-to-travel" basis
• Sustainability
• Remote work
• Consumer habits

Some of these factors revolve around behaviors and societal trends. However, many of them revolve around what is perhaps the most important driver of change in the world of business travel: technology.

Technology and the New World of Business Travel

Technology helps business travel programs by making them more efficient. However, emerging technologies are also making it easier for procurement teams to keep tabs on their travelers in real-time, more effectively manage travel spending, and introduce new levels of safety and security into their travel programs.

For example, automated travel booking and itinerary management enable business travelers to book their travel arrangements using an online booking tool that is integrated with the company's travel policy. This allows business travelers to easily find flights, hotels, and rental cars that meet the company's guidelines for cost, safety, and security.

In addition, business travel apps can help business travelers stay connected to their itineraries, get updates on flight delays and gate changes, find the best restaurants near them, and more.

Other technologies have potential applications for both procurement functions business travelers:

• Augmented Reality (AR) – AR can be used to overlay useful information on top of a real-world view, helping business travelers better navigate their surroundings.
• Process Automation – Automating business processes can help reduce the need for business travel in general and help procurement speed up its internal processes.
• Intelligent Assistants – Intelligent assistants can help business travelers with a variety of tasks, from booking flights to ordering food.
• Blockchain – Blockchain technology can help business travelers track their expenses and make sure they are getting the best value for their money.
• Virtual Payments – Virtual payments are a great way for business travelers to pay for their expenses without having to carry around a lot of cash or credit cards. Virtual payments are also more secure than traditional methods of payment, as they help protect against fraud and identity theft.

Redesigning Your Business Travel Program with Technology in Mind

Technology is changing the way procurement manages the business travel program, but it is also transforming how business travelers themselves manage their tips. Procurement organizations should keep an eye on VISA's predictions and ideas about business travel, as they are likely to shape the future of the industry.

To learn more about the new era of business travel, don't miss ProcureCon Travel 2022, happening from June 13th to 14th at the Omni Rancho Las Palmas, Rancho Mirage, California.

Download the agenda today.