1. Travel Volumes Are Recovering: Various indices confirm a resurgence in travel, with an 11% growth this year, driven largely by small, essential meetings, ongoing education, and customer engagement. Notably, China and India lead this resurgence.
2. AI Emerges as Crucial: AI is becoming as transformative as electricity across travel platforms, although determining the right balance between automation and human interaction remains a challenge to avoid customer frustrations.
3. Growth of Integrated Platforms: Full-service platforms encompassing booking, payment, and expense management are entering the market. Initially targeting smaller programs, these solutions prioritize process efficiency and demand management over supplier cost savings.
4. Hotels Adopt Attribute-Based Buying: Similar to airlines' NDC, hotels are advancing toward attribute-based buying through partnerships with technology providers. This shift may help travel program managers tackle leakage issues.
5. Governance Key to Success: Effective governance is essential as decentralized management approaches hinder multi-country initiatives with varying technologies. Clear governance structures pave the way for successful project execution.
6. Advancements in Small Meeting Technology: Innovations focusing on simplicity and process efficiency are driving successful technologies for small meetings, delivering cost savings and enhanced user experiences.
7. Evolving Travel Policies: Travel policies must adapt to emphasize mental health, ongoing traveler safety, and attribute-based buying. Regular review and updates are crucial for cost control and retention of top talent.
8. Embrace Sustainability: TMCs and third-party providers are integrated into booking paths, enabling greener choices in air and hotel selections. Monthly reporting and goal improvements underscore the commitment to sustainability.
9. Support for Tech Startups: Tech startups are increasingly supported through venture capital investments rather than being absorbed or sidelined by legacy players viewing them as threats.
10. Networking Remains Essential: While virtual platforms suffice for most business interactions, annual industry gatherings continue to play a vital role in strengthening day-to-day relationships.
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