Expense Management Innovates For The Return Of Corporate Travel

Business travel volumes are still in a record slump as the coronavirus crisis rages on. And if there’s one thing for certain about the future of the business trip, it’s that nothing is certain.

For corporate travel and expense management solution providers, the current climate creates a precarious scenario. But industry players aren’t sitting quietly by the sidelines. Rather, there is ample opportunity to innovate and improve the business traveler experience in anticipation of corporate trips’ return, according to Chris Bruce, vice president of commercial at Journera.

Speaking with PYMNTS, Bruce explained that real-time data connectivity is one area of business travel with the potential to inject efficiencies and optimize experiences for travelers, their employers, and travel management companies. As a provider of real-time travel data, Jounera in November stepped into the world of business travel through a collaboration with travel management company AmTrav.

Although it may seem like a volatile time to expand into the business travel segment, Bruce explained the value of real-time data for improving experiences like expense management even at a time when travel remains muted.

Streamlining Points Of Purchases

While there is a trove of data related to business trips, from hotel bookings to flight reservations, data linked to spend along the journey can be some of the most valuable for travel managers to access.

But consolidating that spend information can be a headache considering just how many transactions can occur from beginning to end.

“When it comes to payments, there are many different purchase points,” said Bruce. “You buy your flight upfront, maybe two weeks before you travel. Between that point and the day of travel you may be purchasing ancillaries like checked bags. You pay for things at the airport on the day of travel, at the kiosk or with a desk agent, and you can purchase things on the flight.”

That’s not to mention all of the spend that occurs while on the business trip with other travel providers, including transportation and hotels.

By integrating with those travel providers directly, Journera is able to access spend data in real time, which Bruce said is key to providing travel managers with instant insight into employee spend. Working with travel suppliers also means that spend data can be captured regardless of how an employee makes a purchase — whether on a company card, personal card, or otherwise, he noted.

Real-Time Data And Valuable Insights

Having transaction data right at the moment of purchase is key for travel managers to ensure that employee spend is within company policy. But after a business trip, that information also adds value for purposes of expense reporting and reconciliation.

According to Bruce, there are also opportunities for travel management companies and their corporate clients to gain insights into spend behavior and patterns through analysis of that transaction data.

“There is a really big opportunity there,” he said. “When you’re thinking about the corporate end-user, first you have to get the right data in, then you have to assemble it in the right way to get useful analytics out of it.”

In other words: high-quality data in, high-quality analytics out.

The opportunities in real-time data capture go beyond the expense management workflow, too. Integrating directly with travel providers means access to information about a traveler’s journey as it’s occurring in real time, meaning travel managers and suppliers can connect an employee to customer service providers or other services at the moment of need. For instance, having data about a flight cancellation in real time means faster access to a solution that can provide that traveler with a new booking.

According to Bruce, real-time solutions are all about meeting an increasingly higher expectation from travelers for an optimal experience.

“On the expense side, there’s the same thing,” he said. “Today, from a consumer standpoint, there’s a greater expectation that everything can happen instantaneously. The same should go for managing your expenses.”

Anticipating Business Travel’s Return

Meeting travelers’ elevated expectations is important, but at a time when business trips remain on hold, one may wonder whether travel and entertainment (T&E) innovation is worth the investment.

Indeed, it is uncertain when corporate travel — or travel in general — will return. Once a COVID-19 vaccine has been distributed, it remains to be seen whether business trip volume will return to pre-pandemic levels, or whether remote conferencing technologies like Skype will permanently replace at least some business trips.

Regardless, the corporate travel and expense management industry must be ready for an industry rebound.

“Corporate travel isn’t going to go away,” said Bruce. “There’s always going to be a need for that in the future. Even in the absence of demand for corporate travel today, travel suppliers and travel management companies are investing a lot of time and energy and resources in creating things for the future, so the corporate travel experience will be better when things rebound — whenever that may be.”