The Future of Travel Management Software and Its Potential Impact on Businesses

At present, millennials form the largest segment of the global workforce. But Generation Z will account for a significant percentage of the workforce in the near run. Both millennial and Gen Z employees love to travel for work. But they differ from each other in many aspects, including travel choices and preferences.

The right travel management software helps your organization meet the needs and expectations of employees with different demographic characteristics. Each employee can use the software to book their choice of flights, accommodations, cabs, and other business travel products according to predefined organizational policies.

Also, the software will keep each work traveler safe by delivering real-time information and providing duty-of-care solutions. At the same time, it will help your organization increase the ROI of business travel by streamlining travel expense management and controlling business travel costs.

Travel management solutions will also continue to evolve to meet the current and emerging business travel needs of companies and startups. Providers will keep the software relevant by adding new features regularly. Likewise, providers will make the software stand out from competitors using Industry 4.0 technologies.

Hence, the future of travel management software will be impacted and shaped by many factors. Each of these factors will improve the way your organization uses a travel management solution. We are highlighting some of these ways the travel management software will evolve and impact your business in the future.

8 Ways Travel Management Software will Evolve and Impact Your Business in the future

1. Voice Assistant Integration

Millennials these days perform a variety of tasks by giving voice commands. They will soon need travel management software that enables them to book business trips, access travel information, and check booking status by giving voice commands.

The next-generation travel management solutions will feature built-in voice assistants. In addition to supporting multiple tasks, the voice assistant will improve your employees’ work travel experiences using artificial intelligence (AI) and machine learning technologies.

2. Deeper Personalization

At present, many travel management solutions recommend personalized travel solutions to employees. They use AI algorithms to detect relevant travel products according to an employee’s booking history and travel preferences.

The next-generation travel management solutions will facilitate deeper personalization. They will use intelligence technologies to enable employees to choose from a wider range of travel products according to individual preferences.

3. Sustainable Travel Options

A surge is being noted in the number of business travelers preferring traditional travel options to sustainable travel options. Travel management solutions currently offer limited sustainable travel options. For instance, they allow employees to book eco-friendly accommodations or use public transportation.

But travel management software will continue to expand sustainable travel options in the future. They will help users reduce their carbon footprint by sharing information and ideas. Also, they will create more opportunities for employees to choose from a wider range of eco-friendly travel products and services.

4. Enhanced Mobile Experience

Most travel management solutions are currently accessible on smartphones, tablets, laptops, and desktops. But a large percentage of employees access the software on their mobile devices. Likewise, many managers review travel requests and travel expense claims using mobile devices.

The next-generation travel management software will be built with improved mobile user interfaces (UIs). Developers will test the software’s mobile user experience extensively to ensure that users can perform the desired tasks despite having no access to a laptop or desktop.

5. Optimal Data Security

At present, travel management solutions protect clients’ sensitive data using data encryption technologies, monitoring network security, and eliminating potential security threats. But next-generation software will optimize data security using cutting-edge technologies like Blockchain.

Blockchain technology enhances data security using cryptography. Also, it makes it difficult for cybercriminals to access sensitive data by storing it in a decentralized way. In addition to using existing security measures, next-generation travel management software will safeguard data and transactions by leveraging Blockchain.

6. Enhanced Duty of Care

Most travel management solutions these days feature duty-of-care solutions. In addition to delivering real-time information, they track the real-time location of employees throughout business trips. Also, many providers enhance their duty of care by partnering with global health and security risk management firms.

The next-generation travel management software will feature more robust traveler safety features. They will ensure that an employee can get real-time assistance quickly and effortlessly in case of any travel-related emergency.

7. Seamless Integrations

The number of companies and startups automating corporate travel management has been increasing steadily. They use travel management software as an enterprise system. Also, they enhance the software’s functionality by integrating it with enterprise systems like HR and payroll.

However, businesses have to deploy skilled technicians to make travel management software a part of enterprise systems. But the next-generation travel management solutions will make the integration effortless and seamless.

8. Advanced Data Analytics

Robust travel management software uses data analytics to facilitate informed decision-making. The actionable insights provided by the software help businesses refine business travel programs, detect emerging trends, and find cost control opportunities. Travel management solutions will feature next-generation data analytics in the future.

The next-gen data analytics will analyze travel and expense data more efficiently using artificial intelligence, machine learning, and data visualization technologies. They will provide real-time insights to decision-makers by sending auto-generated reports. Hence, it will become easier for businesses to make decisions that will result in successful business trips without increasing business travel spending.

Final Words

Both the business travel process and business travelers have been changing and evolving. No travel management solution will be able to remain relevant and outperform competitors without evolving consistently. Travel management software will evolve in a variety of ways – providing innovative features, leveraging next-generation technologies, and delivering outstanding user experience.

The changes and improvements will help your business automate corporate travel management optimally. They create opportunities for your company to get a higher ROI of business travel by making business trips successful without escalating business travel costs. But your business can leverage many benefits in the future only by investing in the right travel management software.