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Redefining Corporate Travel Management Pillars for Effective Managed Travel

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Redefining Corporate Travel Management Pillars for Effective Managed Travel Redefining Corporate Travel Management Pillars for effective managed travel January 2019 1 Table of contents 1. Foreword 4 2. Executive Summary 6 3. Corporate Travel Market Overview 10 4. The Discerning Corporate Business Traveller 18 5. Four Pillars of Corporate Travel Management 25 Safety 28 Efficiency 36 Productivity 45 Transparency 51 6. Towards a more effective Corporate Travel Environment 58 7. Glossary 63 Forewords The dynamics of business travel have been Corporate travel in India is being propelled by changing around the world in sync with the fast changing innovative technologies and an new age corporate traveller. India continues increasing number of millennials in business to grow at a rapid pace with increasing travel. As India strengthens its position in the contribution to global business travel spends. global economy, the need to expand to new With an annual growth of more than 11%, geographies and explore new regions for we are expected to be in the top five by business has been growing in tandem. 2022, up from being at ten in 2015. With a rich demographic dividend, India Millennials are playing an important role is uniquely placed to capitalise on the in re-defining business travel which is emerging travel trends driven by tech savvy becoming increasingly value driven and tech employees. These can be leveraged for savvy, and often seen as an indicator of driving adoption and implementation of new professional growth. technological tools and techniques to drive efficiencies in travel. This whitepaper analyses four pillars that make up a successful travel management An effective travel management programme programme; the focus is on delivering cost can boost a company’s performance by efficiencies while maintaining transparency, allowing organisations to focus on their core eventually fulfilling the goal of ensuring business and employees on their work. To safety of employees and increasing their address the many variables in play, corporate productivity through a seamless travel travel management can be organized broadly experience. into four pillars: Safety of employees, Efficiency in terms of cost, Productivity of It presents businesses with a holistic employees and Transparency within the approach towards business travel and helps programme. them in setting benchmarks to evaluate the performance of their chosen travel partner. With India’s ample appetite for emerging With our third edition, we aim to put forward technologies and collaboration between all our Duty of Care and present insight into players in the corporate travel ecosystem, emerging travel trends and solutions to India is poised to become one of the top five challenges of business travel. markets for business travel by 2022. Through robust corporate travel management, there is great potential for India to leapfrog to an even higher position. Rakshit Desai Jaideep Ghosh Managing Director Partner and Head FCM Travel Solutions – India Transport, Leisure and Sports FCM is part of Flight Centre KPMG in India Travel Group, Australia 5 Executive Summary The global business travel market is expected Global Business Travel Market to grow steadily, with India as one of the fastest growing segments. To truly recognize benefits of Global business travel spend business travel, corporates need to look at their stood at USD 1.33 trillion in travel management programme in a holistic way, 2017 and is estimated to have taking many factors into consideration. These factors grown by 7.1% in 20181. include employee safety and satisfaction, cost control, policy compliance and a transparent system. India-China-Indonesia (ICI) travel Post an era of uncertainty, business travel spends spend is predicted to reach USD 565 have finally reached pre-recession levels. The two billion in 2022 and is projected to year period of 2017-2018 emerged as the strongest be the largest in the world by 20351. for business travel since 2010, driven by a boost in the global economy and a digitally inclined millennial workforce. India is the 7th largest business In India, the business travel spends stood at USD travel market globally and is 37 billion in 20171, and are expected to grow projected to be amongst the top further as companies expand their businesses in an 5 travel markets by 20221. increasingly connected world. Almost 60% of Indians between 19-34 years of age3 consider business travel an indicator of professional growth as well as Expected business travel spends 3 a staus symbol. of up to USD 46 billion in 2019 2 Thus, to achieve further growth, organisations in India , with a projected annual 1 need to adopt a comprehensive travel programme growth rate of 11.5% . that aims to integrate and fulfil the needs of all the stakeholders involved. The Discerning Indian Business Traveller Travel consumers In order to ensure getting spend ‘value for money’ 49 91% minutes spread over 46% use review sites5 days, visiting as many as Spend their leisure 17 time in exploring the 85% different online destination while on use price comparison touchpoints to plan, their business trip4 sites5 research, and make a booking5 25% of domestic business travellers are now women6 Source: 1: GBTA; 2. Industry Estimates; 3. ‘Flying high, 92 per cent millennials look forward to their next business-trip’, Economic Times, 2018; 4. FabHotel Consumer Survey 2018; 5. ‘Demystifying the Indian Online Traveller ‘ report 2017; 6. ‘Millennials are reshaping India’s travel industry’, dated 24th August 2014 published in CNBC 7 With a tech savvy and youthful workforce, simplified policies and processes. This can organisations need to be well equipped to be achieved through a comprehensive travel address the needs of their employees while programme that aims to fulfil the needs of all maintaining their business objectives. Ranging the stakeholders involved. The four pillars of from TMCs, third party vendors, and corporates corporate travel management serve as a strong to employees, each stakeholder has an important underlying foundation for developing such a role to play towards creating integrated and programme. Four pillars of Safety Efficiency Rise in disruptions such as natural disasters, The cost of business travel is the political unrest, etc. have created a need for second highest operational cost for most organisations to have a comprehensive and organisations. It is becoming imperative for structured safety programmes to ensure well- corporates to drive higher levels of efficiency being of business travellers. With growth in in their managed travel. women in the workforce, appropriate travel policies need to be in place to ensure their safety. of female business travellers of companies spend INR 10 71% believe that they face greater 31% million or above on travel10 safety risks7 of all employees have security of travel managers plan to 75% concerns when travelling 21% integrate sharing economy domestically8 options11 of organisations want more cost reduction for 45% support from their travel 60% organisations using partners9 advanced booking tools12 Organisations need to take a proactive To optimize costs, companies need to approach to safety and be prepared for analyse expenses from all perspectives: emergencies at all times. Through a TMC front-end, back end and travel costs. partner, all potential risks can be monitored Leveraging automated tools and platforms, thoroughly, and employees and travel corporate cards and forex cards present a managers alike can be well-informed of any huge opportunity for driving cost efficiency security risk while travelling on business. by increasing savings and providing better visibility of travel spends. Source: 7. ‘Women in Business Travel 2016’, Maiden Voyage; 8. 75 percent of Indian business travellers have security concerns regarding domestic travel’, dated 9th October 2018 published in NewsBaron; 9. ACTE-GBT Survey 2017; 10. Yatra Investor Presentation November 2018, KPMG Analysis; 11. PhocusWire report “What the sharing economy’s success means for your travel business” 2017 12. ‘Travel and Expense Management Report’ 2016, Paystream Advisors Inc 8 Companies and their travel partners must emerging technologies and evolving employee collaborate to develop tools, polices and needs. process suited to the needs of the Indian millennial business travellers such as self Hence, a successful interplay of these pillars booking tool, etc. is key to fruitfully manage a corporate’s travel management programme in the long run. These policies and processes need to be continuously re-evaluated to incorporate successful travel management Productivity Transparency To maximise the objective of a business Transparency with respect to supplier trip, employees need to feel relaxed and management (flow of incentives & refreshed, at all stages of travel. This allows commissions), data management (analytics & them to focus solely on their work, leading to security) and traveller satisfaction is essential improved performance. to create a successful travel management programme. of travellers feel that the 87% quality of their business Many-to-many interactions travel impacts their business in the travel ecosystem with results13 no visibility on incentives & commissions of employees prefer to book Lack of processes to balance flights through advanced 85% choice and control, in a risk booking tools or mobile free manner applications14 Lack of transparency increase in company in demand and supply 32% productivity through management in the travel policies that account for ecosystem travel
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