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Travel And Expense Trends – 5 Predictions
- The travel and expense (T&E) sector is undergoing significant changes, including technological innovations such as AI.
- Five predictions for T&E have emerged including slowing inflation, AI's continued growth, TMC consolidation, financial cross-collaboration with emerging technologies, and sustainability innovation.
- Companies can expect more value for their T&E budgets as inflation slows and travel demand increases.
- AI is expected to reduce administrative burden, validate transactions for compliance, spot spending patterns, and provide personalized itinerary recommendations and price forecasting.
- Third-party management companies will continue to consolidate, leading to better business deals and customers finding full benefits of New Distribution Capability (NDC).
- Financial leaders will collaborate with IT and security teams to implement emerging technologies such as AI tools effectively.
- Organizations will try to reduce their travel carbon footprint by promoting virtual meetings, implementing tools for carbon tracking reporting, and incorporating rewards for sustainable travel choices.
- Advanced analytics and AI tools will assist companies in making smarter decisions to align with sustainability goals.
- The T&E market is turning into a driver of efficiency, resilience, and growth, which organizations should prepare for to gain a competitive advantage.
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