As business travel has resumed, new challenges have emerged for the travel industry and corporate travel. Economic uncertainty, trip disruptions, and the new hybrid workplace model have all played a part in altering the approach to business trips in a more competitive landscape.
To better understand these shifts, Harvard Business Review Analytic Services, in collaboration with American Express Global Business Travel, surveyed 425 business decision makers involved in their organizations' travel programs in May 2023.
The report, “Investing in Travel to Drive Business Growth: A Strategy for Thriving in Disruption,” underscores that while remote and videoconferencing meetings are here to stay, the value of in-person interactions has never been higher to drive relationships and results.
A resounding 86% of respondents affirmed that in-person meetings are crucial for establishing positive, long-term relationships with clients, while 88% expressed the same for fostering positive relationships among employees and coworkers.
The survey also highlighted new opportunities alongside the challenges in this new era of travel. Eight characteristics of a successful travel management program emerged from the data, and the more these factors were prioritized within an organization, the more beneficial the corporate travel management program to the company's goals.
Download the full report to learn how companies like RTX and Medtronic are seeing business travel yield tangible growth rates and business value in ways like:
- Closing deals more effectively.
- Innovating more quickly and creatively.
- Troubleshooting issues more collaboratively.
- Being more intentional about driving business goals.
- Evaluating merger and acquisition targets more thoroughly.
Smart companies will recognize trends and the need to re-examine their travel program in the wake of the pandemic in order to maximize its impact throughout the organization.
Fill out a few details on this page to download the report and learn more.