The Travel Buyer’s Transformation - a Serviced Apartments News webinar

Corporate travel programmes are changing—and as a result, today’s corporate travel buyer role is evolving. Travel buyers must balance costs with travel satisfaction while prioritising sustainability and safety. Their current role demands expertise in multiple areas while delivering solutions that help finance, operations, HR, procurement, C-Suite execs, and the broader travelling employee population achieve their goals.

Introduction to the Webinar

In a recent webinar on the transformation of the travel buyer hosted by Serviced Apartment News editor Eloise Hanson, AltoVita VP of Client Partnerships Beverly King shared insights into the evolving role of corporate travel management.

The conversation started by exploring the recent findings from SAP Concur’s global business travel survey, which involved 3,750 travellers across 25 markets.

One of the significant findings was that 67% of business travellers require pre-trip approval due to tightened cost controls. Interestingly, the survey also noted that a majority of travellers (92%) now prioritise personal safety, sustainability, and the option to combine business trips with leisure (“bleisure”) when making travel decisions.

The Role of the Travel Manager

Travel managers’ responsibilities have expanded to demand expertise in sustainability, regulatory compliance, commercial negotiations, health, and safety. This multi-layered approach requires them to balance these aspects effectively while controlling costs and ensuring traveller satisfaction. Three in four travel buyers expect increasing technology to significantly impact the role.

Travelling Smarter

The necessity of “travelling smarter” involves:

• Ensuring that business trips yield high returns on investment.
• Combining trips when feasible.
• Supporting sustainable travel options.

One panellist stressed the importance of making travel policies attractive to retain talent: “For me, a travel policy needs to be as appealing as a total rewards policy in a company.”

It’s key to establish a central travel booking and expense platform that’s both user-friendly and technologically robust. Employees will be more inclined to use such platforms, increasing usage, insights, and reporting. Implementing a platform that accounts for travel policy ensures compliance without requiring employees to think about it, focusing more on long-term strategy than immediate cost savings.

The Modern Traveler’s Priorities

The priorities of modern business travellers fall into two buckets: stay perspective and buyer perspective, explained Beverly King, VP of Client Partnerships at AltoVita during ‘The transformation of the travel buyer’ webinar with Serviced Apartments News. 

From the stay perspective, travellers prioritise comfort, facilities, safety, and proximity to business locations and leisure activities. On the buyer side, the emphasis is on sustainability, reporting, and duty of care. 

Businesses and travellers alike expect seamless integration of technology for efficient booking and post-trip reporting (in addition to connected home technology.) AltoVita’s AltoInsights emerged as a solution in December 2023 to the pressing need for a consolidated view of accommodation booking data. AltoInsights offers enhanced reporting and analytics capabilities for better management of accommodation programmes.

The introduction of sustainability metrics in AltoInsights also reflects this shift in accommodation selection criteria. Clients can now choose properties based on their sustainability actions, aligning with their ESG goals. This feature supports eco-friendly choices and encourages suppliers to adopt sustainable practices.

Employee Satisfaction and Retention

Travel can and should be at the forefront of employee care, especially as business travel becomes core to company culture, growth, and employee engagement. 

Employee satisfaction and adoption of travel tools are critical metrics that corporate travel leaders use to gauge programmatic success. Happy employees are more likely to use the travel programme, driving greater adoption and giving finance leaders and travel managers greater visibility into spend and insights into optimisation opportunities. 

Key Factors in Travel Policy:

• Bleisure: Increasingly, travellers are extending business trips into long weekends, requiring proactive outreach from travel managers.
• Generational Differences: Millennial employees expect corporate tools to match the technology of their favourite consumer apps.
• Duty of Care: Ensuring travellers feel cared for on the road is crucial, especially during inevitable disruptions like flight delays or natural disasters.

Addressing these factors before employees become dissatisfied will drive satisfaction and retention, compliance with travel programmes and policies, and companies' ability to deliver on their duty of care.

Addressing Content Fragmentation

Due to diverse booking channels and inconsistent data, content fragmentation remains a significant issue in corporate travel management. Two panellists highlighted the importance of integrating all booking channels into a single platform to guarantee the best rates and services through preferred management systems.

The Rise of Hybrid Work and its Impact

Hybrid work has significantly reshaped business travel patterns. A panellist noted that hybrid working has led to more flexible travel policies by enabling employees to combine business and leisure trips. This shift necessitates a greater focus on safety, sustainability, and cost management in travel programs.

While demand for extended stays and serviced apartments has increased, shorter booking lead times and fluctuating travel behaviours are also trends. Operators must invest in technology to provide secure, self-serving booking environments that can adapt to these changes.

In response to how people travel, AltoVita introduced AltoSearch in July 2023. AltoSearch is a game-changing self booking tool that seamlessly integrates serviced apartments and private homes, with hotels and aparthotels on a single platform. The AltoSearch platform can accommodate both short- and extended-stay demand, and it is capable of supplying hotel rooms within quick turnaround time, including last-minute booking, extension or cancellation, any time.

Additionally, AltoVita has recently introduced the Payment Flow feature on AltoSearch, to streamline the booking process. This feature enables direct card payments, providing immediate booking confirmations and ensuring compliance with corporate travel policies. It also offers last-minute booking capabilities, making it easier to handle emergencies and access safe accommodations promptly.

Innovations in Travel Management Technology

The panellists agreed on the crucial role of technology in modernising travel management. King highlighted the importance of using technology to consolidate travel data, ensure transparency, and facilitate better decision-making. Preferred provider agreements drive cost efficiency and improve traveller experiences.

Innovations like new distribution capability (NDC) and comprehensive travel platforms streamline the booking process and reduce content fragmentation. These advancements enable travel managers to offer employees a seamless and efficient booking experience while maintaining control over costs and compliance.

How AltoVita Serves the Modern Travel Buyer

AltoVita is at the forefront of addressing the needs of modern travel buyers. By leveraging advanced technology and a vast network of operators, AltoVita offers a seamless booking experience that integrates with corporate travel programmes.  

AltoVita also makes it possible to consolidate spend by streamlining all accommodation management under one tool.

AltoInsights gives a consolidated view of accommodation booking data, including real-time and historical booking data. This data can provide insights into trends, growth rates, and cost savings, creating huge opportunities for operational efficiencies. 

For example, PwC leverages AltoVita to centrally consolidate spend from several departments, including projects, meetings & events, individual business travel, and relocation. The global firm can then drive volumes to preferred suppliers and use this purchasing power to negotiate lower rates. Consolidating spend of several departments has the potential to drive up to 48% in cost savings.

AltoVita’s emphasis on preferred provider agreements ensures clients receive competitive rates and consistent quality across their stays. This approach drives cost savings and enhances the traveller experience, making AltoVita a trusted partner for modern corporate travel needs.

The platform provides detailed insights into accommodation options, including sustainability metrics, ensuring companies can meet their ESG goals while providing comfortable and secure employee stays.

Looking Ahead

Evolving priorities and the need for more competent travel management drive the transformation of the travel buyer. By embracing technology, prioritising sustainability, and offering flexible and comprehensive travel solutions, companies like AltoVita are well-positioned to meet the challenges of this new era. 

The insights shared in this webinar underscore the importance of adapting to these changes to create effective and efficient travel programs that cater to the needs of today’s business travellers.