The Travel Management budget trends to expect for 2015

Four travel budget trends set to define 2015


29 December 2014
A report looking into the trends set to impact and ultimately define travel management budgets in 2015 has recently been published, with relevant professionals taking heed to its findings. PHR takes a look at these expected trends and explains what it means for companies and travel buyers:
 
  1. “Budgets will remain restrained but there are signs of growth”:
Levels of trepidation and restraint in regards to budget increases will remain somewhat strong, yet there are green shoots of growth, with a minority of businesses beginning to significantly increase their travel spends. It should be noted, these significant increases are expected to be implemented as a facility rather than as a “bonus” or “perk” to businesses and travel buyers (e.g. booking business class over economy to help employees sleep better). Despite this, it still ultimately represents a concrete sign of growth.
 
  1. “Accountability will be crucial in 2015 and big data will help support cost savings”:
Businesses and travel buyers will be under increased pressure to prove that a trip absolutely needs to happen, as well as demonstrate that the most cost effective way of travelling is booked and to ensure that every element of travel spend is recorded accurately.
 
  1. “Added value is not just a focus, it is expected”:
Added value is now simply expected and “part of the package”. From providing exceptional customer service to advice on legislation, visa services and relevant data, added value offers are set to be increasingly important as clients look to maximise budgets at every step in 2015. Interestingly, despite the rise of technology utilisation within the industry, the best perceived added value will continue to be personal relationships and service from highly qualified and experienced individuals, who understand a client’s business needs inside out.
 
  1. “Financial planning is more difficult than ever”: 
World events, wars and crises can result in severely revised budgets, even with meticulous planning. High-profile situations such as the Ebola crisis mean that travel budgets are very difficult to plan and with Ebola set to continue to affect many people into 2015, projecting travel spend will remain a challenge.
 
Demonstrating a full understanding of the expected budget trends, along with exercising a relevant travel programmes will ensure 2015 will be a positive year for you, your travel policy and overall the your business.
 
From all at PHR we wish you a very happy New Year.
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