Receiving value for components of business travel
Friday, August 24, 2012
A recent report from Singapore in The Business Times revealed that rising travel costs have been a particular concern for businesses as the global economy slows down. However, the source revealed that the anticipated scale back of travel budgets is not expected to be as severe as the financial crisis of 2008 and 2009. Business travelers can find comfort in the fact that their corporate accommodations are not largely affected and that some businesses are looking ahead to counter any effects of the slowing global economy.
While the effects of the current economic climate may not be fully realized quite yet, the source reported that, "corporates are taking a hard look at their travel programmes, and tweaking travel policies to get more back for their buck."
Andi Budd, vice president of American Express Business Travel, told The Business Times that one notable trend has been corporations seeking out the advice of third party agencies on how to integrate the best practices and benchmarking. Areas that are being focused on to accomplish this include sourcing with airlines and corporate lodging providers to maximize their travel investment.
In another recent article from Cutting Edge PR, business travel was hailed as a necessary part of business.
"Not all spending cuts are smart because most business people may require face-to-face meetings in order to close a business deal," Beatrice Kamango, a commercial manager for British Airways, said.