Emerging technologies can make performance management – the activities travel managers should already be undertaking to improve their travel programs – more powerful. That’s according to Performance Management: Emerging technologies and travel management, the latest report from BCD Travel’s Research & Innovation team.
Technologies like machine learning, blockchain, chatbots, the Internet of Things and virtual/augmented reality are already delivering better and faster business intelligence. But they can do more. In the future, expect them to continuously monitor and assess program performance, and automatically adjust policy rules and supplier agreements in real time to achieve smarter outcomes.
The result? Better run travel programs. Travel managers can expect to perform more effectively against key goals like cost reduction, risk management and employee satisfaction.
How new technologies can help:
- Machine learning can optimize existing data and ensure that you apply the basics of performance management correctly.
- Blockchain enables smart contracts that automatically trigger and pay for discounts.
- Chatbots can simplify data retrieval so you can use it smarter.
- Bots can issue automatic alerts to ensure that the program does not overspend its budget or miss another performance target.
- Through virtual meetings, travel managers can expand their reach from travel to interaction management.
Check out BCD Travel’s Inform reports for insights and recommendations on leveraging emerging technologies, mitigating risks and building partnerships that further travel program and business goals.