Companies in Asia are less cost-conscious than the rest of the world when it comes to setting business travel policies, according to a new study.
Research undertaken by GBTA and Egencia found that while cost control is the most important factor concerning business travel policies in all global regions, the percentage is significantly lower in Asia than in other regions.
Globally, 61% of companies said that controlling travel costs was their highest priority, but this was highest in Latin America (73%), Europe (64%) and North American (62%). In Asian, the focus on cost control dropped to 54%.
Instead, Asian corporates appear more concerned about setting policies and procedures (47%, compared to the global average of 41%), using correct suppliers (Asia: 32%, global average: 30%) and only paying travel expenses that are in line with company policy (Asia: 19%, global average: 12%).
Despite the continuing global focus on cost control, companies and travel professionals said they believe they now have greater control over travel spend data (72%), reporting (72%), and visibility in the organisation (70%) compared to a few years ago. This is partly to do with increased access to new technology – mainly via mobile devices.
About two-thirds of respondents (65%) indicated that they stay connected with their business travellers, while 45% say their travellers use social media channels or mobile apps in their daily travels.
Meanwhile, three quarters of travel professionals (75%) now use online booking tools (OBTs) to book travel, while more than half of travel professionals (54%) are integrating more information into OBTs to educate business travellers about staying within policy. The study revealed that the compliance rate of travellers using approved corporate booking channels stands at 79%, indicating that technology has become a key tool to create and implement policy.
The third annual study ‘Travel Policy Trends’ study by GBTA and Egencia surveyed nearly 1,500 travel professionals in North America, Europe, Asia and Latin America.
