Going Places, Spending Wisely: Forecasts from Travel and Expense Experts

We all want to know the outlook for travel and expense in 2024, but as a general rule, there are more procrastinators out there than prognosticators. So while people are genuinely wondering where travel and spend management is headed in the next 12 months, if you asked, many would say they’re not even sure where it’s going in the next 12 minutes.

In reality, the future’s coming at us full blast.

A recent eBook, Travel and Expense 2024: Four Trends and Predictions from Industry Experts, sheds a little light on the subject by talking to some of the brightest minds in the industry. These are folks who’ve been around the block enough times to know what’s around the corner – and this is what they’re seeing.

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AI will be kind of a big deal.

Really? That’s a surprise? Well, actually, yes – when you consider how it can be used. Instead of manually analysing data and making somewhat-informed guesses, finance, travel, and operations teams can simply delegate that work to a computer. Generative AI digs in, and you get data-backed recommendations built on patterns a human might not even notice.

In 2024, leading companies will lean into these emerging technologies – embracing AI, automation, and data analysis – finding confidence in the middle of all this uncertainty. Confidence. Hmmm. We haven’t heard that one in a while.

The future is real. It’s also virtual.

Other experts are divining a tomorrow where physical credit cards play a far smaller role than virtual payments. Instead of using a company card, for example, employees will be able to use virtual payments for all business expenses, including travel. Then, AI will make quick work of identifying and managing both trusted transactions and those that are exceptions.

Sounds great, right? So is the future all good news? Well…

Cutting costs will raise business travel tensions.

According to the experts, “doing more with less” will continue to be the mantra for business in the coming year. So nothing new. But the problem here is that continued cautious budgeting tends to heighten tensions, as 92% of business travellers say the future of their careers depends on successful travel in the next 12 months.

Things will get better, but they’ll take more work.

Amidst the tightening of corporate belts, business travel will become more personalised and more sustainable in 2024. But getting there is going to be a bit bumpy. Travel leaders are going to have more to manage:

•  Acceleration of NDC (New Distribution Capability) among airlines, GDS, TMCs, and OBTs will push the industry into a when, not if, mentality.
•  Sustainability demands from employees and regulatory agencies will continue to increase.
•  Every organisation will be working toward greater diversity, equity, and inclusion.

You will, however, have more tricks in your toolbox. (See that first prediction about AI.)

How do you know you can trust such predictions? How can you be sure they’re not coming from some hazy crystal ball? Do a little digging of your own and read Travel and Expense 2024: Four Trends and Predictions from Industry Experts. It’s an in-depth examination of what’s headed our way.

You won’t need to imagine what’s next, you’ll know.