Procurement Executive’s Outlook: The Future of Travel Spending
These are exciting times for procurement managers. A new generation is on the rise in the workforce, and disruptive, innovative technologies are adding new dimensions to the procurement executive’s role. This is already starting to impact the way companies look at business travel spending.
A new eBook from Booking.com for Business provides an insider perspective on these latest shake-ups in the world of procurement and travel cost management. Featuring insights from Booking.com procurement manager Floor Peper, the eBook covers the top trends and sheds light on the future of managing travel spending. Here are some of the topics the eBook covers:
- New approaches to cost-cutting
- Big data analytics
- Fair pricing and airfare volatility
- Procurement in the millennial age
Change is on the way
Old wisdom about managing travel spending is flying out the window. The trusty global distribution systems (GDS) of the past are fading out, while a new generation of data-driven, automated cost management solutions are on the horizon. Plus, some game-changing start-ups are taking advantage of airfare volatility to find cheaper tickets for business travellers.
However, contrary to the recent high-tech hype, change does not always happen overnight. Peper has been waiting a long time for tech companies to roll out fully-integrated systems for tracking travel expenses, for example. This is finally starting to happen. In the near future, procurement managers will have access to easier, more accurate cost management tools without having to go to multiple systems for the information they need.
A new role for procurement
Most excitingly, the eBook describes how a new, data-driven approach to procurement will expand the role of the procurement manager going forward. In addition to executing and monitoring a company’s spending, procurement will be empowered by new technologies to play a more strategic role. Big data analytics will change procurement departments from cost control centres into think tanks for mitigating risks and seizing supply-chain opportunities.
This eBook is an insightful read for any procurement or travel management professional interested in the latest trends shaping their field. Spoiler alert: The future looks pretty bright!