According to the latest U.S. Corporate Travel Report, managed travel is booming as it represents 1/3 of the total travel market and is expected to reach nearly $140 billion by year 2022. The broadest spend in travel right now is the online segment with funds being generated from online booking tools, virtual assistants and advanced software. The growth of online technology is not only good for business, but it is improving risk management and giving business travelers greater security.
At the foundation of risk management is data. Rules-based algorithms make it possible to source numerous types of data around the clock. Data gives the capacity to created news, flag reports and take proactive steps to mitigate risk. Where it would take humans hours to comb through information, improved software makes it possible to process information at speeds needed for the concerned travel manager and traveler.
Data is great, but what’s better is the technology to communicate swiftly and efficiently to travelers. Technology allows travelers to receive immediate notifications with their mobile devices. Everything a traveler needs to know can be in sent and accessed with the click of a button. Duty of care apps have made it possible for push notifications, itinerary management and safety check-ins.
Data and mobile technology make it easy to keep travelers safe no matter where they are. Whether there are protests, strikes or extreme weather conditions, technology makes it possible to have location awareness. Thanks to GPS, travel managers can check precise locations of travelers and travelers can even respond confirming their safety. The increase of free wi-fi when traveling makes location tracking an even easier solution for the concerned travel manager.
When technology is advanced, risk management is advanced. Data is needed to aggregate strategic notifications and sophisticated software makes it possible to easily watch travelers. New technologies create growth, increase change and develop more agile risk management capabilities.