Introducing the latest myCWT product and service enhancements
Building on our digital, omnichannel myCWT platform, our new products and services will simplify travel management for you and your employees – anytime, anywhere, anyhow.
Note: Featured services may not be available in your country at this time. Please reach out to your CWT representative for more details.
Hear from Chief Product Officer, Erica Antony as she shares the key product highlights of 2024, along with the key areas driving innovation.
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2040: Baseline, Boom or Bust
As we enter an era of rapid transformation and unprecedented challenges, it is essential for travel managers, meeting & event planners, and corporate decision-makers to look ahead and frame our current strategic thinking with a clear vision of the future. Business travel and meetings and events (M&E) are poised for significant change over the next decade and a half, driven by a complex interplay of sustainability goals, technological advancements, evolving work models, and geopolitical dynamics.
In this paper to mark the 10th anniversary of our Global Business Travel Forecast, we explore, for the first time, a long-term vision of the future and potential trajectories through three distinct scenarios, each offering insights into how these forces should affect policy-making, budgeting and priorities. By examining these scenarios, we can better understand the diverse possibilities that lie ahead and the strategic imperatives required to thrive in each potential future.
Based on trajectory data analysis and interviews with industry leaders, behaviorists and climate tech founders, this forward-looking approach enables us to anticipate changes, strengthen our strategies, and make informed decisions that align long-term objectives. It is through this lens of foresight and adaptability that we can build resilience, seize opportunities, and navigate the complexities of the future.
We invite you to reflect on the insights presented, and consider how your organization can prepare for the opportunities and challenges that lie ahead. Together we can ensure that travel and meetings remain catalysts for growth, scalability and sustainable practices.
- Scenario development is both an art and a science
- Megatrends Shaping the Future of Business Travel, Meetings and Events
- Sustainability goals the new crux of corporate policy
- Technology Revolutionizes Travel Management
- Modern work models spark new travel patterns
- Changing demographics open doors to new opportunities
- Three Scenarios: Base case, boom and bust
- Future-proofing strategies
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CWT GBTA Global business travel forecast 2025
When it comes to pricing, global business travel has finally reached an enduring, higher baseline. Prices will continue to rise in 2025, but only moderately, so expect a period of normalized growth.
However, this pricing environment, one of marginal gains and price regularity, is fragile. Global leisure travel has now realized a lot of its pent-up demand, while corporate travel has been resurgent, with 2024 edging at preCovid levels.
There are many factors at play, whether its volatile oil prices, labor costs and constraints, inflationary pressures, and geopolitical factors. As this elevated baseline edges upwards, albeit marginally, travel budgets will come under increased scrutiny, especially as travel patterns and attitudes change.
It’s why business travel can’t be viewed in a silo, and the true value to an organization must be fully realized. This forecast can help with those calculations.
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Capitalize on emerging technologies in corporate travel
Technological advancements are accelerating at an unprecedented pace. How will emerging innovations like Generative AI, blockchain, and self-sovereign identity (SSI) transform corporate travel?
BTN and CWT probed global CEOs, travel managers, industry consultants and tech experts on the promises, questions, and expectations these innovations raise and how they are set to reshape traveler experience, cost control and service delivery in corporate travel and events.
Download and discover
- The technologies that will have the greatest impact on corporate travel in the next 2-5 years
- How these emerging technologies are poised to control costs, enhance service and security, and boost efficiency
- The critical challenges, opportunities, risks and roadblocks each innovation raises
- What travel managers, buyers and experts anticipate from these innovations
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Fact of the matter: A look behind the numbers at CWT
Do you remember that spreadsheet from last week?
Probably not. Data can be dull. Many of us avoid studying reports and numbers in great detail because we don’t understand the context or what we need to conclude from them.
With that in mind, we designed our fact sheet to link through to the web pages, blogs, and timelines that tell stories of how CWT is navigating a momentous time in history. As we gradually emerge from restrictions and evolve to meet the needs of the business traveler of the future, so too will the data behind our business and the stories we tell.
Here are three highlights of 2020/2021, detailed in our latest fact sheet.
24/7 business traveler services
March 2020 was a challenging time, to put it mildly. From the introduction of a one-click flight cancellation button on web and mobile, to repatriating families ahead of border closures and moving our counselors to work from home safely and seamlessly, our wholly-owned 24-hour service network was – and will continue to be – critical to a safe and supported return to travel.
96% client retention
“2020 was a year of resilience, perseverance, and character-building,” says Nicholas Vournakis, Managing Director, Global Customer Group who spearheads efforts to align our organization with our clients’ needs, “In a year where anticipating the curve is close to impossible, success necessarily requires – more than ever – embracing a customer-first mindset. “Read more in his blog.
74,000 (and counting) attendees connected through virtual, hybrid, and live events
When face-to-face meetings were out of the question, CWT Meetings & Events responded with technologically robust and highly creative virtual events and hybrid events to help clients adapt. Later in 2020, when small face-to-face meetings became allowable in certain geographies, CWT easy meetings launched, giving meeting organizers access to over 250,000 meeting rooms in hotels (both independent and chain) as well as unique venues & event spaces in more than 90 countries.
Read more stories behind the numbers in our fact sheet.
Image credits: Adobe Stock
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A new store in town: Building a consumer-grade platform for the business traveler of the future
The pandemic brought about both temporary and permanent change to every industry and every corner of the world and knocked an estimated $8 trillion off the global travel market overnight.
Like everyone, CWT had to address the immediate implications, while still preparing for the future, a future now heavily influenced by changing behaviors, tolerances, and priorities.
With eyes constantly looking ahead, CWT continued to prioritize and invest in solutions that solve air distribution disruption, including New Distribution Capabilities (NDC). However, as airlines evolve their product to improve the traveler experience, offering personalization, bundles, ala carte ancillaries and rich content, challenges arise with how to best display this enhanced content in a way that is transparent and easily consumable by the traveler.
There is no doubt that a critical enabler of NDC content is the ability to provide an enhanced display and advancements made on Next Generation Storefront (NGS), which has been critical to the evolution of Sabre’s New Airline Storefront (NAS), Sabre Red 360.
CWT worked in close collaboration with Sabre and Delta on NAS, whose foundational capabilities allow NDC content to be organized in a way that is consumable by business travelers, enhancing the shopping experience with customer choice, and adding to the buyers purchasing confidence.
What does the new storefront mean for clients and travelers?
A consumer-grade experience when it matters most
Not only is NAS providing rich content and experiences, but it is also elevating the user experience to be ready for the new content that’s coming down the line. As complex requirements such as flight changes, and involuntary changes become a new reality, a user-friendly home for rich content will be critical to building confidence in business travelers and enabling informed purchasing decisions.
A select group of CWT counselors played a key role in innovating, testing, advocating for, and validating the designs and functionality of the fit-for-purpose platform. During this collaboration with Sabre and Delta, CWT augmented additional applications within NAS to help our counselors better understand our clients, their travelers, and their policies. The applications and elements ultimately help our counselors with an in-depth understanding of client policies, traveler preferences, and the attributes of the airfare.
The last mile of evolving display
I’ve previously outlined the three components that make rich content come to life: 1. Compelling and value-added content 2. Enabling distribution to get access to the content, and 3. Enhancing the display to efficiently provide and showcase that content to the end-user.
The new graphical interface of NAS with its clean lines, hover-over features, and simple and efficient functionalities is one of the final pieces in bringing a consumer-grade experience to business travel.
We had an obligation to our counselors who are on the front line supporting our clients’ complex needs. Any new tool would need to have an immediate demonstrable, and favorable impact. Based on the feedback we are getting we believe NAS has met the challenge.
We knew that NAS met the challenge when several CWT counselors said, “We don’t want to go back to the old way.”
Image credits: Adobe Stock
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CWT sets industry benchmark for new client onboarding
CWT, the Business-to-Business-for-Employees (B2B4E) travel management platform, today announces the successful roll-out and implementation of its remodeled onboarding program for seamless and swift new client integration – traditionally an industry-wide issue.
Celebrating an excellent 2020 Net Promoter Score (NPS) of 57, Darren Toohey, Head of Global Sales said: “Global travel management is a complex, multi-faceted service requiring excellence in delivery, effectively meeting the expectations of travelers and clients alike. Ensuring CWT speeds up the process and smooths out potential road bumps is therefore key when a client decides to switch travel partners. Our dedicated team of professionals are intensely focused on making the on-boarding experience the start of a great relationship. Hence it’s great to see the work pay off with the endorsement of our customers.”
“Building a program that delivers the consolidation and customization that our organization requires, was and is our number one consideration, when moving to a new travel management provider,” said Kristina Fouts, Global Sourcing Project Manager at Dover Corporation, a diversified global manufacturer. Commenting on Dover’s current CWT onboarding, Fouts concluded; “the provision of both centralized resources to ensure consistency, and local resources and key expertise has greatly facilitated our joint implementation team to deliver for our needs.”
Additionally, with a 61% NPS positive score in 2020, CWT has put a closed loop process in place to ensure the company never rests, but continuously strives to improve onboarding capabilities to ensure smooth transitions once clients decide to join the CWT family of customers.
CWT has onboarded US$7bn in new client business over the last five years while maintaining an average existing client retention rate of over 96%.
CWT is a leading global partner in business travel, meetings, and events. Operating across six continents, we deliver sustainable, tailored solutions that help organizations connect, engage, and thrive in an evolving world. Our myCWT platform integrates advanced technology with human expertise to simplify travel and enhance traveler and attendee experiences. Extensive global coverage, seamless data integration, AI-driven analytics, and carbon-conscious travel tools enable businesses to optimize their travel and meetings programs while delivering measurable value.
With 150 years of industry experience and a deep commitment to partnership, CWT collaborates with clients to shape the future of business travel and events, making them more efficient, responsible, and impactful.
Dover is a diversified global manufacturer that delivers innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions & support services, with annual revenues of approximately $7 billion and about.24,000 employees.
NPS is a standard metric measuring client loyalty, while supporting continuous improvement. A question is asked – in this case: How likely are you to recommend CWT? – with respondents rating their answer between 1-10. Scores of 9/10 are deemed to be a promoter and an overall NPS score is then calculated as the percentage of promoters minus the percentage of detractors.
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Meh busters: How to find inspiration in a fug
An article by psychologist Adam Grant has been doing the rounds this week. He identifies a collective feeling resulting from the emotional long-haul of the pandemic. It’s not burnout, depression or hopelessness but a kind of foggy aimlessness he calls “languishing.”
“In the early, uncertain days of the pandemic, it’s likely that your brain’s threat detection system — called the amygdala — was on high alert for fight-or-flight,” he says, “As you learned that masks helped protect us — but package-scrubbing didn’t— you probably developed routines that eased your sense of dread. But the pandemic has dragged on, and the acute state of anguish has given way to a chronic condition of languish.”
Inspiration, not information
“You have to collect the dots to connect the dots,” goes the saying. There’s a reason we often have our best ideas in the shower or cycling to work.
If you find yourself uninspired, leave the screen and engage in activities that untangle complex thoughts and lead to creativity. In “Big Magic: Creative Living Beyond Fear,” writer Elizabeth Gilbert encourages playfulness, “There’s a difference between being original and being authentic. The latter is ultimately more valuable.” Write freely without overthinking, go for a swim, or look at old letters. These are times that nobody has experienced before. Understanding our feelings can lead to breakthrough ideas and innovation. But first, make time to play and explore.
Find new ways to connect with your team
During Mental Health Awareness Week, a colleague organized a team walk and entered the occasion in our calendars as a meeting. I went for the same walk I have been on for over a year of working from home in lockdown but this time we shared photos and videos in real-time from Minnesota to Amsterdam. It was a simple way to boost team spirit and get moving.
Ease in gently
As lockdowns lift, the idea of going from zero to 100, or from only talking to your cat for a year to a raucous team-building, bottomless brunch can feel daunting to the most extroverted. It’s OK to leave an event early, turn a few down or refrain from revealing the inner workings of your psyche to Nick from Accounting.
Plan your first face-to-face
Just as Zoom quizzes have lost their luster, many of us are finding it hard to chat with loved ones or colleagues on FaceTime. It serves as a reminder of how long it has been since we’ve seen them in person. Many airlines are offering flexible trips and free cancellations. Putting a date in the diary could be the boost you need. Check for requirements using CWT Travel Essentials.
Image credits: Adobe Stock
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Is it safe to travel for business?
he biggest global vaccination campaign in history is underway. As countries around the world look to gradually ease restrictions, it is imperative that organizations equip their employees for a safe return to travel.
In the latest episode of CWT’s podcast, Business Travel On the Fly, Raphaël Pasdeloup – Senior VP Global Customer Management, Technology, Media and Telecom at CWT speaks to experts including William Hauptman, MD – Medical Director Assistance, Americas Region, International SOS about.
Here are three key takeaways from Dr. Hauptman.
- Vaccinations are key to making travel safe again
Wealthy countries with the highest incomes are getting vaccinated about 25 times more rapidly than those with lower incomes. On a global scale, achieving vaccination is quite a daunting task. At the rate of 20 million a day, it’s going to take years to achieve significant levels of global immunity. 83% of shots that have been given worldwide have been administered in high and upper-middle-income countries and only 0.3% have been administered in lower-income countries.
Israel has led the world in vaccinations. By February more than 84% of people aged 70 and older, had received two doses. Severe COVID cases and deaths declined rapidly, which is a harbinger of good things to come. We are seeing a similar phenomenon in the UK. Typically, we can expect that once a country has achieved greater than 40% vaccination COVID rates will begin to decline. - Testing remains critical
I can safely say that if you’ve been fully vaccinated, you are relatively well protected against getting the disease and can certainly feel more comfortable traveling and getting in an airport or taking a taxi or train. However, we have to realize that the global situation continues to present very high levels of cases.
In addition to vaccinations, testing is likely to remain a requirement to keep travel as safe as possible, until we see significant public health results from vaccinations. - Travel managers continue to have a duty of care
Travel managers will continue to have a duty of care to fully understand the risks inherent at a destination, and to educate their travelers. Travel managers need to understand the full picture of what’s happening at a destination in terms of COVID levels, the variance, and the health infrastructure, and need to be able to educate travelers about how to protect themselves to mitigate risk as much as possible.
Many measures to mitigate infection are going to remain with us for the foreseeable future including masks and health screens, testing, and vaccination status.
Listen to the full episode at Business Travel On the Fly
Image credits: Adobe Stock
- Vaccinations are key to making travel safe again
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Shore leave: The top 3 remote working destinations, according to our social media followers
One thing the pandemic has taught us is that working from home instead of an office has its perks. Think zero commuting stress, the normalization of working in your sweat pants, and doing the laundry between meetings. It also means that with good WiFi connectivity and the support of your employer, your home office could be located anywhere.
Visa laws usually make it difficult to work and travel internationally as most expire between 30 to 90 days, and working on a tourist visa is prohibited. But things are starting to change. More and more countries are catering to the needs of digital nomads who want to live and work remotely from the destination of their choice. The pandemic has led to a dramatic shift in the way that we work resulting in flexible ‘remote work visas’ to accommodate this. The world is now becoming the remote worker’s oyster.
We polled our 186,000 Linkedin followers to gauge their appetite for relocating to a foreign country for work. 80% love the idea of sliding their office chair over to a totally different destination for the thrill of new encounters and experiences. Latin Americans are the keenest. Nearly 90% are inclined to leave their homes to work abroad. Most popular is sun-soaked Barbados, with 35% choosing the Caribbean idyll as their ideal location, especially those in North America and Europe. Voters in Asia-Pacific chose the cool weather in Iceland (37%), or perhaps it’s something to do with Iceland ranking in the top 5 happiest countries in the world.
Many employers are reshaping their HR policies to make remote working possible as it entails more than paying a visa entry and providing a negative COVID test, to encompass local employment rights, tax regulations, data protection, and safety & security. Here’s what you need to know about the top three destinations.
1. Barbados
Turquoise bays, powdery sand, and post-work surf sessions – A paradise for barefoot executives
Famed for its postcard-perfect beaches and welcoming Bajan culture, the teardrop-shaped island in the Caribbean offers a work-life balance in spades. Wake to the call of monkeys, lunch on grilled seafood at a cool, clapboard shack, and head for a sunset swim after your last video conference.
Conditions
The “Barbados Welcome Stamp” is a 12-month visa for remote workers, that can be renewed. There’s a $2,000 USD application fee for individual applicants and a family bundle available.
2. Iceland
Mist-shrouded volcanoes, vertiginous waterfalls, and black sand beaches – High octane scenery to combat Zoom fatigue
Swim with humpback whales under a midnight sun? Watch the neon flicker of the northern lights? Hike the glacial Sólheimajökull? (Top points for pronunciation). Whether you explore the wilderness or pitch up at a flat in hip, downtown Reykjavik, there’s no need for a fake Zoom background in otherworldly Iceland.
Conditions
Iceland’s long-term visa for remote workers is valid for 6 months, and available to citizens of the EU/EEA/EFTA who earn a minimum of 1,000,000 ISK (around $8,000usd per month). You’ll need to fill out an application form. According to the official site, the application process takes 3 – 4 weeks.
3. Croatia
Clear coves, idyllic cities, and exemplary food and wine – Live in the laptop of luxury
Surrounded by the azure Adriatic Sea, Croatia is strewn with bucolic islands and sun-baked towns. Head inland for verdant landscapes and jagged peaks. Whether its sun-drenched Korčula or culture-rich Dubrovnik, it’s no wonder so many pine for Croatia.
Conditions
Remote workers from non-EU countries who earn a minimum of 202,980 HRK (around $32,000usd) per year can apply for a one-year residence permit as part of the country’s digital nomad scheme
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CWT announces the appointment of Courtney Mattson as acting Chief Financial Officer
CWT, the Business-to-Business-for-Employees (B2B4E) travel management platform, today announces the appointment of Courtney Mattson as acting Chief Financial Officer (CFO) and member of the Executive Leadership Team – immediately prior to this she was Global Treasurer and Deputy CFO. At the same time, Patrick Andersen has been appointed President & Chief Commercial Officer, and Niklas Andréen has been appointed President & Chief Operating Officer. The changes follow the succession of former President, Strategy & Transformation and CFO, Michelle McKinney Frymire, to the position of Chief Executive Officer (CEO) on 1 May 2021.
“We have an incredibly talented leadership team globally, and I am delighted that this continues to be reflected in these appointments,” said Michelle McKinney Frymire, CEO. “We remain committed to our proven growth strategy, focused on our industry-defining, successful B2B4E approach, which we believe is a true differentiator in business travel management. Courtney, Patrick, and Niklas are all key partners in that journey along with the balance of our executive leadership team.”
Courtney joined CWT as Treasurer in November 2018, from Mosaic, a public company based in Minneapolis, where as Treasurer she was responsible for the company’s capital markets, insurance and treasury operations functions. Prior to that, she spent eight years at KPMG in their international consulting practice. She holds a degree in Accounting and Finance from the University of Wisconsin, and an MBA in Finance from the University of Minnesota – Carlson School of Management.
Rounding out the company’s executive leadership team are Lauren Aste, Chief Legal Officer and General Counsel, Catherine Maguire-Vielle, Chief Human Resource Officer, John Pelant, Chief Technology Officer, and Chris Vukelich, Strategic Advisor. Kurt Ekert, former President and CEO, remains a special advisor to the company as well working with the executive team and the Board of Directors.
CWT is a leading global partner in business travel, meetings, and events. Operating across six continents, we deliver sustainable, tailored solutions that help organizations connect, engage, and thrive in an evolving world. Our myCWT platform integrates advanced technology with human expertise to simplify travel and enhance traveler and attendee experiences. Extensive global coverage, seamless data integration, AI-driven analytics, and carbon-conscious travel tools enable businesses to optimize their travel and meetings programs while delivering measurable value.
With 150 years of industry experience and a deep commitment to partnership, CWT collaborates with clients to shape the future of business travel and events, making them more efficient, responsible, and impactful.
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Podcast: Getting back to business travel during the biggest vaccination campaign in history
The biggest global vaccination campaign in history is underway. As countries around the world look to gradually ease restrictions, it is imperative that organizations prepare themselves and equip their employees for a safe return to travel.
Raphaël Pasdeloup – Senior VP Global Customer Management, Technology, Media and Telecom at CWT speaks to Brandon Balcom – Senior Director, Innovation, CWT and William Hauptman, MD – Medical Director Assistance, Americas Region, International SOS about:
- The impact of COVID-19 testing and vaccination programs worldwide
- Opportunities and challenges with new tech solutions, such as digital health passports
- Reshaping your organization’s travel policy to the fast-changing landscape
- Safety and security blind spots due to the current focus on COVID-19
[buzzsprout episode=’8470048′ player=’true’]
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Ready for take-off: How the Covid-19 pandemic reinforced the value of NDC
NDC (New Distribution Capability), a standard developed to evolve the way air products are sold, giving buyers access to a wider range of content, and allowing airlines to bring more differentiated and personalized products to market faster, has– understandably – not been the biggest concern for the travel industry recently.
But as travel resumes, NDC is even more crucial today, as a path to recover and accelerate into better retailing for the travel industry. Taking the lessons of the Covid-19 pandemic, now is the time to ramp up efforts to better serve travelers and airlines alike.
The pandemic reinforced the need for a strong retail proposition
During the peak of lockdowns, airlines had to manage a barrage of flight cancellations and subsequently needed to issue refunds or vouchers to their passengers for canceled flights. This clearly highlighted that to enable wide-scale adoption of NDC, it would also have to meet travelers’ immediate and more complex requirements such as flight changes, cancellations, ancillary services selection, reporting, and notification in case of involuntary changes. At Amadeus, we made inroads into delivering these essential functionalities. The NDC standard has been adapted to meet the need for voucher-based refunds as well as updated to offer extra features, such as information and reassurance about the safety and hygiene measures being taken throughout the journey.
Providing value to the business traveler in a post-pandemic world
When business travel returns, the need for access to richer and more pertinent content will be pronounced. The very genesis of NDC was to bring new levels of flexibility and creativity. Travel decision makers need access to the complete offers and consumer-friendly policies of an increasing number of airlines via NDC. The recently expanded partnership with Southwest Airlines on the Amadeus Travel Platform along with new NDC content with American Airlines, Air France-KLM, and Singapore Airlines points to this increasing choice and transparency. In the case of unexpected schedule changes, Amadeus-connected travel advisors can rest assured knowing their customers can be automatically re-booked with instant special service requests and also enjoy real-time frequent flyer validation. Such post-booking servicing capabilities will be crucial in helping bring back traveler confidence.
A critical role in the recovery of the travel industry
NDC helps airlines build targeted offers when a request comes through from aggregators or agents, opening new revenue opportunities for airlines as they begin to customize offers for travelers around requests for additional baggage, food options, Wi-Fi, or any other onboard service.
For travel sellers, a whole new world of opportunities will open up as they have access to new, richer and more innovative tailored content. This means more images, videos, ancillary services, reviews and targeted bundled offers that they can select from and propose to their customers, all while having continual access to the latest promotions, fares and updates.
But the success of NDC will eventually be measured by the level of sustainable adoption not merely by airlines but by all players in the travel ecosystem.
As global air travel recovers, travelers will be more concerned than ever for a smooth end-to-end experience, especially when it comes to last-minute changes to travel plans or flight cancellations. In this sense, the disruption caused by the pandemic has reinforced the need for standardization and collaboration across the travel industry to ensure customers can be helped and assisted effectively through all channels in real time.
As we emerge from the COVID-19 pandemic, NDC will become an enabler for rapid change.
Image credits: Adobe Stock
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A picture of health: get ready for a safe return of travel
The biggest global vaccination campaign in history is underway. As countries around the world look to gradually ease restrictions, it is imperative that organizations prepare themselves and equip their employees for a safe return to travel.
Download the recording to hear what our panel of medical, travel and technology experts has to say on:
- The progress of COVID-19 testing and vaccination programs worldwide
- Opportunities and challenges with new tech solutions, such as digital health passports
- Reshaping your organization’s travel policy to the fast-changing landscape
- Safety and security blind spots due to the current focus on COVID-19
Host and Moderator:
Raphaël Pasdeloup –
Senior VP Global Customer Management, Technology, Media and Telecom at CWTRaphaël is driven in helping corporates optimize their Travel and Expense (T&E) spend management. He has over two decades of experience in the travel and insurance sectors, and brings unique expertise in globalization of travel programs, driving superior ROI and technology solutions. Based in Houston, Raphaël has a passion for travel tech and frequently speaks and presents on the latest industry developments, trends and best practices.
Hosted live: Wednesday, May 5, 2021 | 9.00am CDT Minneapolis | 15.00pm BST London
Duration: 45 minutesPlease fill the form below to download the recording.
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Just the ticket: How to prevent unused tickets from going to waste
Travel managers play a critical role in managing and recovering unused tickets for their company. But never before have they had to manage such a high volume of unused tickets as over the past year. During the course of the COVID-19 pandemic, ticket cancellations went through the roof. Business Travel News reported that on a global basis they amounted to millions of dollars’ worth of airline vouchers or refunds.
Any company whose employees travel for business should focus on defining, managing and recovering funds from unused tickets, so they don’t expire and ‘go to waste.’ Since the start of the COVID-19 pandemic, CWT worked with airlines in all regions globally, to process and update over 600,000 tickets as airline policies and expiration dates changed.
Minimize losses for your company and tackle the challenges of managing unused tickets in an effective way by following a few best practices:
- Use technology to your advantage
Incorporating unused ticket management tools into your travel program is vital. Luckily, ticket tracking technology has dramatically improved with automated capabilities. CWT’s unused ticket technology, for instance, has an integration with various GDS’s and internal apps that allow clear visibility of your unused tickets. Tickets are tracked from the time of booking until they are used or refunded. This automated process helps improve efficiency, increase accuracy and reliability of the data, reduce the number of expired tickets, and ensures refundable tickets are not left unclaimed. - Keep your travelers in the loop
Make sure your travelers and travel arrangers are aware of any unused tickets before they expire. Automated messaging services create awareness of what unused tickets are already available before booking a new ticket. - Reshape your travel policy
Configure your policy to automatically apply an available unused ticket at any point of sale, ensuring no tickets go to waste. Through standardizing your policy and integrating technology to automatically allow name changes, travelers and travel arrangers can use all available tickets, thus saving the company money. - Report ticket losses
Even if you did your utmost to prevent ticket losses some tickets might expire before you are able to use them. Make sure to document these and report them to your financial team. In a best-case scenario, financial experts will be able to recoup a portion of the loss through any tax write-offs that apply.
By strengthening your unused ticket management practices, you will be able to save a lot of the value of your unused tickets and make it easier for your traveling employees to use flight credits for upcoming trips.
Image credits: Adobe Stock
- Use technology to your advantage
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State of play – The future of travel in 3 episodes
After the immense challenges that plagued the travel industry in 2020 and a first quarter of 2021 that saw pockets of growth and vaccine successes, we still need to map a way forward and navigate this brave new world. With that in mind, we look to a few of our recent experts and podcast guests on CWT’s Business Travel on The Fly for insight on enduring trends.
- Data will be critical
The pandemic demanded a whole new layer of real-time data be added to the way companies manage the health and safety of their employees, and now there’s the added dynamic of health data which will remain a big focus for years.
Travel Management Companies will need to work with clients to strike the right balance between traveler personal safety and personal privacy while industries and governments will need to work together on a common set of standards for processing digital health data and giving travelers control and clarity about how their data is being used. – Michelle McKinney-Frymire, CEO, CWT - Selective attendance
The increase in selectivity will decrease the volume of flights taken by delegates and perhaps even give rise to the dawn of slow travel, In short, meeting attendees will become more selective and planners will have to prove the value of events in order to attract physical audiences while ensuring the online offering. – Hannah Brandler, winner of the Business Travel Journalism Awards 2020. - Content is king
For hosts of hybrid and virtual meetings, there are so many factors to consider but the importance of content cannot be overstated when it comes to engaging audiences of virtual and hybrid events.- Caleb Conrad, Manager, Client Success Team, CVENT
Listen to more episodes and subscribe to Business Travel On The Fly.
- Data will be critical