Strong travel culture boosts business performance
By Sasha Wood, published 21/6/19
Companies with a strong travel culture have a competitive advantage, according to new research from Harvard Business Review Analytic Services in association with Egencia business travel at Expedia Group.
The findings reveal that 58% of business leaders agree having a strong travel culture is very important to their organisations’ business performance.
Three-quarters of those who have a strong travel culture – one where the company, its leaders and its processes support the use of corporate travel as a form of strategic investment with business value – work with a single TMC.
Companies with a strong travel culture have seen double the rate of improvement in key areas such as customer loyalty and retention, profitability, market share and employee satisfaction, according to the report.
Compared to companies with a weak travel culture, profitability improved significantly, proving the impact a well-managed business travel programme can have on achieving solid business results.
But only a third of respondents say their organisation actually has a strong travel culture with the majority admitting it’s most often viewed as a cost to be minimised.
“Corporate travel is increasingly fundamental to business performance, particularly as companies expand their global footprint,” said Egencia’s Vice President of Marketing, Wendy White.
“It’s clear that when business leaders look at travel as a strategic investment and have a global travel management company like Egencia on board, it quickly becomes a differentiator – and the data supports this.”
The report entitled, Travel Culture: Your Competitive Advantage in a Global Market, was compiled from a survey of 587 Harvard Business Review readers in March 2019.
Read the full report at: egencia.com/public/uk/travel-culture-your-competitive-advantage-in-a-global-market.