Mind the Tech NY 2024“It's time to raise the bar in business travel planning”
Mind the Tech NY 2024
“It's time to raise the bar in business travel planning”
Speaking at Calcalist and Bank Leumi’s Mind the Tech Conference in New York, Iya Magen, CEO of Talma Travel, said that just as a CFO would not consider managing the company's complex financing through a basic money transfer application, more resources and options should be devoted to the analysis of corporate travel.
Talma Travel CEO Iya Magen
(Orel Cohen, Tomerico)
"Let's illuminate the true scale of business travel," Iya Magen, CEO of Talma Travel, said at Calcalist and Bank Leumi’s Mind the Tech conference in New York. "In 2022, on a global level, companies will spend $1.4 trillion on business travel. In fact, business travel is among the five largest expenses of all companies. Still, most conversations with customers were mainly focused on reducing costs per trip, instead of understanding how to manage the company's overall travel pattern, in a strategic way, to maximize the investment."
According to Magen, "just as the CFO would not consider managing the company's complex financing through a basic money transfer application, it is also time to raise the bar of expectations regarding corporate travel.
"We need to recognize that travel management affects every aspect of the company - from financial accuracy to employee well-being. Understanding diverse travel needs isn't just about ensuring your people get to their destination comfortably. There are more aspects. Given all the complexities, how can we make corporate travel work harder for us? It starts with changing our perception. Business travel doesn't just generate individual travel costs – it holds powerful data about how our companies really operate. This is where artificial intelligence comes in, and the possibilities are endless."
Magen asked to focus on two examples: "When was the last time you analyzed the travel pattern in your company on the basis of ROI? I mean, when was the last time you factored the cost of employee participation in conferences abroad with the company's revenue? I'm sure you would be happy to have such an option, but the truth is that if employees have to enter this data manually it's a losing battle. If it is produced automatically, based on the analysis of e-mail correspondence for example, it is a game changer."
Magen brought another example: "We all hold virtual meetings, whether with existing or potential clients, investors, consultants, etc. Do you sometimes have the feeling that during the conversation the atmosphere is reserved and that you feel like you are in a situation where a piece of the puzzle is missing? Imagine that the GPT plugin analyzes the conversation, measures time breaks, parts of small talk, etc. and knows how to determine if a face-to-face meeting is the right move.
"This plugin can also calculate the potential damage - based on the value of the contract, previous year's sales, etc., and build your route based on the best available flights. Do you get the point? It’s not science fiction anymore, it's already happening. That's why combining the data of expenses and flights is an untapped gold mine."
Magen added that "If you prefer to fly in first class and sleep in a $100 per night hotel, go for it. Your travel policy should be based on an overall budget, and not on the mapping of rates according to the service. This type of travel management is already outdated and not employer-friendly, And we want our employer to be satisfied."
Watch her full remarks in the video above.
