Frequent business traveller? This is how you can save expenses by up to 30 pct
Artificial intelligence or machine learning can lower these costs to a great extent. Over the last few years, the penetration, usage, and adoption of technology have led to an advancement in personal travel space, unlike the business travel segment that has remained undisrupted for quite a long time.
Indian organizations spend huge money on their business travels and corporate tours. One of the world’s fastest-growing business travel markets, India's business travel spends are likely to touch $46 billion this year. However, any business that operates on curated data always has the ability to be transformed through ML/AI interventions. Therefore, artificial intelligence or machine learning can lower these costs to a great extent. Over the last few years, the penetration, usage, and adoption of technology have led to an advancement in personal travel space, unlike the business travel segment that has remained undisrupted for quite a long time.
ITILITE, a Bengaluru based travel management start-up feels that business travel can account for up to 5-6% of a company’s annual budget, especially in industries like technology and pharmaceuticals. At ITILITE, AI-Powered SaaS platform helps businesses digitize their travel while optimizing their travel spends and saving as much as 30%. Adding on to the business impact, the startup use data to understand companies on two levels, corporate and employee.
This unique platform learns the travel policy, past travel behavior, travel spends forecasts, and then with repeat usage, the system gets better to provide personalized recommendations to the employees, the start-up further said.
Designing an employee-friendly corporate travel program or policy requires a lot of work. Business travel is viewed as just the cost of a plane ticket, hotel and taxi but it is more than that. Therefore the emergence of artificial intelligence in this market can really ease off some pressure from companies and their travel managers. The best part of AI/ML is that it keeps on learning andimproving accordingly, which helps in providing the best services to users.
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ITILITE further added that their platform is able to provide actionable strategic insights to management on further optimizing their corporate travel spends and behavior. Based on the fundamentals of cost reduction, enhanced employee productivity and company insights, they have created an integrated platform that allows one to plan/book their entire trip within 90 seconds. There is a 97% adoption by the customers, which is a testimony to the fact that infusing technology in routine tasks can only create great experiences, it mentioned.
ITILITE is a Bengaluru based travel management start-up that incentivises employees for saving on their travel expense, the integrated travel management startup helps to bring down the overall travel cost for companies. Its AI-powered algorithms also help control costs by predicting the expense for every trip. Talking about the market, this is just an installment of what ML/AI can do in the business travel segment. As technology learns more and more about business travel habits, it will only continue to increase the impact it is having and will have on this segment.
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