Being aware of market forces
TECHNOLOGICAL CHANGE IS UPON US. Everyone we speak to – clients, partners and the industry – is busy keeping abreast of the disruptive forces and opportunities in the market. In your endeavour to optimise your travel programme, consider the end-to-end process of business travel, and three key ideas:
■ Disruptive technology is having a huge impact on the industry. Many web-based firms that enable the exchange of a service not directly owned by the firm – such as transpor- tation and lodging – are establishing a strong foothold in the business travel space, and many companies are seeking ways to include them in their travel policies.
■ A growing number of finance and travel managers are finding ways to
turn the VAT expense associated with foreign spend into an opportunity. This is because VAT can entitle businesses to reclaims and is an efficient way to offset increasing business travel expenses.
■ Virtual cards allow companies to capture more detailed financial data. This makes centralising travel spend much easier, helps firms to drive cost savings, and improves reconciliation.
By Melissa Gargagliano Head of EMEA commercial cards, Bank of America Merrill Lynch
To be successful we must adopt new operations and policies, and strategi- cally look at market forces, to under- stand how selectively implementing change today can have far-reaching positive impact on our organisations in the future.
Editor Paul Revel Sub Editors Ben Sneath, Mary Cooch Art Director Annie Harris Designer Nina Christopher Contributors Catherine Chetwynd, Amon Cohen, Nick Easen, Rob Gill, Betty Low Editorial Director Tom Otley Managing Editor Mike Toynbee Publisher Chris Mihalop Production Manager Jamie Halling
Cover image: istockphoto Buying Business Travel is published by Panacea Publishing International Ltd 41-43 Maddox Street, London, W1S 2PD Tel: +44 (0)20 7821 2700 Fax: +44 (0)20 7821 2701
buyingbusinesstravel.com © 2017 Panacea Publishing International Ltd The magazine is entirely independent of all commercial interests within the travel industry. Unsolicited manuscripts will not be accepted for publication. The opinions expressed by contributors are not necessarily those of the publishers who cannot accept responsibility for any errors or omissions.
4 BBT CORPORATE CARDS SUPPLEMENT 2017
In association with
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