CEOs claim that technology has revolutionized business travel.

According to a recent study, the rapid advancement of technology has changed the nature and purpose of business travel.

The Hybrid Horizons Report by International Workplace Group reveals that routine meetings are mostly now held online. More than three-quarters (77%) bosses say online tools allow them to operate more efficiently.

The research of the flexible workspace provider, a global company that provides business travellers with a wide range of options, found that 87% chief executives still valued their travel for important face-to-face meetings and strengthening relationships.

The respondents also cited geopolitical unrest and environmental concerns as factors that will shape the future of business trips.

The ability to work in flexible workspaces during meetings led 61% of bosses to extend their business trips to increase efficiency. Over one-fourth (26%) of bosses have extended their business trips to accommodate extra meetings. A similar percentage (23%) has attended conferences or industry events in order to maximize their trip.

The survey was conducted among more than 500 leaders. It highlights their priorities in spending on meetings that are strategically important. A third of them cite escalating travel costs as an important factor influencing post-pandemic decisions.

Virtual meetings allow CEOs to reduce business travel and focus on face-to-face meetings.

The rise in geopolitical unrest also affected the nature of the business trips undertaken by one in five leaders. Other factors that influenced their travel priorities included changes to the global health landscape (19%), and visa regulations (19%).

75 % of CEOs say that they have reduced their travel to environmentally harmful destinations by using hybrid working and online platforms.

75 % of respondents said that business travel is now more efficient.

Mark Dixon, CEO of International Workplace Group, stated: “Advances in digital technology, coupled with rising costs of international travel, as well as geopolitical uncertainties and environmental concerns, have transformed the world of business traveling. We are unlikely to return to levels pre-pandemic.

Executives are prioritising travel to the most important strategic meetings, such as those involving major business deals or cultivating significant relationships with partners. “For these occasions, the technology will never be able to replace the value in-person transactions can bring for the most important meetings.”

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