Almost nine in 10 business trips are deemed to produce a return on investment (ROI), according to research.
In a study CWT Solutions Group said it “focused on ROI from the traveller’s point of view”, and following a survey of 10,000 travellers 88 per cent scored their last trip “successful”.
Some 9.5 per cent of trips were seen as “average”, with “no significant benefit compared to cost”, and 2.5 per cent were “unsatisfactory”.
CWT said what decided the success of a trip were the number of meetings that took place, the time spent in meetings and how far in advance the trip was planned.
The research showed a trip with just one meeting produced an unsuccessful result 19 per cent of the time, and “each additional meeting reduced the likelihood of an unsuccessful trip by about 10 per cent”.
“When cumulative meeting time per trip is less than one hour, the probability of an unsuccessful trip is 28 per cent. This is reduced to 8 per cent when meetings take up two or more days,” said CWT.
A trip booked less than three days in advance had a 21 per cent chance of being unsuccessful, compared to an 11 per cent risk for those booked more than two weeks in advance.
Catalin Ciobanu, director of innovation and big data analytics at CWT, said: “This study enhances our knowledge and understanding of the keys to business travel success.
“While these results are promising, more remains to be done. Looking to the future, we believe that quantifying and tracking the impact of every business trip will help companies to better manage travel as a strategic activity supporting corporate goals.”