Adapting to the new corporate travel landscape: Insights from Martha Ferguson of Lazard
As corporate travel continues to evolve, businesses must adapt to new challenges and opportunities. At the recent GBTA convention in Atlanta, Martha Ferguson from Lazard joined Serko’s VP Mike Daly, to discuss how Lazard is addressing these changes, from leveraging new technology to managing guest travel in a hybrid work environment. Here are the key insights from their conversation.
Embracing technology in corporate travel
For many companies, including financial firms like Lazard, adopting new technology for travel management has been a cautious process, mainly due to data security and privacy concerns. However, as Martha points out, the need for advanced tech solutions is now unavoidable. With disruptions becoming more frequent, having the best tools available is critical. Martha emphasizes that companies must adopt and optimize their use of modern booking tools, including embracing NDC (New Distribution Capability), to meet the demands of today’s corporate travel environment.
The rise of hybrid work models and its impact on travel
The pandemic has significantly altered the work landscape, with many companies adopting hybrid work models, including Lazard. At Lazard, employees work three days in the office and two days remotely, a model that has proven effective and is here to stay. Interestingly, this shift to hybrid work has not reduced travel; Lazard is traveling as much as, if not more than, before. The need to manage guest travel—such as for recruits, candidates, and guest speakers—remains high. This is where technology becomes crucial in streamlining processes and saving time.
Streamlining guest travel: Challenges and solutions
Managing guest travel presents unique challenges, mainly involving non-employees unfamiliar with the company’s travel policies. Lazard handles between 500 and 800 guest bookings annually, a process that is primarily manual and time-consuming. This manual approach significantly burdens Lazard’s HR and recruiting teams, who must coordinate travel logistics without the benefit of automated tools.
To address these challenges, Lazard is partnering with Serko to implement the Zeno Concierge guest traveler solution. This tool puts the travel booking process directly into the hands of the guest traveler, allowing them to make decisions within predefined company policies. This automation saves time and ensures compliance with travel guidelines, significantly reducing the workload for Lazard’s HR team. As Martha notes, the savings come in time and efficiency rather than cost.
Preparing for future challenges in corporate travel
Looking ahead, Martha identifies several key challenges that will shape the future of corporate travel. Technology continues to be at the forefront, with the need to ensure that all companies are up to speed, particularly regarding NDC adoption. Travel disruptions, which have become a constant post-COVID, are another significant challenge. The key to managing these disruptions lies in having robust recovery plans and ensuring that technology tools are resilient and adaptable.
Martha highlights the importance of learning from recent events, such as the global IT issue that caused widespread travel disruptions. Companies must be prepared for technology failures, not just with backup plans but with strategies to ensure a quick recovery. As reliance on technology grows, so does the need for comprehensive risk management and contingency planning.
This Zeno Live episode with Martha offers valuable insights into how corporate travel is evolving and how technology plays a critical role in this transformation. By embracing advanced tools and focusing on efficiency, companies like Lazard are better equipped to manage the complexities of modern travel, from hybrid work models to guest travel. As the industry continues to adapt, staying agile and prepared will be essential for navigating the challenges and opportunities that lie ahead. Watch the video to explore how Lazard is leveraging technology to optimize their travel programs and what the future holds for corporate travel.
