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October 7, 2020

5 Key Takeaways from TRAVERSE 20, the Virtual T&E Summit

The era of ‘No Expenses’ and the end of expense management as we know it arrived yesterday morning as TripActions kicked off TRAVERSE 20 with our partners, colleagues, suppliers, and customers from around the world.

With more than 3,000 registrants, attendees joined the annual T&E Summit from Europe, Asia, and across North America for a day of insightful sessions that dove deep into modern T&E management. For those that missed it, or want to watch again, we’ll be sharing the video sessions and top insights here in the coming weeks.

Here’s 5 major takeaways from the defining T&E industry event of 2020:

  1. A new world for expense management is here: The era of ‘No Expenses’ was announced at the top of the event as TripActions co-founder and CEO Ariel Cohen took the stage to launch the company’s latest innovations with TripActions Liquid™. Putting an end to all the hassles of expense management and expense reports, this modern and powerful solution empowers businesses with an easy way for employees to make business purchases while providing finance teams real-time visibility and control over spend.

  2. Technology is leading the innovation long needed by finance professionals: In two back-to-back sessions, we heard from industry leaders including The Points Guy founder Brian Kelly and Aragon Research founder, CEO and lead analyst Jim Lundy, both of whom hosted conversations with panelists that examined the current environment and how advancements in payment technology and fintech have converged with market changes and user expectations for a seminal moment of change. The panelists not only shared their observations, but on-the-ground insights into how 2020 has fundamentally changed how payments and expenses must be approached and handled moving forward.

  3. Resiliency is what will define companies coming out of 2020: Following three groundbreaking sessions, the audience was able to select from a number of break-out panels to learn more about the topics most relevant to their role and organization. There were three incredible sessions that dove into the themes of resiliency. Aligning an organization’s T&E budget and strategy effectively is key to preserving cash in today’s crisis while learning the skills necessary to adapt and remain flexible in a still uncertain environment.

TripActions VP of Payments Robin Gandhi highlighted how TripActions Liquid aids organizations in this goal while TripActions EVP of Finance Ram Bartov hosted a roundtable of finance leaders who shared their insights, opinions and experiences on managing a T&E budget effectively to reduce cost and optimize spend. Equally as important as spend control and visibility is the culture and attention to safety that an organization employs to keep its teams productive, satisfied and safe. TripActions leaders were joined by global travel managers to discuss how policy can positively shape culture for a future that feels both exciting and safe.

  1. Enterprises are leading the way in adopting the technology needed to play in a modern, global world: Today's modern enterprises require a truly global solution when it comes to corporate travel, payments, and expenses. In two of the breakout sessions, we heard directly from suppliers such as American Airlines and Radisson as well as enterprise leaders who are not satisfied simply talking about a more efficient, productive world; They are actively creating it by partnering with TripActions to make everything from RFPs to reconciliation part of a single platform and strategy.

  2. The rise of purposeful travel is a positive side-effect of 2020 challenges: There’s no denying that business travel has changed, but we ended the day with the undeniable knowledge that the challenges of the past year are all part of creating a more productive, meaningful future together. Caroline Strachan, Managing Partner at FESTIVE ROAD, not only highlighted specific examples of T&E changes implemented at Fortune 500 enterprises, but underlined the direction the world is heading towards: a healthier 2021 in every sense possible where permissible travel makes way for purposeful travel when ready.

Saving the best for last, the discussions of the day led directly into an in-depth demo of TripActions Liquid™ by General Manager Michael Sindicich in which audience members could see first-hand what’s now possible and how their organizations can benefit from modern T&E management and the end of traditional expense management and expense reports. We’ll be sharing more insights, quotes, and the sessions themselves in the days to come so stay close.

Thank you so much for joining us at TRAVERSE 20. And thank you to our sponsors -- Visa, United Airlines, Radisson Hotels, Tipalti, American Airlines, Enterprise Holdings, Sabre, Southwest Airlines, Wyndham Hotels, Alaska Airlines, Delta Air Lines, Lufthansa Group, G2, Trvl Porter, Moxy Hotels, Freehand Hotels, Chorus.ai, Ombud, and TinyPulse -- who helped us to bring amazing content and insightful conversations to your laptop. We can’t wait to see you next year in person!

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