Unlocking Net Zero Goals in Corporate Travel: Insights from PredictX at ITM Sustainability Showcase 2024 Webinar

At the recent ITM Sustainability Showcase 2024, Keesup Choe, CEO of PredictX, demonstrated how corporate travel managers can turn sustainability challenges into actionable strategies. With the clock ticking on corporate net zero commitments, PredictX offers innovative tools to navigate this complex journey.

The Growing Urgency for Sustainability

Keesup highlighted an undeniable trend: the urgency for corporate travel managers to address sustainability has reached new heights, particularly over the last two years. Many companies made ambitious net zero pledges in 2020, and as deadlines approach, board members are increasingly holding sustainability teams accountable for tangible progress.

But achieving these goals is no small feat. Corporate travel, often a significant contributor to emissions, must align with broader ESG strategies without compromising operational efficiency.

Introducing Internal Carbon Pricing (ICP)

To address this challenge, PredictX developed an Internal Carbon Pricing (ICP) solution. Here's how it works:

• Measuring Emissions: Using highly accurate and auditable methods, PredictX quantifies CO2 emissions across all travel activities.
• Converting CO2 to Cost: To make emissions more tangible, CO2 is translated into monetary terms, reflecting the cost of offsets or credits the company would need to purchase.
• Actionable Insights: This approach not only helps companies understand their carbon footprint but also enables them to incorporate these costs into travel budgets.

By visualizing both travel spend and carbon costs, travel managers can better prioritize and manage their sustainability efforts. For example, a PredictX dashboard can break down carbon costs by department and travel type, offering granular insights to inform decision-making.

Steps to Achieve Net Zero in Travel

PredictX has identified three critical steps for managing corporate travel emissions:

1. Measure and Budget: Set Internal Carbon Pricing (ICP) budgets aligned with organizational goals and net zero targets.
2. Monitor and Predict: Leverage predictive analytics to forecast future travel activity and anticipate overspending.
3. Manage Actively: Go beyond reporting by implementing strategies to reduce CO2 emissions and influence travel behavior.

As Keesup noted, travel activities are rapidly returning to pre-pandemic levels. To stay ahead, companies must use predictive tools to balance historical data with future forecasts.

The Power of AI in Travel Sustainability

A standout feature of PredictX’s approach is its integration of AI agents to assist overburdened travel teams. These AI-powered tools act as virtual team members, capable of:

• Monitoring ICP and CO2 emissions.
• Forecasting budgets based on net zero goals.
• Identifying savings opportunities and suggesting actionable strategies.
• Executing engagement plans to influence sustainable travel behaviors.

For example, "Sam," a PredictX AI agent, can provide a high-level summary of sustainability programs, calculate budgets, and recommend CO2-saving strategies like promoting rail travel over air on certain routes.

Managing Complexity Across Data Sources

A common pain point for travel managers is data integration, especially when working with multiple Travel Management Companies (TMCs) or systems like Concur. PredictX addresses this with AI swarms that consolidate, normalize, and correct data across platforms.

This ensures comprehensive reporting that captures all travel activity, including leakage from non-preferred bookings or expense claims. Such thoroughness is crucial for passing audits and meeting sustainability goals.

A Path Forward

As Keesup concluded, achieving sustainability in travel isn’t just about tools—it’s about partnerships and proactive engagement. PredictX offers step-by-step guides and tailored strategies to help organizations start their journey.

Closing Thought:
Corporate travel managers are under unprecedented pressure to deliver on sustainability. By leveraging AI and ICP, PredictX provides a roadmap to not only meet net zero commitments but also transform travel programs into strategic assets.

Let’s partner for a sustainable future.

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