Even with economic recovery approaching, many businesses will have to adapt to a "new normal." This means discretionary spending will have to be monitored carefully.
Christa Degnan Manning, director of research and expert insights for American Express Business Travel, told Hotel Interactive that travel buyers and managers are under intense pressure to trim travel budgets this year. As a result, she says many are starting to look for alternatives to travel.
One increasingly popular solution for meeting with potential clients without hopping on a plane is video conferencing technology. This software brings prospective business partners together for virtual face-to-face meetings for less the cost.
Hotel Interactive reports that Delteck - a corporate management software firm - uses web conferencing tools for what executives call "internal travel." The company has been able to reduce its travel budget by 20 percent from the last quarter of 2009 to the first quarter of 2010.
Deltek is not alone in embracing video conferencing software as a travel alternative. Earlier this month, AMI Research announced its latest research findings, which show that the total U.S. audio and web conferencing market hit $1.5 billion in 2009. Companies can join the trend and conduct business meetings without ever leaving their desks.