Tourism and Entertainment Sector Attracting Large Investments
The Senior Executives of companies are going to invest in the tourism and entertainment sector more aggressively than previous year. According to the 11th Edition of the Global Business and Spending Outlook survey, the Indian financial executives will be making huge investments in this sector. The survey was commissioned by American Express and conducted by Institutional Investor Thought Leadership Studio. They will invest in travel and entertainment, administrative process efficiencies, mobile technology, hardware and infrastructure to fulfil their business priorities in 2018. About 37 percent of all the CFOs surveyed are likely to spend more money in the Tourism and Entertainment (T&E) than the last year. Companies’ travel policy allows employees to use shared economy services for lodging or travelling for the business travel like the shared services in UBER whereas 50 percent of the surveyed will be investing the same as in previous year, as given in survey. They are also focussing their investment in the transport and logistics sector which could lead to the better management and customer satisfaction. Many Indian CFOs, who are surveyed, will be investing in the mobile technology, hardware, and infrastructure. Around 40 percent of the surveyed Indian CFOs will be investing more than their normal investment in the administration process efficiency to achieve the business goals. For the employees, they will be providing flexible working hours, different location and healthy work environment to retain the top talents, as given in the survey. From the survey, it is also concluded that 90 percent of the Senior Finance Executives think that improving cash and capital management is more important for their businesses this year.
“India is leading the way in terms of both business confidence and investments. Efficiency has become the keyword as companies follow a back-to-basics approach and focus on the fundamentals, better serving customers and meeting their needs and developing new products. Businesses are reiterating the need for increasing spend on T&E,” says Saru Kaushal, Vice President and General Manager, Global Commercial Services, American Express Banking Corp. India. The large investment in the tourism could boost the tourism and entertainment sector in India while giving top priority to customer’s need. . The survey was conducted among the 870 senior executives across 21 countries with worldwide revenue of more than USD 500 million.