Leveraging Travel Data for Smart Decisions: A Guide for Travel Managers

27 Sep 2024

In the fast-paced world of business travel, data is a powerful tool that can transform the way travel managers operate

By leveraging travel data, you can make smarter decisions, optimize travel programs, and ultimately drive cost savings and improve traveller satisfaction. But how can you effectively harness this data to achieve your goals? This blog explores the key strategies for travel managers to leverage travel data for smarter decision-making.

1. Understanding the Value of Travel Data
Travel data encompasses a wide range of information, including booking details, expense reports, traveller preferences, and feedback. When analyzed correctly, this data can provide valuable insights into spending patterns, traveller behavior, compliance rates, and overall program performance.

The true value of travel data lies in its ability to highlight trends, identify inefficiencies, and uncover opportunities for improvement. For travel managers, this means the ability to:

Optimize Costs: By analyzing spending data, you can identify high-cost areas, negotiate better rates with suppliers, and set more accurate travel budgets.
Enhance Traveller Experience: Understanding traveller preferences and pain points allows you to create a travel program that meets the needs of your employees, enhancing their overall experience.
Increase Compliance: Data can help you track policy compliance and identify where travellers are deviating from guidelines, allowing you to take corrective action and reinforce compliance.

2. Key Types of Travel Data to Track
To leverage travel data effectively, it’s important to know which data points are most valuable. Here are some key types of travel data that travel managers should focus on:

Booking and Itinerary Data: Information on flights, hotels, car rentals, and other bookings provides insights into travel patterns and preferences. This data is crucial for understanding how travellers are spending and where savings can be found.

Expense Data: Analyzing expense reports helps you track actual spend against budget, identify areas of overspending, and spot opportunities for cost control.

Supplier Data: Data on supplier performance, including booking volumes, rates, and traveller feedback, can inform your negotiations and help you build better supplier relationships.

Compliance Data: Tracking adherence to travel policies is essential for maintaining control over your travel program. Compliance data shows where travellers are following guidelines and where there are gaps.

Traveller Feedback: Collecting feedback from travellers can provide insights into their experiences, helping you identify areas for improvement and enhance traveller satisfaction.

3. Using Data Analytics Tools
To truly leverage travel data, travel managers need the right tools. Data analytics platforms designed specifically for travel management can help you gather, analyze, and visualize data in a way that makes it actionable. Here are some features to look for in a travel data analytics tool:

Customizable Dashboards: Dashboards allow you to view key metrics at a glance, making it easier to monitor performance and track progress toward your goals.

Automated Reports: Automated reporting saves time and ensures you have the most up-to-date information available. Look for tools that can generate reports on key metrics like spend, compliance, and traveller satisfaction.

Data Integration: The ability to integrate data from various sources, such as travel management companies (TMCs), expense management systems, and booking platforms, is crucial for a comprehensive view of your travel program.

Predictive Analytics: Advanced tools offer predictive analytics capabilities, allowing you to forecast trends and make proactive decisions based on historical data.

4. Making Data-Driven Decisions
Once you have the right data and tools in place, the next step is to use this information to drive decision-making. Here are some strategies for making data-driven decisions as a travel manager:

Identify Cost-Saving Opportunities: Use spend data to identify high-cost routes, preferred suppliers, and booking behaviors that drive up costs. Negotiate better rates or adjust travel policies to address these areas.

Enhance Travel Policies: Analyzing compliance data can reveal areas where your travel policies may need adjustment. For example, if travellers are frequently booking outside of preferred channels, it may indicate that your current options aren’t meeting their needs.

Improve Supplier Management: Use supplier performance data to evaluate your existing contracts. Are certain suppliers consistently underperforming or receiving poor feedback from travellers? This information can guide your supplier negotiations and help you build a more effective supplier network.

Boost Traveller Satisfaction: Traveller feedback and booking data can highlight areas where the travel experience could be improved, such as better flight options, more comfortable accommodations, or streamlined booking processes.

5. Ensuring Data Security and Compliance
As you collect and analyze travel data, it’s important to prioritize data security and compliance. Ensure that your data analytics tools comply with data protection regulations, such as GDPR, and that sensitive information is handled with care. Work with your IT and legal teams to establish data security protocols and ensure that all data is stored and processed securely.

6. Continuously Monitor and Adjust
Travel data isn’t static, and neither should your approach to it be. Continuously monitor your key metrics and adjust your strategies as needed. Regularly reviewing your data allows you to stay agile and responsive to changing conditions, whether it’s fluctuating travel costs, evolving traveller needs, or new compliance challenges.

Leveraging travel data for smart decision-making is a game-changer for travel managers. By focusing on key data points, utilizing the right tools, and making data-driven decisions, you can optimize your travel program for cost efficiency, compliance, and traveller satisfaction. Remember, the goal is not just to collect data but to turn that data into actionable insights that drive meaningful improvements in your travel management strategy. With a data-centric approach, you’ll be well-equipped to navigate the complexities of business travel and deliver value to your organization.

Take control of your travel management with the power of data!

Contact us at VMR Travel to see how we can help you with your corporate travel.

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